Total number of units listed for sale at Kaanapali Shores during Q2 2018: 30
Total number of units sold at Kaanapali Shores during Q2 2018: 10
Total number of units ACTIVE for sale at the end of Q2 2018: 11
Number of studios for sale: 1
Number of 1 bedrooms for sale: 4
Number of 2 bedrooms for sale (including specials): 6
During Q2 2018, there were 10 sales (one of which was a distressed property). There were 7 properties in escrow at the end of the quarter. There were no listings that expired and 2 that were cancelled without being re-listed. There was 1 bank owned, leasehold studio listed, and it sold.
There has been high demand and low supply for Kaanapali Shores condos. Overall activity at Kaanapali Shores in Q2 was fairly stable when compared to Q1. During the quarter there were 30 units for sale in Q2 compared to 29 in Q1. At the end of the quarter there were 11 active listings compared to 13 at the end of Q1. Closed sales increased from 5 in Q1 to 10 in Q2, but the number of units in escrow at the end of the quarter decreased from 9 in Q1 to 7 in Q2 primarily due to low supply.
The average Days on Market for sold units was 137 (not including the sold bank owned leasehold studio, which was on the market for 690 days).
The sold units in Q2 included:
Unit# Tenancy # Bedrooms View Sold Price
942 fee simple 0 ocean $420,000
546 fee simple 1 ocean $545,000
522 fee simple 1 ocean $560,000
931 fee simple 1 ocean $635,000
616 fee simple 2 mtn/ocean $705,000
523 fee simple 2 ocean $775,000
725 fee simple 2 ocean $775,000
434 leasehold 0 ocean $159,000 (bank owned)
510 leasehold 1 ocean $315,000
157 leasehold 2 ocean $505,000
After the end of the quarter, unit 335, a fee simple 2 bedroom unit with a garden view, sold for $720,000.
Maui 2018 condo sales on a year-to-date basis have increased by 22% from 2017, while Kaanapali Shores sales have increased by 15%. Maui condo median sale prices have risen by 4.2%. Kaanapali Shores prices seem to be increasing, but it’s difficult to compare since there are so many different floor plans and some are leasehold. Months’ supply of Maui condo inventory in June 2018 was 4.2 compared to 6.3 in June 2017. Overall demand is strong and supply is low.
The Fed recently increased interest rates by .25 percent, and expectations are for rates to continue on an upward trend in the next year. The Maui single family homes inventory is down by 18.3% from last year, but single family home prices for sold properties have actually decreased by 2.1% on a year-to-date basis. Median home prices are now $727, 500, compared to median condo prices at $515,000. Some buyers are looking at condos for the affordability and availability when they would prefer single family homes.
Economic experts are predicting a pricing trend of 4-5% increases in the next year or so, with a predicted slow down due to lack of inventory and affordability. It’s still a great time to sell if you are thinking of doing a tax-free 1031 exchange or moving up to a higher priced property or a property in a different location. We can help!
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Aloha Group Maui is a part of KW Island Living, the Keller Williams Maui franchise. We can help you buy, sell or exchange a home or condo - for you to live in full time, part time or as an investment. Learn more about Maui Real Estate in our Maui Real Estate 101 resources section. Stay informed of market trends by reading the Maui Real Estate Advisor. We are your Maui Real Estate Professionals.