This popular Blog Post originally appeared on our old site. It has been re-posted for your convenience.
Total number of units for sale at Kaanapali Shores (Q3 2016): 28
Total number of units sold at Kaanapali Shores (Q3 2016): 8
Total number of units ACTIVE for sale at the end of Q3 2016: 15
Number of studios for sale: 3
Number of 1 bedrooms for sale: 6
Number of 2 bedrooms for sale (including specials): 6
During Q3 2016, there were 8 sales (one of which was a distressed property). There was 1 property in escrow at the end of the quarter. There were 0 listings that expired and 4 that were cancelled without being re-listed. The average number of days on the market for listings that sold in Q3 was 396 days. Two units were on the market for over 1,000 days, and one short sale was listed for 455 days. There is currently a bank owned, leasehold studio listed.
Sales & prices seem steady, but is there a slow down coming? There were 8 sales in Q3 at Kaanapali Shores, compared to 9 in Q2. Inventory for active listings increased from 10 at the end of Q2 to 15 at quarter end. The number of units for sale during the quarter was 28, down from 33 in Q2. At the end of the quarter, there was only one property in escrow, compared to 6 properties in escrow at the end of Q2.
With 15 active listings at the end of the quarter and 8 sales during the quarter, we had about 5.6 months of inventory. That is pretty balanced. Pricing seems relatively stable when compared to last quarter.
On a year-to-date basis, average sales prices for condo sales in Maui are down by 2% and median prices are up 2%. Unit sales for condos are up 7% in Maui for the year.
Kaanapali Shores has seen 25 closed transactions in the first 3 quarters of 2016 compared to 20 in the entire year 2015.
The average Days on Market for closed listings went from 215 last quarter to 396 in Q3. There were 2 units that were listed for over 1000 days and 1 short sale was listed for 455 days.
There were 2 distressed property transactions in the quarter – one short sale and one new active bank owned listing. Both properties are leaseholds, and it looks like they have been in foreclosure for years.
It’s still a good time to sell if you want to reinvest in other property or move up to your next Maui home. Please let us know if we can assist you with a purchase or a sale!
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