Total number of units list for sale at Kaanpali Shores 1st half of 2019: 18
Total number of units sold at Kaanapali Shores during 1st half of 2019: 7
Total number of units ACTIVE for sale at end of 1st half of 2019: 9
Number of studios for sale: 1
Number of 1 bedrooms for sale: 1
Number of 2 bedroom for sale (including specials): 7
During the 1st half of 2019, there were 7 sales. There was 1 property in escrow at the end of the six months. There was 1 expired listing which later went into escrow and closed during the period.
The most common question we get is, "How's the market?" The answer, as always is, "It depends."
If you are hoping to sell a studio or a 1 bedroom unit, the market is hot! Currently, there is only one studio for sale and one 1 bedroom unit available for sale. Unit 709, an ocean view on bedroom unit, sold for $749,500. That's a record all-time high for one bedroom units. Unit 942, an ocean view Penthouse studio, sold for $470,000, which is also approaching record territory.
Two bedroom unit sales got off to a slow start for th year, but finished iwth sales in May and June closing at $939,167 and $977,000 respectively. That leaves just 2 fee simple, ocean view 2 bedroom units for sale, along with 3 well priced leasehold units for sale.
As always, cash is King. Of the 6 sales year-to-date, 5 of the were cash, including two by way of 1031 exchanges.
Year-over-year sales are down significantly at K. Shores. In the first 6 months there were only 6 sales compared to 15 last year. That decline is primarily due to lack of supply. There were 28 units for sale during the first 6 months of 2018, compared to only 18 this year.
The story for the general Maui condo market is somewhat similar. New listings are off 11.5%, sales are off just 5%, and the median selling price is up almost 7%. In the Kaanapali area, the stats through May show that unit sales are down 22.4%, but the median selling price is up a whopping 21%.
If you are thinking of selling, the market is hot, and we are at or approaching record selling prices in all categories. For more information reach out to any of the team at the Kaanapali Shores Team.
L. Lee & Barbara Potts, R(B), RSPS, ABR, SRS (808) 276-8776, firstname.lastname@example.org
David T. Barca, R(S) (808) 357-0958, email@example.com
Gina M. Parola, R(B), RSPS, ABR, SRS (808) 870-2525, firstname.lastname@example.org
Robert J. Cartwright, R(B), CRM (808) 661-8777, email@example.com
We would be honored to represent you with a purchase or sale of a condo at Kaanapali Shores.
Copyright 2019 L.Lee & Barbara S. Potts
Statistical information in this newsletter is based on actual sales information reported to the Realtor's Association of Maui, Inc. While this information is deemed reliable, it is not guaranteed. This newsletter is for informational purposes only and not intended as advice for investment or any other purposes. Real estate is considered to be highly volatile and purchasers and sellers of real estate should always seek expert outside advice before investing.