Kaanapali Shores Sales Statistics - Q3 2012

Kaanapali Shores Bulletin
Issue 21, Q3 2012

Aloha!

If you’re thinking of selling your condo, the news at Kaanapali Shores is mixed.  Sales slowed through the summer, specifically the 3rd quarter, of this year as compared to the first half of the year.  That may sound like bad news but there is a brighter side.

While there were fewer sales, the median selling price increased for studio and one bedroom units.

In the first 2 quarters of the year just a single studio sold. It went for $230,000.  In the 3rd quarter there were 2 sales with a median selling price of $255,000.   Currently, the median asking of ocean view fee simple studios for sale is $279,500 and garden view fee simple studios is $260,000.

Prior to the 3rd quarter, there were 15 one bedroom units sold.  That’s over 2 units per month.  Sales of “D” units, 717 square foot units, ranged from $234,900 for a bank owned unit, all the way up to $377,000. In the third quarter there were only 2 one bedroom units sold. However, both sold for over $400,000.

Two bedroom units are not faring as well.  There was only one sale, an oceanfront that went for $620,000.  The lowest asking price for a listed unit is $675,000 for an ocean view, but not oceanfront unit.

Last quarter we noted that basic economics dictated with the decrease in units for sale that we had hit bottom in terms of prices.  The selling prices in the third quarter bear that out.  Buyers clearly see value in K. Shores but only time will tell whether the sales pace will pick up again as sellers hold firm for higher prices.

At the end of Q3 2012, there were 6 pending sales. During Q3 2012,  there were 5 sales (one of which was a distressed property—an REO), and 1 listing     expired without being re-listed. The average number of days on the market for listings during this time was 377 days.

Total number of units for sale at Kaanapali Shores (Q3 2012) :      42
 Total number of units sold at Kaanapali Shores (Q3 2012) :    5
 Total number of units ACTIVE for sale at end of  Q3 2012:     35
 Number of studios for sale :      5
 Number of 1 bedrooms for sale :      14
 Number of 2 bedrooms for sale (incl specials) :      16

For further information on properties at Kaanapali Shores or anywhere on Maui, contact Lee or Barbara at lee@alohapotts.com or barb@alohapotts.com, or call 808.276.8776.  You can visit our website at www.alohapotts.com for real estate information and surf all of the listings on Maui anytime you like.