Presented by Aloha
Aloha! from your Resident Experts!
Of the 9 listings in the 3rd quarter of 2013, one was canceled and 3 were sold, leaving 5 active listings.
Sales prices are steadily increasing – even a one bedroom short sale closed for $250,000 after being on the market for 647 days. The asking prices for 2/2 units have increased around 16% since the same time last year. The latest closing for a 2/2 unit at $375,000 also represents about a 16% increase from last year’s Q3 high closing price for a 2/2 of $324,000.
Today we still have a 1 bedroom listing for $279,000 and a 2 bedroom 1 bath unit listing for $345,000. The 3 two bedroom 2 bath units are listed at $399,000 and $410,000 (two units listed at the same price). So we have broken the $400K barrier for asking prices that some of you have been waiting for.
There was a studio listed for a short while, and multiple offers were received on that unit, but the seller elected to cancel the listing. The asking price was $225,000, and offers came in at or above the asking price. There are few studios at aina nalu and the rental revenue is strong, but financing is a challenge for aina nalu studios, so studio sales need to be cash deals.
So with active 5 listings at this time and an average sales rate of 2 per quarter, we now have about 7.5 months of inventory available, which is close to a balanced market. (6 months’ inventory is considered balanced in most markets.) It feels like our market at aina nalu has stabilized and we can expect continued price appreciation for the next few years, based on market projections – barring unforeseen challenges caused by our Washington legislators’ inability to agree! Maybe they need some aloha?
From July 1 to September 30, there were 9 listings (only 1 was a short sale and none were REO/bank owned). There were NO pending at the end of the quarter. At the quarter’s end, there were only 5 listings available for sale.
For further information on properties at aina nalu or anywhere on Maui, contact Lee or Barbara at firstname.lastname@example.org or email@example.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.
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