Aloha from your resident experts!
Our favorable sales trend has continued. Well-priced units are selling quickly, with multiple offers, and the number of active listings is low (12) compared to the same time last year (21).
As of July 21, there are 3 pending sales with an average of only 34 days on market, compared to the average days on market for the remaining active listings of 436 days! Average days on market for sold units in 2011 so far was 153 – not too bad, considering some of them were distressed properties.
This year, 10 units have sold and 3 are in escrow, so we have a little over 6 months’ inventory on hand. That is generally considered a balanced market. There were 14 sales in the entire year in 2010, so our sales pace is well ahead of last year’s.
We are working through our distressed properties – there are a few more to come, but the pace of new listings has dropped. There is currently 1 bank owned unit actively listed for a 1/1, with offers made on that property already.
Of the 3 units that closed escrow in Q2, two were sold by Aloha Realty Group, and only one was a distressed property, which is encouraging!
Current asking prices for 1 bedroom units range from $199,900 (REO) to $374,990. Current asking prices for 2 bedroom units range from $279,000 (for a 2/1 unit in the H building) to $398,500 (for a 2/2 unit in the J building).
Last but not least, we want to thank all of you who attended and supported our May 27 fundraiser for the W. Maui tutoring program. It was a great success – we donated $16,000 to the program!
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