Aloha!
Condo sales on Maui increased slightly in 2011 over 2010. Condo sales in Kaanapali, however, were down by 30% and it was a slow year at Kaanapali Shores as well. And while Kaanapali Shores may be the best value in the whole area, sales were down and prices were down in every category.
There were 3 studios sold in ’10. That dropped to only 2 last year, and both of those units sold early in the year. There are currently 12 studios for sale including leasehold units. Showings do seem to be picking up.
One bedroom units didn’t fare much better. There were 7 ocean view one bedroom units sold in ’10 and 6 in ’11. The important thing is that the median selling price in ’10 was $404,000 and decreased to $352,500 in 2011.
But if things were slow for studio and one bedroom units, 2 bedroom unit sales were dead. There was one leasehold unit sold for $400,000, and there was one unit sold in the “short stack” that was never listed in the MLS. There were zero sales of the more standard “A” or “B” units.
Based on current activity and the rest of the market, I expect that prices for studios and one bedroom units are stabilizing. However, that more stable new selling price may still be below what most sellers are asking. The 2 bedroom units on the market seem to be priced well above what current buyers are willing to pay. So, for those sellers waiting for prices to come back, see you next year.
Total number of units for sale at Kaanapali Shores (2011) : 69
Total number of units sold at Kaanapali Shores (2011) : 12
Total number of units ACTIVE for sale at end of 2011: 43
Number of Studios for sale: 7
Number of 1 Bedrooms for sale: 24
Number of 2 Bedrooms for sale (including specials): 12
At the end of 2011, there were 7 pending sales. During 2011, 6 listings were canceled and 10 of the listings expired. The average number of days on the market for listings during this time was 366 days.
Copyright 2012 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.
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