Aloha from your resident experts!
From Jan 1 to March 31, there were 20 listings (2 were short sale and 2 were REO/bank owned). Out of 20 listings, 2 were taken off the market, 5 were sold, and 4 were pending at the end of the quarter. At quarter-end there were only 9 active listings.
Continuing from last year, the first quarter has seen some extremes—from the lowest priced sale for a 2/2 furnished, bank owned unit at $215,000 to two closings for 2/2 furnished units at $320,000—one upstairs and one downstairs.
We were surprised by the $215,000 closing, since prices seem to be increasing at Aina Nalu.
The first quarter saw good sales activity, with 5 sold and 4 pending at the close of the quarter. There are only 9 active listings at this time, which we believe is a low for Aina Nalu. At the current sales pace of 1.6 per month, we
have 5.63 months of inventory, which is pretty balanced and a good sign. From the looks of the parking lot and the pool, Q1 should have shown good occupancy, too!
We have buyers looking for ‘deals’, in particular bank owned units, but there are no distressed properties listed at this time.
Current asking prices for 1 bedroom active listings range from $275,000 to $329,000. Current asking prices for active 2 bedroom listings range from $299,000 (for a 2/1 unit in the H building) to $374,900 (for a 2/2 downstairs
unit in the A building).
Of the 5 closed sales in Q1, Aloha Realty Group represented 5 buyers and sellers and closed 3 transactions. Of the 4 pending sales Aloha Realty Group is representing 1 buyer.
We wish you all a beautiful spring. We will miss you all at the annual meeting in May—we will be visiting our son in Prague, and Lee is running a marathon there.
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