Aloha my favorite friends, clients and new members of our blog subscription! In an effort to keep Buyers and Sellers informed of the market at my favorite West Maui Hotel zoned Beachfront complex, Kaanapali Alii, we wanted to share year to date stats with you.
Is This Complex Ready for a Renaissance?
It is amazing to see the historical numbers. I will show comparisons to other top oceanfront complexes in future blogs. There is a lot of info to show here. If you are interested in finding the best value now, contact me and don’t wait for the blog. In short, I feel that this complex is an amazing value for many reasons.
Average Sales Price
2006 and 2007 saw a peak in list and sales price. These prices only came back to those levels in 2017 and 2018. 2019 cooled off a bit before the Pandemic dip. We are currently seeing all-time highs as inventory dwindles while demand stays strong.
YTD average sales price per square foot at Kaanapali Alii is $1954 up +25% from last year. 2021 was up +20% over 2020. We’d have to go back to 2011 and 2010 for any increase over +20%, with an increase of +33% in 2010 over 2009 and an increase of +23% in 2011. These followed a -13% drop in 2008 and -37% drop in 2009 and can be considered recovery. The +25% we are seeing this year is growth as the +20% we saw last year was recovery from 2020 decline.
Number of Sales at the Kaanapali Alii
The 2021 Market saw a massive increase in the number of sales with 11 more sales than the previous record of 16 in 2019.
Average Days on Market
The 8 units sold to date have only lasted an average 73 days on market average. This is a historic low! Personally, I saw a few of these units go under contract immediately with strong cash offers. 4 of the sales to date have been at full price or above while 4 of the offers have gone through a small number of negotiations. I believe the current pending unit will also have some negotiated price and bring up the average DOM and bring down the average sales price. Something to consider.
Average Dollar Volume
2022 has been off to a great start with over $23M in sales volume on 8 transactions to date. While the number of sales and total volume are down compared to the same time period last year, when we consider that the average DOM is at an historical low and sales are closing at 99% of listing price, it becomes clear this is due primarily to low inventory.
Look at the Sales Numbers
As discussed earlier, this graph above really shows the significant number of sales in a powerful visual. I am working to find more Sellers in this amazing complex. If you are an owner, reach out if you have not received these updates via mail.
Where Do We Go from Here?
The current listing at Kaanapali Alii is priced well above the average. It has a phenomenal view as you enter the unit. Building 2 allows the view to orient toward Lana’i and Ka’anapali Point instead of looking across the complex at another view.
The day of my showing had a good amount of surf. It’s such a cool location to have this privacy, surf out your front door while being one building complex away from the activities at Whalers Village. More in my Ka’anapali Ali’i video here: