2022 Reveals Shrinking Inventory and Climbing Prices: Savvy Sellers Take Advantage of Market Highs
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 South Maui Hotel zoned Beachfront complex, Makena Surf, we wanted to share year to date stats with you.
You can see the numbers for Kaanapali Alii on the West Side of Maui in a previously published blog here. 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.
Average Price Listed v Sold
It is amazing to see the historical numbers. 2009 saw a peak in list and sales price. These prices only came back to those levels last year. YTD Average sales price up 25% over 2021. Last year up 13% over 2020 and 2020 up 21% over 2019. It’s been running for a few years now! We are currently seeing all-time highs as inventory dwindles while demand stays strong.
Average Price per Sq Ft
2022 YTD Average sales price per square foot up 36% over last year which was up 42% over 2020!
Historically, we don’t see a lot of these units on the market. Last year was a relative high at 8 with the average for the past 15 years being 3 closed sales per year. We’d have to go back to 2004 to see higher levels at 12.
2022 has been off to a great start with $9.4M in sales volume on 2 transactions to date. Season here seems to be summer with the greatest volume happening July-September, so we have yet to see what this year brings.
Days on Market
The 2 units sold through May have lasted an average of 119 days on market. This is up 14% from 2021 average at 104 days. Interesting to note that market conditions here don’t seem to affect price much but where we see it is in the DOM.
Makena Surf is in a Seller’s Market. There are currently 2 pending and no active units on the market. This year we have closed 3 sales. Last year by this time, we had also closed 3 with July, August and September being the months that saw the most action. While this complex seems immune to the general market in terms of price, DOM is subject to the market conditions. YTD averages show this number starting to climb. Buyers are ready and waiting! Owners can take advantage now of quicker turnaround in maximizing your investments.
Check out this video to see why Makena Surf is my favorite Resort Condo Complex in South Maui.
Thank you for reading! Please reach out if you’d like to chat about your unique situation and make sure you are making the most out of your investment. We can compare to other complexes on Maui and discuss 1031 options.
As a lifelong resident of Maui and realtor for over 20 years, I have a unique long-standing relationship with residents and visitors alike. I bring a deep understanding of the many layers and subtleties of every piece of Maui’s Real Estate industry. My experience is broad ranging allowing me to better understand and meet your needs. Whether you are buying or selling your first home, a second home, an investment property, looking to do a 1031 exchange or even large land transactions and subdivisions, I have done it all. I love water sports, mainly international competition in canoe paddling, one man canoe, surfing, paddle boarding, Jiu jitsu training, soccer, rugby, family time, friends, socializing, food, pets, work and staying active.
If you ever want to chat about what’s happening in the Real Estate market on Maui or have any questions on your equity, current options and their tax advantages or disadvantages or to discuss any other real estate needs, feel free to call, text or email. I am here for you!