It's that time again - let us revisit sales activity at Honua Kai condo market for the month of May to gain a better perspective of the direction the market is heading in. With such a fluid market, it is pertinent to maintain a firm understanding of real-time market conditions. 

New Listings

The month of May saw 5 new listings come up on the market - and they all happen to be high-end 3 bedroom residence listings by the developer. Listed below are Konea 449, Hokulani 250, Konea 202, Konea 102, and Hokulani 501. At a hefty average of $3.7M, these units are prime examples of the best that the Maui luxury market has to offer. For those interested in selling, now may be a prime time to list as inventory in many key micro-markets (premium 2 bedroom units, 1 bed + den, studios) is VERY limited or non-existent.

Pending

Only one listing went under contract in the month of May - the caveat of that is as the developer does NOT put all of their inventory on the Maui MLS, it makes it more difficult to ascertain if additional units have received LOI (letter of intent) or opened escrow. The unit that went into escrow in May is:

Konea 919 - On one of the highest floors of the Konea tower, this premium 2 bedroom unit offers great ocean view corridors and one of the largest floor plans for a 2 bedroom unit (at 1,280 square feet). With an asking price of $1.199M, it could be argued to be one of the better values in premium 2 bedroom units. 

Sold

High season came and went - in its path, it proved to be another tremendous step in absorption of Honua Kai condos. As we have reported in previous months, sales continued at a very steady pace, yet the month of May was absolutely phenomenal with SIXTEEN sales closing. With an average sales price of $1.42M, a median of $1.15M and a total sales volume of $22.7M, it was a VERY good month at Honua Kai.

Those sold were: Hokulani 316 ($690K), Hokulani 833 ($725K), Konea 1024 ($745K), Hokulani 310 ($964,900), Hokulani 212 ($1.025M), Konea 142 ($1.075M), Konea 840 ($1.1M), Konea 818 ($1.2M), Konea 509 ($1.515M), Konea 607 ($1.56M), Konea 703 ($1.775M), Konea 425 ($1.88M), Hokulani 203 ($2.155M), Konea 549 ($2.479M), and Konea 401 ($2.835M). Of the sixteen sales, 9 were developer units.