There are currently 172 condos available for purchase located in oceanfront communities which is the highest number seen on the market in quite a while. The low inventory doldrums that were prevalent since July of 2022 are now in the rearview mirror and the increased number of available oceanfront condos, along with the improved variety of units, is a very positive sign that the next few months will be a very opportune time to invest in the condo of your dreams.
In this special buyer’s guide we will share some of our favorite listings and cover the trends that point to 2024 being the year that condo buyers will have have more choice and power.
Our Top Pick – Wailea Ekahi 21B
The open and bright floor plan welcomes you with warm tropical breezes and stunning natural light. The living area seamlessly flows into large private lanai area which provides a perfect spot to enjoy your morning coffee or evening beverage while relaxing amid the lush tropical landscaping.
Increase in New Listings
As of December 29th, the number of new listings for oceanfront condos debuting this month is already at 78 which is the highest seen in 35 months (previous high was Jan 2021). More significantly, December marks the fourth consecutive month of new listing increases which signals we may be heading back to the normal market inventory levels of the pre-pandemic years.
Monitoring new listing counts by month is a very helpful indicator as it reveals trends that get obscured if you only look at the total number of available properties. More listings coming on the market may mean that, after many years of holding tightly to their properties, owners are increasingly feeling motivated to divest their oceanfront condo.
Notable new listings
Price reductions and concessions
33 out of the 170 currently active condos have had price reductions, that may be only about 19.4% of the inventory of oceanfront condos but it’s still a significant signal that sellers are adjusting their expectations to changing market conditions. Additionally, a quick review of oceanfront condos sold in the last quarter of 2023 shows that almost 73% were sold below list price, which points to the greater potential for buyers to negotiate and get price concessions from sellers.
Recently reduced oceanfront condos
Here are a few notable units in oceanfront complexes found in Wailea, Kapalua, and Kihei that have had recent price reductions.
Reduced to $2,950,000 (originally priced at $3,638,000)
2 bedrooms | 2 bathrooms
1,690 sqft living area
Reduced to $1,195,000 (originally priced at $1,599,000)
2 bedrooms | 2 bathrooms
828 sqft living area
Beyond being a trusted advisor in the real estate market, your REALTOR should be a professional who recognizes their role in supporting your wealth building and wealth preservation. Helping to magnify wealth is one of the core values of The Sayles Team, a set of guiding principles for how we serve our clients at the highest level. As experts in the field, we are constantly learning and providing guidance about making the wisest choices for the future. If someone you care about needs guidance or recommendations, please share our contact information and we would be honored to help them! If you would like to receive our in-depth market update or would like an evaluation of your property’s value we would love to hear from you.
Anthony Sayles R(S)
Direct mobile: (808) 280-6532