Year to Date Activity and Rest of the Year Outlook for the Spreckelsville Neighborhood
Now that we are seven months through the year, it is a good time to check on how some of the different markets around the island are faring for the year to date. First on the list is Spreckelsville. This North Shore neighborhood is a core market serviced by the Maui Real Estate Team. Sales volumes for the neighborhood are typically pretty small, but Sprecks tends to be one of the strongest markets on the island. Spreckelsville is highly unusual in that a disproportionate number of sales are unlisted properties. Constrained supply and high demand leads to buyers and their agents beating the bushes for opportunities.
This post takes a look at the activity for the year to date in Spreckelsville and some thoughts on the market outlook for the remainder of the year.
The map above shows current listings and sales for the year to date in Spreckelsville. Green pins represent active listings. The yellow pin represents a pending sale. The red pin represents a sale. You can click on the individual pins for details on the properties.
Sprecks Sales Activity
When you look at the map above, the first thing that sticks out is the solitary red pin. There has only been one sale for the year to date with one pending sale at this time. The one close was actually a bulk sale of three lots that were not on the market in the E Paepae Ka Puko’a subdivision. The pending sale is a home along Hana Highway in the Sprecks V subdivision. At this point, we are well behind the pace of 7 sales in 2017. It could well be the slowest year for sales in Spreckelsville since 2010.
Why have we seen a dip in activity? When we last checked in on the Sprecks market in March, I anticipated a slow year for sales volume. The reason I gave was a relatively small inventory. The market appears to be following my projections. Low inventory tends to keep sale volume in this neighborhood limited. This has been a year of particularly low inventory. For a good portion of the year to date, there were only two listed properties on the market. Two of the current listings have been on the market for less than 60 days.
The biggest years for sales activity in Sprecks have been when MLS sales are augmented by the sales of unlisted properties. This year, the one and only sale was an unlisted property. That is notable in and of itself, but I am wondering if the pool of potential off market sellers may be thinning. After a lot of years of off market sales activity, I am not surprised to see an ebb in purchases. Perhaps, there isn’t much fruit left to shake out of the tree. I don’t have any definitive evidence to back this up. I may well be wrong. This is just a feeling I have at this point.
Outlook for the Rest of the Year
I would anticipate a relatively quiet rest of 2018 for sales activity in Spreckelsville. As mentioned before, there is one property under contract. That said, the buyer and seller just agreed to terms this week so there are no absolute guarantees it will close. If it does, that will leave three active listings.
The sellers just reduced the price of 2409 Waipua by over $300,000. This is a big, well built, beautiful home right on the golf course. This price reduction makes this an appealing opportunity for executive home buyers. Pa’ani Point is a true legacy property. It includes an acre of oceanfront land with a legal seawall, a home and three additional cottages. At $14,000,000, the pool of buyers for homes at this price point is limited. That said, it is a value to compared to the two sales that have closed on Stable Road over the last couple of years.
You can find more photos and details for the current inventory of Spreckelsville Real Estate Listings on MauiRealEstate.com. As I mentioned above, I wouldn’t anticipate many new listings coming to market or sales of unlisted properties, but you just never know. We will continue to keep our ears to the ground for opportunities for buyers. Contact The Maui Real Estate Team if you are interested in buying or selling in Sprecks. We would welcome the chance to be of assistance.