Obviously the Maui real estate market has been experiencing some dramatic lows but things appear to be turning around, finally. Compared to the same month a year ago, there has been a 48 per cent increase in house sales.
The strong rebound comes on the heels of big jumps on O’ahu, Kaua’I and the Big Island, marking a huge return after record lows. In fact, January 2009 sales were the lowest since in more than a decade. To see such disappointing figures you have to go all the way back to February 1997.
Another discouraging figure has been the median sales price of homes which have dropped 16 per cent to $469,000 from the figure of $558,000 a year ago.
However, a mere 71 condo sales were recorded last month which represents a 31 per cent drop from a year ago. In January 2009, a total of 108 sales were recorded. Still, this 2008 figure was somewhat surprising since it was the most number of sales since 2007 when the Maui real estate market was still going strong.
In all likelihood, a new condo project in Ka’anapali was responsible for the jump in sales figures. The project, named Honua Kai, boosted sales in January 2008 as previously owned and new homes were both included in the data.
Still, the median price of condos has taken a dramatic hit. In fact, the median has dropped nearly 50 per cent to $424,000 down from $805,000 a year ago. Again, experts attribute the huge difference to the Honua Kai project where eight condos were sold last month for a median of $722,500. Compare that to a year ago when 69 condos were sold for a median price of $1.17 million. Because the median price is the point where half of sales are above and half are below the median, the sale of many luxury condos will force the median price up.
Posted in Maui Real Estate, Hawaii Real Estate |
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