While many Maui businesses are still in the midst of economic upheaval, there are some signs that recovery is on the horizon. Slowly but surely, markets have been improving and the Maui real estate market has seen some promising growth in the past month.
One of the most hopeful signs is the fact that condo sales and home sales throughout Maui have seen a moderate boost in November. In fact, compared to last year, there have been 2 more sales of single-family homes this year. While 67 sales, compared to 65 sales in November of 2008, is not at the level of peak sales, it’s still good to see some improvement. Moreover, median prices were only down 1 percent this month which is a bit better than experts had predicted.
However, when you talk about condo sales, here’s where the figures really start to point to recovery. In November 2008, a mere 29 condo sales were recorded while this November saw that figure jump to 69 condos sold. While prices had not changed much, the median price for a condo this November has improved by about $1000 from a year ago to $400,000.
More surprisingly, airlines are starting to increase the number of direct flights to Maui. Continental Airlines, for example, is improving their direct service from Southern California to Maui. At the moment, they’re offering daily service to Maui from Los Angeles and have just announced a plan to add four direct flights from Orange County. Similarly, Alaska Airlines is offering new flights to Maui. Clearly, these efforts to enhance service to Maui indicate that tourism is likely to pick up on the island again.
Cynics of course would argue that Maui has a long way to go before the economy is completely recovered, and this is very much true. But for the first time in the better part of a year there is reason to be optimistic about the economic future of the island and with the holiday season upon us we should be counting our blessings.
Posted in Maui Real Estate |
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