Home sales on Maui are decreasing slightly, according to the latest numbers from Realtors Association of Maui.  Comparing year-to-date sales ending September 2009 to the same time last year, 258 fewer homes on Maui were sold, which is a 36% decrease.  When comparing the third quarter ending September 30th to the second quarter of 2009, 7 fewer homes were sold, reflecting a 4% decrease. 

In Kihei, 5 fewer homes were sold in the third quarter of this year compared to the previous quarter, reflecting a 17% drop.  In Wailea/Makena, 4 fewer homes were sold, which decreased 67%.  Kapalua saw no change since 1 home sold in both the second and third quarter, and Lahaina experienced a 30% drop since 3 fewer homes were sold.

According to the graph below, the second quarter of 2009 showed better sales than the third quarter.  Although, the difference is pretty insignificant since a total of 7 fewer homes were sold on Maui in the third quarter than the previous quarter.



The median sales price for a home on Maui decreased 16% to $501,010 for the year ending September 2009 compared to a year ago.  The median price of a home in Kihei dropped 32% to $488,750.  In Wailea/Makena, the median home price decreased 38% to $1,500,000.  Kapalua experienced a 47% drop to $2,337,500, and Lahaina saw a median sales price drop of 35% to $650,000.

The inventory of homes shrank 10% since April of 2009.  Most of the inventory, however, consists of short sale and bank owned properties, which needs to be absorbed before prices can begin to pick up.

Buyers, this is a great time to take advantage of low prices, low interest rates, and a range of homes from which to choose!

Sellers, only list your home if you absolutely need to sell.  Pricing your home right is critical to the success of your sale.  The best deals are selling quickly, so it's important to understand the competition.

For information on the Maui condo market, please read my other post.

Please contact me if you are interested in buying or selling a home on Maui, or if you have any real estate questions. 

I would be happy to help you!