Condo sales on Maui are slightly decreasing, according to the Realtors Association of Maui.  For the year ending September 30, 2009, condo sales were down 9% island-wide, which is a difference of 64 condo sales.

However, when looking at the quarter ending September 30, 2009, to the previous quarter, condo sales were up 163%!  More condos were sold in the third quarter of this year compared to the first 2 quarters of 2009 combined.

Kiheisaw a 61% increase in number of condo sales for the third quarter compared the previous quarter, which is increase of 31 units.  Wailea/Makena, however, experienced a 16% drop in condo sales, but only a difference of 3 units. Kapalua gained 3 more condo sales, which was an increase of 150%.  In Lahaina, 21 more units were sold in the third quarter, which is an increase of 210%!

The median price of condo on Maui decreased 14% to $491,250 at the end of September 2009 compared to the same time last year.  In Kihei, the median price dropped 27% to $305,000.  In Wailea/Makena, the price dropped 31% to $1,620,000.  Kapalua experienced a 25% price drop to $709,500, and Lahaina experienced a decrease of 15% to $410,000. 

Inventory of condos on Maui shrank 15% since April 2009, and which consists mainly of short sale and bank owned properties.  In order for prices to start to rise, these distressed properties need to sell.

Buyers, this is a fantastic time to take advantage of the low condo prices, low interest rates, and a large inventory of properties from which to choose.

Sellers, only list your condo if you must sell.  Because of the competition of other properties, your condo must be priced correctly, be in better property and showing condition, and you may need to be flexible with terms, such as lease-with-option-to-buy. 

For information on the residential housing market, please see my previous post.

If you are interested in buying or selling a home or condo on Maui, please contact me.  I would be happy to assist you!