The latest edition of the Kapalua Real Estate Market Update and Newsletter is now available online.
The real estate market in Kapalua has held relatively steady over the past year. Comparing sales through this time in 2011 with 2010, we see that the number of sales is up 11%, and sales volume is up 19% with $81,248,862 in closed sales in 2011 vs. $65,533,000 for the same period in 2010. It is noteworthy that average closing prices are up approximately 10% over last year--the low remained the same and the high was buoyed by the sale of a magnificent home in the Plantation Estates at $14 million.
Our market has done well compared with other areas of the island and the mainland US. In part, we have few short sales and foreclosures (4 REO's and 2 Short Sales out of 37 Sales Year to Date). The strength of the market can be attributed in part to the ownership base, and because we are largely a second home community, and lenders have traditionally required larger down-payments for second home loans.
For more detailed information on the Kapalua Resort real estate market and other Maui properties, visit www.LuxuryRealEstateMaui.com