Here are the sale statistics for the first quarter of 2008 for Maui County.
Single-Family median price Maui homes are down 3.6% to $602,783 for Maui, So there is diffently a softening taking place with residential sales.
Actually condominium sales have been doing much better. With the median price up 6.2% to $587,000. One reason that I see for an increase in condominiums is that Maui is still a great resort destination for snowbirds and sun worshippers. With interest rates looking good and for foreigner's dollar, it is a great time to buy. We are seeing lots of Canadian buyers with there dollar so strong.
Sales for condos in the first quarter last year was at 278 condos sold for 2007. In 2008 the number of condos sold for the 1st period is 276 which is not much of a difference compared to last year. If you are looking at residential last year there was 340 homes sold for the first quarter. This year the numbers are down to 228 homes sold for the 1st quarter this year. So with more homes on the market for more days this is a great opportunity for buyers who have been waiting to see prices adjust from two years ago.
In Wailea condominium sales are actually up from 07 with 64 sales compared to 59 condominiums from last year. The median price range is also up to $1,877,038 from last year's $1,200,000. Kihei or South Maui condos are also up from last year. From 90 condos to this year we saw 124 units sold for an average $445,000 median price range.
So while residential has slowed condominiums have been pretty active. In Haiku on the north shore Sales have been pretty steady with the median price range actually going up to $800,000. Not to bad in a slow residential market. So while the rest of the country minus those nitch markets. Maui has been doing okay with the economy slowing down. Maui will always do well being that it is a major island destination.
Steven C. Nickens R(S) GRI, ABR
The Wailea Group LLC.
3750 Wailea Alanui, Suite 5WEA
Wailea, Maui, Hawaii 96753
Email: steven@thewaileagroup.com
Cell: 808-280-2208
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