According to an article from the Washington Post Writers Group housing prices have climbed over the last 5 years.
And, while you couldn't tell from the network news, or just about any other source, that there is positive news on the real estate front, here's what the Post found.
Of the 292 metropolitan markets surveyed only 19% showed negative net gains. 273 markets showed positive net home values in the last 5 years.
According the Federal Housing finance Agency the top gainer in the United States is Honolulu with a net gain of 78.7%.
So, what does that mean for Maui?
According to numbers released today from the Realtor's Association of Maui (RAM) the year-to-date median price for a single family home selling on Maui is $579,000. Back in November of 2003 the median price was $492,500. That's a net gain of 17.6%.
For condo owners the net has been more substantial. According to RAM statistics the median condo price this year so far is $550,000. In November of 2003 it was $255,000. So the net gain is over 115%.
That looks pretty rosy, but if you bought between 2003 and now, especially around 2005, you may not feel so flush. If you are trying to sell now, I feel your pain. Sales on Maui are slow and while prices in some areas are holding, certain areas, micro markets I call them, have been hit hard and prices are continuing to trend down.
What does this muddle of messy math mean?
Over the long haul, investing in Hawaii in general and Maui specifically appears to be a good bet. In the shorter term, if you thinking about buying in Maui, bargains abound, but nobody is giving it away.
To keep current on real estate trends in Maui subscribe to the Maui Real Estate Advisor at MauiRealEstateAdvisor.net or Aloha Potts.com.
Lahaina Lee Potts
808-276-8776
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