Maui Real Estate Market Update

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February 10, 2011

Maui Real Estate Market Ends the Year with Positive Growth

–Caroline McKean, Whalers Realty

“December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain,” states Lawrence Yun, NAR chief economist in a National Association of Realtors’ press release.

When comparing 2010 with 2009, Maui condominium sales volume showed an increase of 39%, while residential property sales improved by 17.5%, and vacant land sales volume grew by 14%. However, median sales prices for condominiums declined by 16%, residential properties by 8%, and vacant land dropped by 19%.

MAUI
Condos Homes Land
2010 Total Sales 1147 814 127
Median Price $377,500 $460,000 $405,000
2009 Total Sales 826 693 111
Median Price $450,000 $498,106 $500,000
% Change Total Sales +39% +17.5% +14%
Median Price -16% -8% -19%

West Maui sales volume also showed a positive move forward in 2010, with condominium sales up 43% over 2009, residential properties up 37%, and vacant land growing by 4%. Again, this increase in volume has come at the expense of sales prices, as evidenced by the 11% decline in median sales price for condominiums, 4% for residential homes, and 15% for vacant land in 2010.

(Condo statistics for West Maui do not include new development sales and outlying statistics have been removed)
WEST MAUI
Condos Homes Land
2010 Total Sales 421 101 35
Median Price $526,000 $1,040,970 $425,560
2009 Total Sales 295 74 26
Median Price $588,610 $1,080,190 $503,129
% Change Total Sales +43% +37% +4%
Median Price -11% -4% -15%

In 2010 sales volume increased and median sales prices declined. With phenomenal interest rates and affordable homes this certainly describes a buyer’s market. However there is some good news for the potential seller; the gaps in median sales price are starting close we should see values increase as foreclosures clear the market in 2011 and as customer confidence increases. Whalers Realty Inc., works to stay on top of market conditions and provide sellers and buyers with excellent service and information to make the selling/buying process as informative and easy as possible. With three offices in prime locations including Whalers Village and the Fairway Shops, Whalers Realty offers a presence that is unsurpassed on the West side. With their proven track record of exceptional customer service, honesty, and integrity, Whalers Realty is the best choice for your next real estate transaction.



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