Maui real Estate Update

Maui News Front Page Article on Maui Real Estate Market!

So the Maui’s News today reported statics from Maui Association of Realtors on Maui home sales for the first six months of 2008. Homes prices are down 9% from the same period from last year. The number of residential sales has drastically dropped according to Terry Talmon from the Maui Association Realtors. There has been a consistent slowing of the housing market from three years ago.
The median home is $592,898 down from 2005 median price of $670,000. Homes sales in the first half of 2005 there were 666 sales compared to this period of 476 homes sold in the same period.
Condos prices are actually up 10% from 2005 period. The median price was $371,500 in 2005 to $514,095 in the first six months of 2008. Today’s median is $60,000. Above 2005” average. In any event the local market looks better than many places in the mainland. Maui’s foreclosure rate remains low which is historically the pattern with Hawaii. We are seeing a number of solid closing in the Wailea Maui Real Estate market for luxury condos and oceanfront properties. So the condo and luxury condo market is looking promising for the second half of 2008.

Aloha,

Steve