Residential Home sales were 57 for the month of February, with an average sales price of $706,134, which is up down -1% to February 2010. Median sales pricing for February 2011 is $440,000 which also down - 7% compared to January 2010. The majority of the home sales came from two different market segments with the Central Valley leading the island with 16 home sales at a median price of $392,500. South Maui/ Kihei was the second most active area with 9 sales at median price of $376,200. Median pricing in this area was down - $111,300 compared to a year ago. Homes on island that are priced under $500,000 are the fasted moving market segment right now with an average of less than 90 days on market.
|# Sold - Median $|
|Napali / Kahana||1||1||$650,000||$530,000|
|Sprecklesville / Paia/ Kuau||1||2||$845,000||$595,050|
|Island of Maui||54||57||$504,150||$440,000|
Condo sales for February were flat compared to 2010, with 95 condos sold each month. Average sale price of $513,007. Median pricing is still very affordable, some of the most attractive pricing in years with a median price of $376,000. The condo activity was lead by the South Maui/Kihei area with 42 condos sold at an average price of $257,750, down $12,250 compared to last year. Other areas that experienced a good deal of volume in February were the Wailea/Makena area with 15 sales at an average price of $1,710,000, up $478,750 to last year. Napili/Kahana/Honokowai area had 9 sales, average price of $450,000, up $145,000 to last year.
|# Sold - Median $|
|Napali / Kahana||13||9||$305,000||$450,000|
|Island of Maui||95||95||$424,000||$376,000|
Residential Home sales were up 3 sales compared to February 2010, but the average pricing was down -$64,150. There is still a good amount of affordable inventory out there, and more homes under $500,000 than we have seen in years. Condo sales volume is still very healthy and our inventory is decreasing monthly, however in February we saw a drop in our average sales prices of $48,000 to last year. In synopsis, the market is definitely moving, and properties that are priced well are moving quickly. There are still great values out there to be had, especially with interest rates being as low as the currently are. This is a perfect time to explore an investment on the beautiful island of Maui.