Jan 2011 Maui real estate update

Residential Home sales were 54 for the month of January, with an average sales price of $495,415, which is up 13 % to January 2010. Median sales pricing for January 2011 is also up 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 13 home sales at a median price of $355,000. South Maui/ Kihei was the second most active area with 10 sales at median price of $335,000. Median pricing in this area was down - $83,512 compared to a year ago.  We are attributing this to a push to close by the end of the year and clear our some of our short sale and REO inventory.   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.

Maui home Sales Dec 2010 vs. 2011
	# Sold - Median $
Neighborhood	2010	2011	2010                2011
Haiku	1	4	$250,000	$749,000
Kaanapali	1	2	$1,250,000	$1,590,000
Kihei	11	10	$418,512	$335,000
Lahaina	4	2	$795,000	$403,500
Makawao/Olinda/Halimaile	2	3	$375,000	$389,000
Maui Meadows	2	3	$647,500	$650,000
Napali / Kahana	2	3	$687,500	$725,000
Pukalani	7	7	$510,000	$507,308
Sprecklesville / Paia/ Kuau	2	3	$612,5000	$589,000
Wailea Makena	3	0	$3,500,000	$0
Island of Maui	48	54	$464,500	$495,412

Condo sales for January were up with 87 units sold compared to 75 in 2010, with an average sale price of $295.000.  Even though volume is up, median pricing is still very affordable, some of the most attractive pricing in years.  The condo activity was lead by the South Maui/Kihei area with 29 condos sold at an average price of $295,000, down $34,900 compared to last year.  Other areas that experienced a good deal of volume in January were the Napili/Kahana/Honokawai area with 15 sales at an average price of $250,000, down $65,000 to last year.  Kaanapali area had 9 sales, average price of $690,000, down $32,500 to last year.

Maui Condo Sales Dec 2010 vs. 2011
	# Sold - Median $
Neighborhood	2010	2011	2010                 2011
Central	3	13	$280,000	$199,000
Kaanapali	8	9	$722,500	$690,000
Kihei	31	29	$329,900	$295,000
Lahaina	5	6	$424,000	$362,900
Maalaea	3	2	$410,000	$250,000
Molokai	1	3	$ 59,000	$ 175,000
Napali / Kahana	13	15	$315,000	$250,000
Pukalani	0	1	$0	$320,000
Kapalua	5	1	$840,000	$1,333,300
Wailea Makena	6	8	$682,500	$737,000
Island of Maui	75	87	$404,000	$295,000

Residential Home sales were up 6 sales compared to January 2010, and the average pricing was up as well +$30,915.  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 up as well and our inventory is decreasing monthly, however in January we saw a drop in our average sales prices of $109,000 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.