Residential Home sales were 70 for the month of December, with an average sales price of $747,891 which up 5 % to December 2009. However median sales pricing for December 2010 is $465,706 – down -8%. Still a great time to buy! The majority of the home sales came from two different market segments with the Central Valley leading the island with 22 home sales at a median price of $436,000. South Maui/ Kihei was the second most active area with 18 sales at median price of $473,250, median pricing in this area is up +$38,250 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.
|Maui home Sales Dec 2009 vs. 2010|
|# Sold - Median $|
|Napali / Kahana||2||3||$767,000||$700,000|
|Sprecklesville / Paia/ Kuau||3||4||$450,000||$521,500|
|Island of Maui||90||70||$477,000||$465,000|
Condo sales for December 2010 were up with 92 units sold compared to 81 in 2009, with an average sale price of $648,043. Even though volume is up, median pricing is still very affordable at $377,500 some of the most attractive pricing in years. The condo activity was lead by the South Maui/Kihei area with 31 condos sold at an average price of $225,000, down $50,000 compared to last year. Other areas that experienced a good deal of volume in December were the Napili/Kahana/Honokawai area with 18 sales at an average price of $333,000, up $13,000 to last year. Kaanapali area had 11 sales, average price of $1,411,000, down $59,000 to last year.
|Maui Condo Sales Dec 2009 vs. 2010|
|# Sold - Median $|
|Napali / Kahana||13||18||$320,000||$333,000|
|Island of Maui||81||92||$399,000||$355,000|
Residential Home sales were down 20 sales compared to December 2009, and the average pricing was slightly less down $12,000. 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 and our inventory is decreasing monthly, however our average sales prices dropped to $355,747 down $44,000 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.