Residential Home sales rose again on Maui in August with 67 homes sold, with an average sale price of $761,555 –up 6+ %. However median sales pricing for 2010 is $468,875 – down 8%. Still a great time to buy! The single family sales were fairly evenly spread over the island with the Pukalani area leading the market with 8 sales at a median price of $391,000. South Maui/ Kihei was the second most active area with 6 sales at median price of $512,250. 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 July 2009 vs. 2010|
|# Sold - Median $|
|Napali / Kahana||3||1||$750,000||$ 362,000|
|Sprecklesville / Paia/ Kuau||2||2||$387,500||$596,000|
|Island of Maui||53||67||$500,000||$461,000|
Condo sales also increased as well in August, with 88 units sold compared to 66 in 2009, with an average sale price of $715,395. The current YTD median sale price is $310,000 which is down 25% YTD. Even though volume is up, median pricing is still very affordable, the lowest in years. The condo activity was lead by the South Maui/Kihei area with 27 condos sold at an average price of $245,000, down $80,000 compared to last year. Other areas that experienced a good deal of volume in August were the Napili/Kahana/Honokawai area with 13 sales at an average price of $360,000, down $9,500 from last year. Kaanapali area with 13 sales, average price of $709,800, up $9,800 to last year, and then our central valley with 14 sales at an average price of $141,250, up $3800 compared to 2009.
|Maui Condo Sales July 2009 vs. 2010|
|# Sold - Median $|
|Napali / Kahana||10||13||$369,500||$360,000|
|Island of Maui||66||88||$371,250||$310,000|
Residential Home sales and Condo sales volumes are up and our inventory is decreasing monthly. In South Maui for example, the available inventory was 1032 listings last year compared to currently 782 active listings on the market. Island wide, properties priced below $2 million are averaging 6-8 months on market, with $2 million and up properties are averaging 13+ months on the market. 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.