Prices for single-family homes are down 9 percent for the first half of this year, but prices for condominiums are up that much or more, according to statistics compiled by the Realtors Association of Maui. The number of closed residential sales is down sharply, but the pace of sales - as measured by days on the market - has slowed only moderately. In other words, according to association Chief Staff Executive Terry Tolman, Maui real estate continues its "general cooling trend" since a peak three years ago. In mid-2005, the median price of a single-family home hit $670,000, and the average was almost $1 million. This year, the median was down to $592,898 and the average was $888,108. Today's prices are still far higher than they were in mid-2004 when the median was $530,000 and the average was $732,432. At the median, half of sales were for more, half for less. The number of single-family homes sold, which had held up even as prices eased, has tumbled. At the peak in mid-2005, there were 666 sales in six months, and there were 650 in the first half of 2007. But in the first half of 2008, only 476 changed hands. That puts the total dollar turnover just where it was in mid-2004, $422 million so far this year, which is down a third from last year. Tolman says that "properties priced right will sell in a reasonable amount of time." Days-on-market averages confirm that. The condominium market presents a much different picture. The number of units turning over is half what it was three years ago - 507 in the first half this year. But prices are much higher. The median condo price is up 10 percent this year to $575,000, and the average is up 27 percent to $961,554 - which means condos are averaging more than homes, a unique situation for Maui. As far as prices go, the peak of the market was not three years ago but is happening right now. In mid-2005, the median condo was selling for $371,500, and the average was $514,895. Today's median is $60,000 above 2005's average. As would be expected with the pace of the market slowing so much, the days on market for condos is way up. Because the condo market has moved decisively toward the luxury end, the total dollar turnover is down only marginally from three years ago - $505 million then, $488 million now - and is slightly ahead of last year's turnover. The local market looks better than many places on the Mainland, where it takes nearly a year to sell real estate, on average. Also, the number of sales out of foreclosure remains low here. As always, West Maui is a market unto itself. Average single-family prices there range from $912,500 in Lahaina to $2 million in Kaanapali and $4.9 million at Kapalua. Average West Maui condo prices range from $789,559 in Lahaina to $1.2 million at Kaanapali. SOURCE: THE MAUI NEWS 7/9/08
About Mike Gaertner, R(B):
As 30+ year veterans in international and domestic branding, marketing, negotiating and sales and with our extensive Island knowledge, we are uniquely qualified to provide you with the buying and selling strategies, programs and support you deserve. In helping you "Make It Maui," please know that our experience with many of the world's best known and most demanding companies has taught us that your needs are paramount and that we must provide you with extraordinary focus and attention.
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