Maui County 2011 Real Estate Sales Summary Unit Sales Up... Residential/Land Prices Improving Condo Prices Soft
2011 Maui real estate sales showed an improvement across the board in unit sales/closed transactions with prices beginning to rebound in both the residential and land markets. However, condominium pricing remains soft vs. 2010.
Specifically, according to figures just released by the Realtors Association of Maui, there were 898 single family homes sold County-wide in 2011, up 10% vs. 2010. Average home sale price improved vs. last year by 5% to $787,552 with median pricing showing a -6% decline to $433,500. Maui County 2011 residential sales volume totaled $707,221,757, up +16% vs. YAG. Significant unit sales improvements were noted in Haiku, Lanai/Molokai and much of West Maui.
2011 Maui County condominium sales totaled 1,155 units, slightly up (+1%) vs. 2010. However, these results were affected by the slowdown in unit sales at the new Honua Kai property in Kaanapali as the project completed its initial sell in. Factoring for this, existing Island-wide sales actually showed a +13% improvement for the year to 1,085 units with Kihei and West Maui being driving factors in the growth. Both average ($485,874) and median ($310,000) condominium pricing declined vs. 2010 by -25% and -18% respectively. County condominium sales volume declined -25% to $561,184,549 again due in large part to the Honua Kai sell out. Factoring for this, existing condominium sales volume totaled $503,800,499, a +3% increase vs. 2010.
County-wide 2011 land sales were up +5% vs. 2010 to 133 transactions. Average land sale price increased +18% to $608,400 with median pricing decreasing -23% to $310,000. Maui County land sales totaled $80,917,225 in 2011, up +24% vs. YAG with the Kaanapali and central Maui areas driving much of the growth.
About Mike Gaertner, R(B):
As 35+ 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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