Maui Condo Prices Drop Big

Maui condominium prices plunged last month. According to the Realtors Association of Maui, the median condo price was $290,000, as opposed to April 2008's $600,000. That's a 52% drop in one year.

As with all Maui real estate statistics, it's a good idea to keep in mind that in a relatively small market, just a few sales can swing the numbers quite a bit. These numbers are based on 29 sales last month, with a couple of units on Molokai. Last year's median for April was based on 94 condo sales.  The median for the first four months of this year was $422,500 as opposed to the same period last year with the median of $590,750.

The median price of single-family homes was down to $495,000 from $577,500 in April of last year, a drop of 28 percent. This change is accompanied by a decrease in single-family home sales in Maui County. Houses sold came to 47, with two of the sales on Lanai and one on Molokai. Last year, 78 single-family homes were sold in April.

As for year-to-date data for single-family homes, sales were down 47 percent in the period between January and April. 163 houses sold, as opposed to the 306 that were sold during the same period last year. The median price for this period was $519,000 this year and $593,550 last year. That's a 13 percent decrease.

For those of you who are interested in taking advantage of the incredibly low-cost real estate for sale now on Maui, have a look at our stunning collection of Haiku homes for sale. There are some good buys among the North Shore homes for sale as well. If you need any real estate assistance, please email us at info@jimsandersrealty.com or call (808) 579-8255. Mahalo for reading and have a great weekend!

 *Source: Realtor's Association of Maui