Maui Real Estate Sales Increased

Maui real estate sales were higher in May than April this year. Levels were still just over half what they were in May of 2008, but they are starting to move in the right direction. According to RAM's Multiple Listing Service report released on Monday, the sales of 47 condominiums and 56 single-family homes closed last month. In May of last year, sales included 84 condos and 97 homes.

April's sales came out to 48 houses and 29 condos, so the increase in May is encouraging. Prices haven't changed much since April, but cumulatively the cost of a home on Maui was 19% lower in the first five months of this year than last. For condos, the cost was 31% lower.

Condo prices have fallen in all areas but Kaanapali. In fact, there were 39 condo sales there this year while there were only 26 last year. Kaanapali home prices on the other hand, have fallen by $800,000 to $1.4 million. In Kapalua, homes dropped by $2.9 million to $2.1 million. In fact, home prices were only slightly up in Kihei and Central Maui, but down mostly everywhere else so far this year. It looks as though the steapest percentage drops are taking place in the most expensive neighborhoods. Maui Meadows, for example, dropped 61% and Wailea/Makena areas by 21%. Kula and Ulupalakua dropped by 58%.

When evaluating the percentage changes in sales for any given area on Maui, one should keep in mind that with small numbers, just a few sales can swing the percentages greatly. Each and every sale holds a lot of weight in the overall reports.

For prospective buyers, if you appreciate the greener parts of Maui, have a look at our stunning collection of Haiku homes for sale. The North Shore homes for sale are definitely worth exploring 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!