Like the other Hawaiian islands, the Maui real estate market has traveled down a bumpy road the past couple of years as the effects of the recession and the credit crunch on the mainland have taken their toll. The island has seen some ups and downs in regards to homes sales, with generally rising sales volume but prices still showing signs of a struggle.
According to statistics compiled by Coldwell Bankers in Maui, the area ended the year of 2009 with prices and volume up from the previous month. Volume was still up versus sales from a year ago, but prices have fallen. In December 2009, there were 90 sales in Maui, up from 67 in November and just 55 in December 2008. The median sales price was $477,000 in December, up from $465,000 in November but fallen from $570,000 at 2008′s year end.
Condo sales showed a similar trend in Maui at the end of 2009: Sales volume was up in December to 80 from just 69 in November and just 38 in December 2008, but prices showed stagnation. The median price in December was $401,500, up just slightly from an even $400,000 in November and down from $517,000 from a year earlier. Land sales were up as well, with nine sales in December and 17 in November from just two sales in December of 2008.
Though these statistics of Maui homes for sale show slight improvement, levels are still far below where they were at their peaks. In July 2006, for example, the median-price of single-family homes was $780,000, nearly half of today’s prices. Though condos have not lost as much ground as homes, they are also well below their high of $647,000 in June 2006. Properties are spending less time on the market as well. At the end of 2009, the average single-family home was spending 154 days up before selling and the condo 170 days. For homes, that was the fourth-lowest average for 2009, and for condos, it ranks fifth-lowest in the year.