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.
A wonderful part of living on Maui is the wonderful natural surroundings that make local living so special.A major attraction for potential home buyers, the sheer beauty of the island has become one of the area’s major selling points.In fact, many Maui homes for sale that have splendid scenic views are significantly more valuable thanks to their smart use of the Maui backdrop and scenery.As the leading whale-watching center for the Hawaiian islands, a number of whale watching excursions leave from ports around Maui, including Kahului and Lahaina.The sheltered ‘Au’au Channel that lies between the islands of Maui County harbor the graceful Humpback whales during the winter season.The whales migrate from the frigid Alaskan waters each fall to spend the winter months mating and birthing in the warmer Hawaiian waters.Although recent estimates suggest only 18,000 humpback whales remain in the North Pacific, a large portion of those whales breed in the waters just off the coasts of Maui.Maui also hosts a large rainforest on the northeastern flanks of Mount Haleakala on the eastern side of the island.Because of the rough terrain, the area has been saved from exploitation and development, making it one of the best green areas in the island chain.Along with the deserts of Haleakala and the plateaus in between, the varied geographical terrain and forms of life that make Maui unique continue to attract potential residents to the island of Maui.
is the fifth largest of the eight major Hawaiian Islands, which include: Ni’ihau, Kaua’i, O’ahu, Moloka’i, Lana’i, Kaho’olawe, Maui, and Hawaii, which is also referred to as the Big Island.Nicknamed the Friendly Isle, Molokai has a population of about 7,500 and is located across the 25 mile-wide Kaiwi Channel
from Oahu.On a clear night the lights of Honolulu can be seen from the west coast of the island.Molokai is most known for its history as being the long time residence of Father Damien, a Belgian priest who cared for people affected by Hansen’s Disease, also known as leprosy.Kalaupapa, a small settlement on the north shore of Molokai was where sufferers of Hansen’s Disease took refuge.Although there are no active cases of the disease on the island today, most of the residents of Kalaupapa are descendants of previously afflicted patients.
Although Molokai is one of the least developed islands in Hawaii, the people living there, mostly of Hawaiian ancestry, have worked to preserve the Hawaiian culture.The island is home to many Hawaiian fish ponds, many of which have been preserved and restored in recent years.Molokai has been a island well suited for tourism, ranking as the tenth most popular island destination because of its pristine, tropical landscapes, environmental stewardship, rich cultures, and friendly nature.Molokai has several small hotels and resorts and is home to Papohaku Beach, located on the western facing shore of the island, which is one of the largest and most spectacular beaches in Hawaii.