Maui Housing Market Update


The total number of sales in Maui County is up nearly 72 percent compared to sales in May of 2009—certainly an encouraging sign.

RealtyTrac’s figures show that Hawai‘i’s real estate market has held stronger than the rest of the nation, as the ratio of foreclosures was significantly lower than other states, and Hawai‘i’s rate was fifth lowest among 41 states and the District of Columbia (figures for nine states were not included in the report).

The Maui Housing market noticable turned by the first quarter of 2010. Since then, the market overall has experienced a consistent increase in residential sales activity at all different price points.

The Realtors Association of Maui (RAM) May 2010 report stated, “The market is starting to turn, indicated by the recent increase in unit sales… while the homebuyer tax credit program has ended [and] the resulting sales (closings) through May and June still show in this month’s statistics.”

Residential sales in the first five months of the year “held strong,” with 81 homes sold and 104 condo units sold. May’s median sale prices were $442,000 for homes, $412,500 for condos and $547,500 for vacant lots of land, according to the report. Best of all, and perhaps most appealing to potential homebuyers, the report said, “Interest rates are remaining near historic record lows, which may help motivate would-be buyers to go ahead and buy.”

The last turnaround of the Hawai‘i real estate market in 1997 was marked by wealthy investors re-entering the market. In the exclusive south Maui area of Wailea/Makena, the ultra-luxury market has seen four sales and a pending oceanfront lot between $10 and $19.850 million in the past few months… wealthy investors are confident the market conditions are now advantageous.


LINKS TO SOLD LUXURY PROPERTIES WAILEA/MAKENA
Condos

Homes

Visit www.LuxuryGreenRealEstateMaui.com to see ALL Wailea/Makena Property for Sale

Contact Coldwell Banker Realtor (S), EcoBroker, Meghan Clair for an update on avilable properties, and the best deals on Maui! (808) 874-8668

Excerpts from this post are from the 7/8/10 Maui Weekly Article by Sarah Ruppenthal.
LINK TO ARTICLE IN FULL

Meghan Clair
Realtor (S), EcoBroker
Coldwell Banker Island Properties
MauiGreenRealEstate@Gmail.com
(808) 463-8485 cell
(808) 874-8668 office