Maui Condo Sales at a 12 Month High
Residential sales on Maui rose slightly to 53, with 14 homes sold each in the Central Maui and Kihei areas. The median for a Maui home was up to $507,200, from $464,500 a month earlier. The February figures were released by the Realtors Association of Maui.
There were also six homes sold in Haiku, one each in Kaanapali, Lanai, Maui Meadows, Napili/Kanaha/Honokowai, and Spreckelsville/Paia/Kuau, two each in Kula/Ulupalakua/Kanaio, Lahaina, Pukalani and Wailea/Makena, and six each in Haiku and Makawao/Olinda/Haliimaile.
As for condos, sales were at a 12-month high with 94 units sold for a median of $429,000. The greatest number of condos were sold in Kihei were the median was $385,000.
There were also 25 condos sold in Kaanapali for a median of $915,000, up from 8 units sold in January. In Wailea/Makena, 14 units sold for a median of $1.2 million, up from 6 units sold the previous month at a median of $682,500. In the Napili/Kahana/Honokowai area, 13 units sold for a median of $305,000; 8 units sold in Lahaina for a median of $307,000; 3 units sold in Central Maui for a median of $45,000; and one unit sold each in Lanai and Maalaea.
In a nutshell, the Realtors Association of Maui says the market seems to be getting its footing, as the island grinds out of the bottom end of the market. The inventory includes many short sales and REO bank owned properties which will need to be absorbed as sales before the island can move ahead to a more normal marketplace, at which time prices will eventually start to rise. Interest rates remain at historic record lows, however qualifications are stiffer.
(Posted by Wendy Osher; Information courtesy: Realtors Association of Maui)