Maui Sells More Homes at Lower Prices in 2010

By Sonia Isotov

The Maui Board of Realtors has released year ending 2010 sales data showing residential unit sales rose 17%, while the average sales price decreased 8%.

The median price for single-family homes in Maui County fell 8 percent last year to $460,000 from $498,106 in 2009.

In contrast, the Maui County average home sales price in 2010 rose 5% to $747, 891 from $713, and 946 in 2009. Total home sales value for Maui County in 2010 rose 23% to $609 million from $495 million in 2009.

In releasing the new data, Chief Staff Executive Terry Tolman, Maui Board of Realtors, stated that the following developments during 2010 should be noted:

• The Homebuyer Tax Credit program ended in the fall; slowing real estate sales for a few months;
• Anecdotal evidence from real estate agents, lenders and escrow personnel indicate that strong buyer-showing activity is now showing in actual reported sales;
• Residential and condo inventories have declined somewhat and include many short sales and REO (bank owned) properties which will need to be absorbed as sales before we can move ahead to a more normal marketplace.
• Interest rates are remaining near historic record lows which may help motivate would-be buyers to go ahead and buy if they can qualify.

Maui County condo unit sales also saw a considerably increase of 39%. Average condo sales price decreased 10%; median condo sales price decrease 16%, and total dollar value of condo sales rose 25%.

Total unit sales for 2010 were: residential, 812; condo, 1,148; and land,127.Total unit sales for 2009 were: residential, 693; condo, 824, and land, 109.