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Maui home sales and prices fall

By Nina Wu

POSTED: 01:30 a.m. HST, Oct 09, 2008

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Maui home sales dropped across the board even as the median sales price declined for single-family homes, condos and land in September.

Maui real estate

Median sales prices for single-family homes and condos in September:

Homes
Sept. 2008: $535,000
Sept. 2007: $586,000
Change: -8.7%
Condos
Sept. 2008: $388,500
Sept. 2007: $599,000
Change: -35.1%
Source: Realtors Association of Maui
Sales of single-family homes fell to 65 in September, nine less than the same month a year ago, according to the Realtors Association of Maui, even though the median price dropped to $535,000 last month, $51,000 less than in September 2007.

Maui's slumping home prices follow similar sales on Oahu, where prices fell to the lowest point in more than 3 years, as well as on the Big Island and Kauai, where fewer homes sold despite a 20 percent drop in prices.

Most home sales last month were concentrated in the more affordable region of central Maui, where the September median was recorded at $460,038. Forty two homes were sold there.

On the condo front, sales dropped 42.8 percent to 48 last month, the lowest level in five years, despite a median price decline to $388,500.

That price is the lowest for Maui's condo market since 2005, given that the median Maui condo price never dipped below $400,000 in 2006 and 2007.

Last September, the median condo price on Maui was $599,000, and in August, it was $625,000.

Land sales on Maui were also sparse, with only six parcels changing hands last month, 14 less than the same time a year ago.

"Considering the financial news of the last 30 days, the pending election and everything else, it seems we're all in a state of shock similar to the early days following 9/11," said Terry Tolman, RAM's chief staff executive.

However, he said it is a great time to buy and hold on to a home, given that active inventory has grown considerably in the last 12 months.

Average days on the market for homes in September were 176 for homes and 172 for condos.

Maui home sales dropped across the board even as the median sales price declined for single-family homes, condos and land in September.


Maui real estate

Median sales prices for single-family homes and condos in September:

Homes
Sept. 2008: $535,000
Sept. 2007: $586,000
Change: -8.7%
Condos
Sept. 2008: $388,500
Sept. 2007: $599,000
Change: -35.1%
Source: Realtors Association of Maui
Sales of single-family homes fell to 65 in September, nine less than the same month a year ago, according to the Realtors Association of Maui, even though the median price dropped to $535,000 last month, $51,000 less than in September 2007.

Maui's slumping home prices follow similar sales on Oahu, where prices fell to the lowest point in more than 3 years, as well as on the Big Island and Kauai, where fewer homes sold despite a 20 percent drop in prices.

Most home sales last month were concentrated in the more affordable region of central Maui, where the September median was recorded at $460,038. Forty two homes were sold there.

On the condo front, sales dropped 42.8 percent to 48 last month, the lowest level in five years, despite a median price decline to $388,500.

That price is the lowest for Maui's condo market since 2005, given that the median Maui condo price never dipped below $400,000 in 2006 and 2007.

Last September, the median condo price on Maui was $599,000, and in August, it was $625,000.

Land sales on Maui were also sparse, with only six parcels changing hands last month, 14 less than the same time a year ago.

"Considering the financial news of the last 30 days, the pending election and everything else, it seems we're all in a state of shock similar to the early days following 9/11," said Terry Tolman, RAM's chief staff executive.

However, he said it is a great time to buy and hold on to a home, given that active inventory has grown considerably in the last 12 months.

Average days on the market for homes in September were 176 for homes and 172 for condos.

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