Maui homes sales find moderate improvement

Still well below normal

The 62 homes sold in June are the most sold in any month this year. Is that good news indicating that sales activity is picking up.? It's actually a bit depressing. You see, there were only 2 months in 2008 that posted fewer than 62 sales. And we all know how bad '08 was.

The median price remained just below $500,000. So most of the homes selling on Maui cost less than most of the condos that sold last month.

With that being the reality, of the 1,015 single family homes for sale on Maui, only 260 are priced at $500,000 or less. 43% of those are distressed. While there are homes in that price range in about every community on Maui, most are in Kihei and the Central District - Kahului/Wailuku.

Area Trends

Roughly one third of June's sales were in the Central District. Kihei had 14 sales and Upcountry had 13. Maui's west side had only 5 sales.

In a bit of a reversal, the median price for homes in the Central District was above the Maui median. Upcountry homes and Kihei homes were both below median.

In Kihei the median selling price was down by 23% so far this year. That looks pretty good compared to Upcountry losses. So far, the median price in Kula is off by 56%.

Distressed Properties

Of the homes sold, 12 were bank owned and 3 were listed as short sales. Distressed properties accounted for 24% of total home sales in June. They were surprisingly evenly distributed: 4 in the Central District, 4 in Kihei and 3 Upcountry.

We are also seeing some limited short sale activity in some of the upper end neighborhoods like Kapalua and Kaanapali. There are even a couple of distressed oceanfront homes on the market.

Highs and Lows

The lowest priced home to sell on Maui in June was a 3 bedroom, 1 bath home in Kihei. It was a bank owned property REO, originally listed for $265,000, but it sold for more at $272,000.

And there is still money out there to buy nice things as someone in Wailea discovered. And sometimes you can even get bargains at the high end. The 5 bedroom, 5 baths, 5,685 square foot ocean front home was listed for $18,500,000, but it sold for a paltry $11,250,000. I have access to another home like this if you have the money and the interest ;>)

Potts Picks

This month we've picked 2 homes that offer great value.

If you are still thinking about $11 million 5 bedroom homes, how about a deal on the Kaanapali Hillside. 30 Kui Place features 5 bedrooms, 3.5 baths and 3,526 square feet of living space. It has ocean views and has been partially renovated. It was originally listed for $1,787,000. It has been reduced to $1,000,000. MLS 332444.

But if you need to be beachfront, there are bargains to be had. This house is on Lahaina's famous Baby Beach. It is a 4 bedroom, 4.5 bath, 2,380 square foot like-new home. It was originally listed for just under $10 million. The price has been reduced to $6,450,000. If you can't quite afford this one, send it to friends with money or hui up with some pals and buy it yourself. It is MLS number 324103.

For more information send an email with your request to lee@alohapotts.com, or see all of the listings on Maui at www.alohapotts.com .