First Quarter 2008 Maui Real Estate Statistics

For the quarter ending 3/31/2008, the median price of a single-family residential home on Maui was $602,783, according to the REALTORS Association of Maui, which was down 4% from the same quarter last year. Sales were also down too, by 33%.

In South Maui, the median price of a home in Kihei was $567,500, down 27% from $775,000 compared to last year, and down 11% from last quarter's price of $640,000. Sales were down 29%. In Wailea/Makena, the median price of a home decreased 11% to $2.1M (although up 22% from last quarter). Sales of homes dropped 54% (only 6 homes sold compared to 13 compared to last year). In Maui Meadows, the median sales price was $1,050,000, down 13% from last year and 5 homes sold this year, which was a 25% increase from the same quarter last year.

Condo sales, on the other hand, fared much better than residential sales on Maui. The median price jumped 6% to $587,000 compared to the same quarter last year and sales stayed flat with only a 1% decrease. Kihei showed the largest increase in sales which increased 37% and the median price jumped 23% to $445,000. In Wailea/Makena, sales were up 8% and the median price increased 56% to $1,877,000.

When comparing median prices to last quarter ending December 2007, Kihei saw a 17% decrease from $538,000 and Wailea/Makena experienced a 1.5% increase.

Overall Maui is still seeing a cooling of the market, which is attributable to the declining Mainland markets. In March, inventory of homes have stayed flat after increasing from last spring and summer. Inventory of condos, on the other hand, has increased. Now is a great time for buyers to take advantage of the low interest rates and lower prices to find some great properties on Maui.