Homes Sales Up on Maui for 2nd Quarter 2008

Although Maui real estate is still experiencing a cooling trend compared to last year, home sales were up 8% the second quarter (4/1-6/30/08) based on sales statistics from REALTORS Association of Maui. When comparing trends during January 1st through June 30^th of 2008 from a year ago, the number of single-family home sales is down 27% and the median price decreased 9% on Maui to $593,000. However, a lot happens in a year in today's market, so I like to look at trends on a quarterly basis or even a monthly basis.

In the month of June alone, the median price of a home increased to $616,000, up 9% from May 2008, although only 74 homes were sold compared to 95 in May, which reflects a 28% decrease.

In South Maui, comparing first half of this year to the same time last year, Kihei shows a decrease in home sales of 29% and the median price decreased 15% to $656,650. In Maui Meadows, 2 more homes were sold this year reflecting a 29% increase, but a 16% drop in median sales price to $1.05M. Wailea/Makena shows a 36% decrease in home sales, but a 2% increase in median sales price to $2,147,500. Comparing South Maui 2008 home sales from the 2^nd quarter (4/1-6/30/08) to the 1^st quarter (1/1-3/31/08), Kihei shows a 16% increase (42 more homes sold), Maui Meadows a 20% decrease (1 fewer homes sold) and a 266% increase in Wailea/Makena area (10 more homes sold).

Days on Market (DOM) for residential homes in June was 158 days. (Note that DOM is calculated from listing date to closing date, not contract date, and includes approximately 60 days of escrow time). Also, we are seeing more foreclosures and short-sales happening on the marketplace.

The current market provides lots of options for buyers in terms of inventory and property features. It is important for buyers to be pre-approved for a loan before shopping around. Pre-approval not only determines an affordable price range, but makes your offer to a seller very attractive.

For sellers, it is important that your home is marketed competitively to ensure a successful sale. This includes setting the right price, staging the interior and exterior of your home, having a good marketing plan, and being flexible with terms of the purchase contract.

If you are needing to buy or sell a home on Maui, please contact me for more information on how I can help you at Lisa@DreamMauiHomes.com or call me at 808-214-8633. I look forward to working with you!