Maui Condo Sales Down 16% Second Quarter 2008

The condo market on Maui is still seeing a cooling trend. Statistics released from The REALTORS Association of Maui show that condo sales in the second quarter ending June 30^th of 2008 are down 16%. If we look at results for the first half of the year in 2008 compared to the same time last year, sales are down 18%, but the median sales price increased 10% to $575,000.

Wailea/Makena experienced the largest increase in median sales price of 72% to $2.06M. Kihei, boasting the island's largest supply of condos, shows the second largest increase of 15% to $427,000. On the west side of the island, the median sales price was down in the resort areas. Kapalua experienced a decrease of 20% to $935,000, Ka'anapali showed a decrease of 10% to $1.05M, and Lahaina faired a little better with just a 4% decrease to $505,000.

Looking at June 2008 alone, condo sales on the island decreased 113% from June 2007, but the median sales price was up 22% to $580,000.

Compared to home prices, condos appear to be holding their value better. Owning a condo provides some advantages over owning a home. Many people choose condo living for its low maintenance appeal, especially for those who live here part of the year. In vacation-zoned complexes, owners can earn income by renting out their unit to vacationers while off-island. In addition, the affordability of condos provides those the opportunity to become first-time home buyers or investors.

If you are looking 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!