The Department of Business, Economic Development and Tourism has released theMaui tourism numbers for November. Here are the highlights. These numbers are actually a bit of a year over year improvement compared to the July-October period, but it is still not good.
Another dismal housing report. The Census Bureau reported October new home sales to be as follows:
Sales of new one-family houses in October 2008 were at a seasonally adjusted annual rate of 433,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 5.3 percent (±15.0%)* below the revised September of 457,000 and is 40.1 percent (±9.9%) below the October 2007 estimate of 723,000. The median sales price of new houses sold in October 2008 was $218,000; the average sales price was $272,300. The seasonally adjusted estimate of new houses for sale at the end of October was 381,000. This represents a supply of 11.1 months at the current sales rate.
There is no way to feel good about this report.
We are pleased to announce that Kamaole Sands unit 4-408 has gone into escrow. This remodeled two bedroom unit features an ocean view and a large lanai. More evidence that even in the difficult Maui real estate market, the Leading Edge Marketing System works! Contact Us for More Information on the Leading Edge Marketing System.
View From Lanai
Kai Malu unit 38-B, currently rented and in excellent condition has reduced its asking price to $1,185,888. This three bedroom unit is new, offers three bedrooms and access to Kai Malu's wonderful amenities. 24-B, with downstairs mast and a wonderful ocean view has been reduced to $1.285,888. Both of these units nor represent great values.
Activity on Maui continues to be very slow. The Maui real estate market is a function of tourism and tourism remains down dramatically from a year ago. List price reductions are no coming daily and it remains a buyers market. We are now seeing a little more foreclosure activity but it is still not driving values in this market. For details, contact us!
Maui Real Estate - The Edge. It's state-of-the-art technology and analysis at your fingertips. It's decades of experience helping the most sophisticated real estate clientele maximize their investment
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