West Maui housing market

By , June 19, 2010 3:12 am
Lahaina Harbor, Lahaina, Maui, Hawaii
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The West Maui housing market, a large component of the Maui County real estate market, has shown some signs of improvement for the last few tracking periods. According to Pacific Business News, “Sales of condominiums in Maui County doubled last month, while sales of single-family homes rose 35 percent. There were 104 condo units sold in May, including two on Molokai, which was 100 percent more than the 52 units that sold in May 2009, according to the Realtors Association of Maui.” The June 14, 2010 article went on to say that “There were 81 single-family houses sold on Maui alone last month, a 35 percent increased compared to the 60 homes that sold on Maui, Lanai and Molokai during the same month last year. Prices, however, didn’t follow suit. The median price for a single-family house was $442,000 in May, an 8 percent decline from $482,500 in May 2009.”

This increase in the number of West Maui homes for sale actually being purchased was predicted by the Lahaina News. A May 2010 article said, “The market is starting to turn, indicated by the increase in unit sales. While the Homebuyer Tax Credit program has ended, the resulting sales (closings) through May and June will show in the next two months’ statistics.” The report continued to state that “Anecdotal evidence from agents, lenders and escrow personnel indicate that a good portion of the transactions in process (not yet closed) are outside of the tax credit program, and that there is strong buyer-showing activity that should result in future sales. Condo median prices are showing some small upticks.”

Some examples of West Maui and Maui County real estate are being sold for drastically reduced prices. According to a May 27, 2010 article from the Wall Street Journal, “Some buyers are getting huge price cuts. In April, a home on the Hawaiian island of Maui sold for $19.9 million, down from the original asking price of $38 million. Nancy Callahan of Island Sotheby’s International Realty, the listing agent, declines to name the buyers but says they are from Wyoming.”

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