Maui Condo Prices Stabilize

Home prices continued to decline last month in Maui County but condo sales seemed to be stabilizing.

Based on the last month's data from the Realtors Association of Maui (RAM), the median price of a condo was $350,000 in July this year. This is a 39 percent drop from last year's $575,000. The median price of homes was down 13 percent to $532,000 as opposed to last year's $575,000.

While sales of single-family homes on Maui tallied up at 57 in July versus 97 in the same month of 2008, condo sales actually rose in July of this year to 69 sales as opposed to the 63 sales in July of last year.

While July condo sales looked promising, and hopefully the trend will continue, year-to-date sales are still down at 391 while we had 573 sales for the same period in 2008.

As for median prices for this year-to-date, condos are at $482,500, down 16 percent from last year. Homes are at $517,732, down 13 percent from the same point last year. Year-to-date sales for condos are at 391, a 32 percent drop from 573 for the same period last year. Homes are at 343 sales, a 40 percent drop from 576 in the same period last year.

For now, we'll be watching those condo sales to determine whether the stabilization in sales for July will hold or grow in future months.

Maui Home Sales specializes in Maui oceanfront homes. Right now, homes for sale in Kaanapali include some excellent buys, and don't forget to use our online real estate search tool to find real estate meeting your specific criteria. As always, don't hesitate to contact me by email at robert@mauihomesales.com or call 808-662-0003. Mahalo for reading this week!