The Maui real estate market ended 2008 with the number of sales at 907 for single-family homes and 789 for condominiums, down about 20% and 33% respectively from the previous year.
Compared to 2007, Maui single-family home median prices decreased by about 8.3% to $577,867. Maui condominium prices remained stable at $550,000, with no change from 2007, despite most of Maui’s condominium markets showing a drop. The resort area of Wailea/Makena’s median price increase of over 65%, due to strong developer sales and resales of new luxury projects, increased the overall condominium median price numbers for Maui. With Wailea/Makena taken out of the calculation, Maui’s condominium market would show a median price drop of about 10%.
You can download the report from Prudential Locations which also includes price changes by individual Maui neighborhoods: Maui Real Estate Report 2007 vs 2008
maui real estate prices single family homes 2007 vs 2008
maui real estate prices condos 2007 vs 2008
January 27th, 2009 at 11:53 pm
Unfortunately, Maui’s economy is driven by on engine…tourism. As it has slowed, so have real estate sales.
Aloha,
Keahi