|Month||Up to $500k||$500k to $1M||Over $1M|
|Sep 2007||46 (26%)||92 (53%)||36 (21%)|
|Sep 2008||60 (50%)||35 (29%)||24 (20%)|
I haven’t plotted it out but suspect that we would see some expected downward shift in prices. But most of this “adjustment” just defines who MUST sell now. The sellers in the middle of the market are just sitting and waiting; they are just glad that they can still make their mortgage payment.
I’m often asked — how long will this last? I don’t have a crystal ball. With the recent bailout news I know that we won’t go back to the 2003-2005 upward trends for a long, long time. But Maui is very appealing to many people both as a great place to live or as a vacation destination. I do believe in 2-5 years bargain-hunters from Korea and China may flood our markets and cause prices to go up. My prediction is that we’ll see bottom of prices and volumes this December. But it will be a slow road up. Seasonally, our peak sales months are between March to May. I think we’ll see volumes about the same as last year but lower prices. Buyers will have good inventory to select from for the next few years.
Snapshots of the Month
Overall, the condo market is very slow right now. September is usually a very slow month but we are 47% down in condo units sold from last year. While Kihei prices look great, 6 of the 10 sales were new homes at the Ellair Golf course which are all priced over $1M. The other homes were priced much lower but didn’t change the median! Low volume really messes stats up but I can promise that $1M median’s in Kihei is not a trend that will last! The median price of ACTIVE Kihei residential units is just $699,000.
|All Maui||Snapshot||Full Trend Report|
|— South Maui||Snapshot||Full Trend Report|
|—- Kihei||Snapshot||Full Trend Report|
|—- Wailea||Snapshot||Full Trend Report|
|— West Maui||Snapshot||Full Trend Report|
|— Central Maui||Snapshot||Full Trend Report|
|— Upcountry||Snapshot||Full Trend Report|
|— North Shore Maui||Snapshot||Full Trend Report|
- Short sales (View Short Sales) End of August: 152 End of September: 174 (+14%)
- Bank-owned (View REOs) End of August: 22 End of September: 27 (+22%)
- Foreclosures — The trend continues upward at a steady pace. Many are actually getting postponed at auction.
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