The Maui real estate market, which contains a number of individual communities and towns, is itself a subset of the larger Hawaii housing market. The Maui housing market has shown an increase in the number of sales, but not in median prices. According to an October12, 2010 article in the Honolulu Star Advertiser, “Home sales on Maui continued to show volume gains in September over the same month last year, but a rebound has yet to be established for median prices. The number of Maui home sales rose significantly last month, but median prices were close to flat, according to a Realtors Association of Maui report counting completed sales of both new and previously owned homes. Sales of single-family homes rose 17 percent to 63 last month from 54 a year ago. But the median price remained unchanged at $440,000. For the first nine months of the year, the number of single-family home sales is up 33 percent to 616, while the median price is down 8 percent to $461,750. In Maui’s condominium market the number of sales last month rose 52 percent to 96 from 63 a year earlier. The median price, however, moved only slightly in the same period, rising 3 percent to $315,635 from $307,500. For the first nine months of the year, the number of condo sales is up 49 percent to 913, while the median price is down 21 percent to $394,000.”
According to an October 12, 2010 report from the Maui News, the overall trend for Maui homes for sale is upwards. The piece by Harry Eagar noted that “Real estate sales and prices are moving back up on Maui. Closings of single-family homes through the first three quarters of this year, as reported by the Multiple Listings Service of the Realtors Association of Maui, were up to 616 in Maui County, compared with 462 from January to September 2009. Average prices were up 10 percent to $779,769. Yet cheaper properties can be found. Jeffery Griffin of Kama’aina Properties, who said he hasn’t missed a Maui foreclosure auction in two years, wrote on his blog two weeks ago about an auction of a unit at the Harbor Lights Condominium where the default amount was $4,373 and there were no bids.”
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