Oct 222010
 

The Maui 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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 Posted by at 4:15 am
Oct 222010
 
The Balboa Pier as seen from land. Newport Bea...
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The Newport Coast real estate market, found in the larger Newport Beach and Orange County housing markets, continued to remain one of the most expensive regions of the country despite the withdrawal of some sellers from the market. According to a September 22, 2010 report from the Orange County Business Journal, “Newport Beach is the nation’s most expensive housing market, according to a report by Coldwell Banker Real Estate LLC. A four-bedroom, two-bathroom home in Newport Beach averages $1.8 million, according to the Parsippany, N.J.-based real estate agency. Newport Beach edged out several other pricey California cities on the list, including No. 2 Palo Alto at $1.5 million, No. 4 San Francisco at $1.3 million and No. 5 La Jolla at $1.2 million. The study looked at 18,000 four-bedroom, two-bathroom homes listed on ColdwellBanker.com from February and August in nearly 300 markets. The average listing price of the homes studied was $353,000. An average Newport Beach home was $1.7 million more expensive than the cheapest city on the list, Detroit at an average of $68,000. The most affordable California city was Lancaster at $141,116.”

Fewer Newport Coast homes for sale were kept on the market in the most recent tracking period, according to an October 17, 2010 report from the Orange County Register. According to the article by Jonathan Lansner, “The latest Orange County home inventory report from Steve Thomas Altera Real Estate shows Orange County homeowners continuing to pull their homes off the market. In the two weeks ended Oct. 14, the listing inventory dropped by 3%, after a 1% drop in the previous two weeks. The inventory drop seems not tied to lenders pulling distressed properties off the market as foreclosure moratoriums grow. Active distressed inventory dropped by only 9 homes over the past two weeks to 4,030. All told, inventory of residences for sale totals totals 11,493 homes — still 3,570 more than a year ago. “This is the time of the year when fewer homes are placed on the market and unsuccessful sellers throw in the towel and pull their homes off the market,” Thomas says.”

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 Posted by at 4:12 am