The hot Maui real estate market is finally starting to cool. The latest quarterly report of Maui Real Estate sales for the third quarter of 2008 shows that single family home values are finally dropping here, like elsewhere in the US. Condominium sales activity and prices are also down. Here are some of the highlights:
- The third quarter of 2008 saw fewer real estate transactions compared to the third quarter of last year, with 6.2% less single-family homes and 44.6% fewer condominiums sold.
- Single-family home prices experienced a drop of 4.0% to $600,000 compared to last year.
- Condominium median prices dropped 5.8% to $525,000.
- There are a few exceptional areas. Median price increases occurred for single-family homes in the Wailea/Makena area, Hana, Lahaina and the Kula/Ulupalakua/Kanaio areas.
- Condominium median prices continue to increase in the Wailea/Makena area due to new development closings from 2006.
Get the full Maui Qaurtler Real Estate report. Note, you’ll need Adobe Acrobat Reader.