Maui Real Estate 2007 Statistics

Unlike many places on the mainland, the Maui real estate market is not crashing. Primarily due to being a unique tropical island destination. ISLAND WIDE, average condominium prices rose 4 percent to $817,000, while average single-family home prices fell 1 percent to $921,000. The number of condo sales was down 5 percent to 1,179, but the number of single family-homes sales was up 5 percent to 1,138. With less than 140,000 residents, the total amount of money moving through the Maui real estate market grew a little, from $1,986,000,000 to $2,010,000,000. Obviously, most of this money is coming from mainland buyers seeking second homes and an improved quality of life. Historically, property has always taken longer to sell on Maui. The market has shown some sign of softening in regard to the days on market are typically 6 months as of December 2007. This is about 40 days more than the average in the middle of 2006. It is important for sellers to understand market conditions. Those new and remodeled properties with ocean views in the typical resort style developments will fair much better than those properties without these features. Buyers are more discerning in what they want with ample inventory thereby a buyers real estate market accompanied by lowering interest rates.