Maui Real Estate Market ends year with positive growth
“December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” said Lawrence Yun, National Association of Realtors chief economist, in a NAR press release.
“The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”
When comparing 2010 with 2009, Maui condominium sales volume showed an increase of 39 percent, while residential property sales improved by 17.5 percent and vacant land sales volume grew by 14 percent. However, median sales prices for condominiums declined by 16 percent, residential properties by 8 percent, and vacant land dropped by 19 percent.
West Maui sales volume also showed a positive move forward in 2010, with condominium sales up 43 percent over 2009, residential properties up 37 percent and vacant land growing by 4 percent. Again, this increase in volume has come at the expense of sales prices, as evidenced by the 11 percent decline in median sales price for condominiums, 4 percent for residential homes and 15 percent for vacant land in 2010.
In 2010, sales volume increased and median sales prices declined. With phenomenal interest rates and affordable homes, this certainly describes a buyer’s market. However, there is some good news for the potential seller — the gaps in median sales price are starting to close. We should see values increase as foreclosures clear the market in 2011 and as customer confidence increases.
Whalers Realty Inc. works to stay on top of market conditions and provide sellers and buyers with excellent service and information to make the selling/buying process as informative and easy as possible. With three offices in prime locations, including Whalers Village and the Fairway Shops, Whalers Realty offers a presence that is unsurpassed on the West Side. With their proven track record of exceptional customer service, honesty and integrity, Whalers Realty is the best choice for your next real estate transaction. Contact Whalers Realty at (808) 661-8777 or via e-mail at email@example.com‘>firstname.lastname@example.org.