2009 will go down in history as a year to remember. For most of the country it will be remembered as a year that experienced 140 banks closing its doors, a year where several name brand stores went out of business, and a year that saw millions of Americans loose their jobs. Americans are known for their perseverance and towards the end of 2009 we started to work our way out of the recession. The hope of a new Presidents and programs like the cash for clunkers and the first time home buyer incentives started our climb out of the black hole.
Maui's real estate market took a hit just like other parts of the country. The star in our corner was the fact that this is still Maui and it is still one of the most desirable resort destinations world wide. Maui's real estate market was propped up buy our friends to the north, the Canucks. Last winter, the Looney was on par or above par due to the fact that it is tied closely to the price per barrel of oil (which reached a high of $148 per barrel). Currently, the price per barrel is above $78 dollars so the Looney is hovering around the $0.95 mark. That translates to it being a fantastic time to take advantage of the drop in Maui real estate prices, low interest rates and reduction in inventory. As far as South Maui real estate is concerned, the statistics are as follows:
- Total amount of homes, condos and vacant land sold in 2009 in South Maui: $410,647,023
- Total amount of homes sold in South Maui: 166 homes for a total of $143,545,068
- 18 homes sold in Wailea/Makena: Average Price $2,511,666 Median Price $1,525,000
- 12 homes sold in Maui Meadows: Average Price $791,666 Median Price $687,500
- 35 homes sold in South Kihei: Average Price $1,057,041 Median Price $750,000
- 101 homes sold in North & Central Kihei
- Total amount of condos sold in South Maui: 358 condos for a total of $210,679,465
- 79 of the 358 condos sold in South Maui were ocean front condominiums
- 165 of the condos sold in South Maui were residential condominiums (six months or longer rental terms)
- 193 of the condos sold in South Maui were vacation rentable condominiums (rental terms of less than six months)
- 53 of the 193 South Maui vacation rentable condos were sold in Wailea & Makena
- 71 of the 193 South Maui vacation rentable condos were sold in South Kihei
- 69 of the 193 South Maui vacation rentable condos were sold in North & Central Kihei, Maalaea
- Total amount of vacant land parcels that sold in South Maui: 22 lots for a total of $56,422,490
- 18 lots in Wailea & Makena
- 4 lots in Kihei
Why not start off 2010 the right way? If you are considering purchasing Maui real estate this is a fantastic time to act on that impulse. Do it now before interest rates go up, before inventory shrinks, or as much as I'd hate to say it before the American dollar gains in value.
This post was published by Ken K.K. Wong REALTOR (S) an agent with Coldwell Banker Island Properties on January 1, 2010 at 7:40 pm.
