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May 2009 Sales Results for Kauai & Maui

May sales statistics are now available for both Maui and Kauai. Both markets have seen sharp declines in both median sales price and number of sales for the current year compared to the same period in 2008. As always, I caution that median sales price is heavily influenced by what price category is selling and does not necessarily represent changes in values of an individual property.

Here are the year-to-date sales statistics through May 2009 compared to the same period in 2008. Clearly both markets continue to see much lower number of sales than last year and lower prices as well (Maui Vacant Land an anomaly). There remains a large amount of inventory to be cleared out before price pressures ease. An upturn in number of sales is key to that and there are hints that this may be happening.

This Month's Update

Year-to-Date Median Sales Price (Jan-May 2009)

Type Kauai % Change   Maui % Change
Single Family Homes $524,500 -20%   $515,000 -12%
Condominiums $297,500 -50%   $412,000 -28%
Vacant Land $247,500 -63%   $800,000 +13%

Year-to-Date Number of Sales (Jan-May 2009)

Type Kauai % Change   Maui % Change
Single Family Homes 82 -32%   221 -45%
Condominiums 54 -40%   229 -50%
Vacant Land 30 -40%   41 -29%


[
Data extracted from Kauai and Maui multiple list reports.  Data is deemed reliable but is not guaranteed and should not be relied on for buying or selling decisions. There are likely to be differing opinions and interpretations of the data.]

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Richard T. Dolbeare, R(B)

Keller Williams Realty(808) 651-4550

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Comment balloon 0 commentsRichard T. Dolbeare • June 09 2009 02:31AM

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