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Kauai & Maui Sales Mostly Down For 2008

Year-end sales statistics from the Kauai & Maui multiple list systems have been released completing the picture for all of 2008.  2008 was a year for buyrs who got some really good deals compared to years past.  Sellers are clearly hoping for an improved 2009.  I'll continue to monitor and report as 2009 statistics are released by the separate Kauai & Maui multiple list systems.

Data is presented in the tables below.  Median sales prices on the two islands were similar in 2008 except for vacant land which jumped substantially on Maui while slumping on Kauai.  The number of sales on Maui are substantially higher (except for vacant land) and exceeds what one would expect solely on the population ratio of 2.2 to 1.  Prices on the two islands continue to hold up fairly well (and in some cases are up) although the number of sales have taken a big hit.

Keep in mind that the data is as reported by agents and reflects what has sold, not the change in value of an individual property.  Data is deemed reliable but is not guaranteed and should not be relied on for buying or selling decisions.

Median Sales Price (Full Year 2008)

Type Kauai Maui
Single Family Homes $615,000 (down 5%) $577,867 (down 8%)
Condos $545,000 (down 4%) $549,500 (no change)
Land $480,000 (down 21%) $700,000 (up 24%)

 

Number of Sales (Full Year 2008) 

Type Kauai Maui
Single Family Homes 283 (down 31%) 907 (down 21%)
Condos 169 (down 43%) 788(down 34%)
Land 121 (down 37%) 97 (down 57%)

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Richard Dolbeare (RA)

 Engineering Hawaii Dreams Today--Helping Buyers Find Dream Homes & Sellers Find Buyers

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Richard T. Dolbeare, R(B), HI LIc. # RB-20941
145 N Kihei Road Suite A, Kihei, HI 96753
(808) 651-4550 | Aloha@eXp808.com
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Comment balloon 2 commentsRichard T. Dolbeare, R(B) • January 09 2009 01:52PM

Comments

Richard, I just got back Tuesday morning from Kauai and I am going through withdrawals. I was doing some research while there and some of the other agents tell different stories. Your data tends to show an overall decline, where others say prices and sales are holding steady. Am I reading the data wrong?

Posted by Paul S. Henderson, REALTOR®, CRS, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Northwest.) almost 11 years ago

Hi Paul.  Glad you enjoyed Kauai.

The data is not mine but rather is as reported by the Kauai MLS and a separate Maui MLS.  Since MLS sales data is populated by agents, there may be some errors but it's hard to imagine random errors would skew a years worth of data by much. 

Clearly the number of sales are way down and I don't know anyone who disputes that.  Interpreting median sales price data is more complex.  It's important to keep in mind that the median sales price data represents what has sold and is not necessarily representative of value changes for any particular property. 

Hope you come back soon, we need more visitors!

Aloha!

Posted by Richard T. Dolbeare, R(B), R(B), ABR, CRS...Hawaii Multi-Island Specialist (eXp Realty) almost 11 years ago

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