February sales statistics are now available for both Maui and Kauai. I have fewer reservations in presenting the figures than I did at the end of January when sample sizes were so small that I questioned how meaningful they were. It would appear that the Maui market is holding up better than Kauai in terms of what price range is selling but the decline in the number of sales are similar.
It is my sense that there has been a shift away from mainland buyers who typically buy the higher-priced properties to Hawaii residents buying less expensive properties for their personal residence. This may be a more valid observation on Kauai than on Maui.
Here is the YTD data through February 2009 compared to the same period in 2008. I previously posted Kauai statistics HERE before Maui statistics were availalbe. That post contains February-only data in addition to year-to-date values herein.
YTD Median Sales Price (Jan-Feb 2009)
|Single Family Homes||$408,569 (down 38%)||$570,000 (down 3%)|
|Condos||$290,000 (down 49%)||$570,297 (down 4%)|
|Land||$209,000 (down 76%)||$225,000 (down 81%)|
YTD Number of Sales (Jan-Feb 2009)
|Single Family Homes||21 (down 56%)||60 (down 55%)|
|Condos||17 (down 53%)||98(down 47%)|
|Land||7 (down 68%)||9 (down 71%)|
As always, I advise keeping 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. My opinions are my own and there are likely to be different opinions and interpretations of the data.
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