Real estate sales were expected to slow down significantly after the tax credits expired, but Maui real estate sales remained strong throughout May. And it seems that June was much the same.
The real estate reports for Maui are particularly newsworthy. Seventy seven homes sold in June, which was 24 percent more than the 62 that sold in 2009. More impressively, condo sales more than doubled with 105 sales in June this year versus 45 in the same month last year.
This consistent momentum may have something to do with the fact that prices are not increasing, and with all the distressed inventory on the market at these tantalizingly low prices, who could resist an affordable Maui home or condo? Apparently, the lure is quite strong.
While the median single-family home price was almost exactly the same this for June year-over-year at around $499,000, median condo prices actually fell by 17.3 percent from $520,000 to $430,000 year over year.
Kauai and the Big Island also saw progress in the real estate market in June, so Maui’s success isn’t isolated. Current market conditions beg the question, will there ever be a better time to buy Hawaii real estate? It seems a great number of people feel that the answer to that question is no.
Between the recent resurgence in both Maui’s real estate market and tourism industry, those striving to make a living on the island should begin to see some slack on their economic strain if they haven’t already.
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