In an effort to get you the most up to date information when you need it I am sending you Prudential's quarterly report for Maui which recaps the sales and median price numbers for the First Quarter of 2009. Please keep in mind that market performance varies by area so make sure to ask me for any information regarding your specific market.
This month's Maui Real Estate Report recaps the first quarter of 2009 sales activity for Maui:
The first quarter of 2009 showed single-family home sales down to 114 sales from 228 sales compared to the same period last year. Condominium sales were down to 149 sales compared to 275 last year.
First Quarter 2009 median sale prices are down overall for the island of Maui with single-family prices down 10.6% and condominium prices down 20.3% compared to the first quarter of 2008 .
Percent change numbers may not reflect the actual values of a neighborhood due to a small number of sales in some areas. For example, the Wailea area had three sales in the past three months, however one of these sales was around $7 million dollars which affects the overall numbers.
There is no better time than NOW for First Time Homebuyers to take the plunge.
Resales Median Price
ALL MAUI Q1 2009 Q1 2008 % change Q1 2009 Q1 2008 % change
Single-Family 114 228 -50.0% $538,750 $602,783 -10.6%
Condominium 149 275 -45.8% $467,000 $586,000 -20.3%
Click here to view full report
Spotlight: Unique Opportunity for First-Time Homebuyers
The planets have aligned for a unique opportunity for first-time homebuyers that has never happened before in this market! With the current low interest rates softening sale prices, and the recent government $8,000 Homebuyer Tax Credit, now is an opportune time to buy.
The $8,000 First Time Homebuyer Tax Credit does not have to be repaid to the government and can help ease those mortgage payments and help you design and develop your new home. The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. This is money in your wallet with no requirements to repay! Stop paying rent and start paying for a place of your own!
Contact me immediately if you would like to find the perfect first home in the area you desire.
If you would like to read the full report, please click the link below to download the full Maui Real Estate Report.
Maui Real Estate 2008 Recap Report - Click Here to View
MAUI REAL ESTATE REPORT
FIRST QUARTER 2009 SALES ACTIVITY
REAL ESTATE SALES & RESEARCH
This report contains real estate activity for several general areas on Maui. Prudential Locations’ Research Department currently tracks sales activity for many Hawaii neighborhoods. For information about a specific neighborhood, please call a Prudential Locations agent.
KEY OBSERVATIONS
The first three months of 2009 showed fewer sales all around for the island of Maui. Single-family home sales were down with 114 sales compared to 228 sales during the same period last year. Condominium sales were also down to 149 sales compared to 275 sales last year. The first quarter 2009 median sale prices were down overall for Maui as well: single-family median prices were down 10.6% and condominiums down -20.3% compared to the first quarter of 2008. Keep in mind that percent change numbers may not reflect the actual values of a neighborhood due to a small number of sales in that area. For example, in Wailea three sales occurred however one of them was around the $7 million dollar mark which does affect the overall numbers for that area. As market performance varies neighborhood by neighborhood, contact your Prudential Locations agent for more information on your specific neighborhood or condominium.
MAUI CONDOMINIUMS
MAUI SINGLE-FAMILY
-20.3%
-10.6%
Change in median price
Q1 2009 vs. Q1 2008
Change in median price
Q1 2009 vs. Q1 2008
REAL ESTATE SALES & RESEARCH
Information Provided by Prudential Locations Real Estate Sales and Research. Information deemed reliable but not guaranteed. This information may not be reprinted ordistributed without permission from Prudential Locations. This report contains real estate activity for several general areas on Maui. Prudential Locations’ Research Department currently tracks sales activity for many Hawaii neighborhoods. For information about a specific neighborhood, please call a Prudential Locations agent. Current low interest rates, increased seller flexibility, as well as some softening in median prices have created a sense of urgency for first time homebuyers and those looking to move up to take advantage of these market conditions. Now add to the mix the recent government
$8,000 Home Buyer Tax Credit for first-time homebuyers, that can put money into buyers’ wallets with no need to repay in the future.
This tax credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
If you’re still unsure if this is the right time to purchase, consider that this is money in your hand to help you take that step into the future. And especially with the current historically low
interest rates and favorable prices, there may be no better time than now. If you would like to see how this can work to your benefit, and to discuss what areas would be great for your first home, contact your Prudential Locations agent for assistance.
SPOTLIGHT: UNIQUE OPPORTUNITY FOR FIRST-TIME HOMEBUYERS
YOUR 2009 FIRST HOME STIMULUS DEAL
Q & A
Q: How does the government define a “First Time Homebuyer”?
A: A first time homebuyer is someone who has not owned a property for residence during the three-year period prior to the purchase of the current home.
Q: Who’s eligible for the $8,000 Home Buyer Tax Credit?
A: Single taxpayers with incomes up to $75,000 are eligible and married couples with incomes up to $150,000 qualify for the full tax credit. The tax credit is equal to 10% of the home’s purchase price and up to a maximum of $8,000. Also, you must have bought a home for the first time between January 1, 2009 and December 1, 2009.
Q: How do I claim the tax credit?
A: The credit can be applied to 2009 tax returns, or can be applied to 2008 tax returns. Receiving this tax credit is as simple as completing your annual federal income tax return. Home buyers should complete IRS Form 5405 as well to determine their exact tax credit amount, and then claim this amount. No forms or preapprovals
are necessary!
Q: I bought a home in 2008, is there a way that I can qualify for this credit?
A: Unfortunately no, you may however qualify for another type of tax credit up to $7,500 that became available in 2008 -- this particular credit does need to be repaid.
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