MAUI REAL ESTATE REPORT
2008 SALES ACTIVITY
REAL ESTATE SALES & RESEARCH

This report contains real estate activity for several general areas on Maui.  Prudential Research Department currently tracks sales activity for many Hawaii neighborhoods.

KEY OBSERVATIONS
The Maui real estate market ended 2008 with the number of sales at 907 for single-family homes and 789 for condominiums, down about
20% and 33% respectively from the previous year.

Compared to 2007, Maui single-family home median prices decreased by about 8.3% to $577,867. Maui condominium prices remained
stable at $550,000, with no change from 2007, despite most of Maui’s condominium markets showing a drop. The resort area of
Wailea/Makena’s median price increase of over 65%, due to strong developer sales and resales of new luxury projects, increased the overall condominium median price numbers for Maui. With Wailea/Makena taken out of the calculation, Maui’s condominium market would show a median price drop of about 10%. Market performance will vary neighborhood by neighborhood, so pay attention to your specific market in 2009 with the tools and information available at www.LahainaMaui.com.
 

MAUI CONDOMINIUMS

0%

Change in median price
2008 vs. 2007
 

MAUI SINGLE-FAMILY

-8.3%

Change in median price
2008 vs. 2007
 

SPOTLIGHT: MORTGAGE RATES FALL BELOW 5%

Interest rates have recently dropped below five percent and consumers are reaping the benefits by locking in to lower rates.
Remember that interest rates directly affect consumer buying power: high interest rates equate to less purchasing power for the home
that you want. Lower interest rates can allow buyers to upgrade to a higher priced home and a better neighborhood, or to have lower
monthly payments.
Taking action now is important as rates will eventually rise and waiting for even lower rates can be detrimental to your future purchase: no one knows when very low rates occur until afterthey’ve come and gone!