The Maui realtor's association just released the June and 2nd quarter (Apr - Jun) statistics for real estate sales.  The numbers bore out what I've been telling clients I believed was the situation.  If one annualizes the numbers for the first half of 2006 and compares them to 2005's averages, the results indicate that the average price for a single family home has increased 8%, to $1,001K .  The average condo increased 42%, to $782K and the average plot of land increased 14%, to $969K.  Graphing the monthly activity of all three categories shows that that all 3 categories are still maintaining upward trends.  Part of the substantial increase in the average condo price is due to the recording of closings for approximately 60 of the 99 Wailea Beach Villas units at an average price of just over $2.0 million.

While prices continued to go up, volumes has definitely come down.  First half 2006 trends indicate that volumes this year will probably be down about 25% from 2005 levels.  This seems to be across all 3 categories, with homes, condos and land each running about 75% of last years volume.  Days on the market (DOM) have trended in different directions for each of the 3 categories.  Homes have remained in a range between 105 and 130.  Condos have increased slightly from a low of about 80 in the 2nd quarter of 2004, back up to approximately 130 and land continued it's downward trend to around approximately 150 days.

So, overall, the market, while definitely moving slower than the past 3 years, is still trending upward.  Inventories of homes, condos and land have increased some from the last two years, but, remain in a healthy range.  The only area of Maui's real estate market that has seen prices of recent sales fall below 2005 prices, it would be the lower end, price-wise, of the condo market where sellers were probably more motivated to sell.

For a more in depth analysis of Wailea and Makena subdivisions and complexes, click on the following links:

For Homes:  http://www.bobstaples.com/NewSearch/mw_homes.htm

For Condos:  http://www.bobstaples.com/NewSearch/mw_condos.htm

For Land:  http://www.bobstaples.com/NewSearch/mw_land.htm

For Kihei and other Maui areas, e-mail me at bob@bobstaples.com.