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Please let us know if there is something specific you'd like us to keep you apprised of! Mahalo.
- Tom & Sean Wailea Ekolu Real Estate's Leading Edge
The distress in the jumbo mortgage world has clearly had a negative impact on Maui real estate. In Wailea in the first six months only 1/3 of all sales were financed with conventional mortgages. That is only half that of 2008. But help may be on the way.
As the attached chart shows, national for sale inventory has stabilized over the past several months. This is good news for property owners and may be signalling a bottom to prospective buyers. How does this affect Maui real estate? Directly not much. But changing mainland mindsets is the first step to increasing demand on Maui.
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And that includes Maui. We would expect that sales activity increases are necessary to see price stabalization. So this is good news for Maui real estate.
In today's Wall Street Journal the following
From the Wall Street Journal's Bret Arends
The national February sales figures show that
Condominium sales in the Wailea-Makena area fell 65% in the first quarter from the same period a year ago. Median sale price actually increased 46% as buyers focused on larger units. Per square foot values increased 6.4%.. Single family home sales declined 50%, median sale price increased 26% but per square foot values, the better measure, declined 13%.
Condominium sales across Maui fell 49% in the first quarter of 2009 compared to the same period a year ago. Median sale price declined 27% and the average per square foot value was 29% lower. Single family homes saw similar trends with unit sales falling 34%, median sale price falling 22% and average value per square foot down 27%.
We are finally seeing some reasonable economic data:
2008 Wailea Ekolu Real Estate Report Now Available!
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