South Maui Condo Sales Gaining Steam

Photo credit: SnapShotStar

South Maui Condos sales have been gathering steam this year. So far in 2011 we’ve seen 104 condos listed for $250,000 or less change hands. The number of South Maui condos priced for $250k or less that sold in 2010 was 195. In total, by year end we anticipate seeing this number jump to somewhere around 250. This would be close to a 30% increase of units sold in this segment of the market. What’s the significance of this increased activity?

Well first let’s take a look at the change in median price. In all of 2010 for this segment of the market, the median sales price was $170k. So far in 2011, the median price for this segment is $150k. So the median price has decreased by 12%.

This has been a very active segment of the Maui Real Estate market. The inventory levels at condos such as Kihei Villages and Southpointe lately have been absorbed into the market at a very fast pace. In total there are currently 5 units currently showing active between both complexes. Just six months ago, that number was somewhere between 3 to 4 times that.

We’ll continue to keep an eye on South Maui condo sales as they are a great indicator of future trends in the broader Maui Real Estate market.