Volume is up, prices are down according to an article recently published in Pacific Business News entitled “Hawai’i Resort Real Estate Sales Rise as Average Price Falls 18%.” Read it HERE .
On Maui, we have seen this to be accurate as reflected in what the market is doing. Currently we are seeing lots of activity and interest in South Maui real estate. With the current strength of the Canadian dollar many of our neighbors to the north are taking the opportunity to get in now while the prices are well below their peak a few years ago. Investors also seem to be very much still in the game. A sizeable number of REO and Short Sale condos priced at the lowest end of the market appear to go under contract very quickly and report being sold for cash. Tourism numbers continue to rise, making income properties more desireable.
With foreclosures accounting for nearly 1/4 of the market, it’s no surprise that we are seeing price averages continue to fall. Along with the somewhat diminshed prices, we are seeing sales activity pick up. With all the current activity and interest rates remaining so low, now is a great time to get in the game yourself. And Maui’s many undeniable charms continually make us a top spot worldwide for owning property.
Visit my website www.SoldOnMaui.net to search the Maui MLS & check out new listings, and my “Best Buy Lists” for Homes and Condos. Or e-mail me at firstname.lastname@example.org and tell me what you’re looking for and I will help you find it.