2008年12月09日

Dramatic slowdown hits home, condo sales on Maui

Sales activity for previously owned homes on Maui sank to dramatic lows last month for condominium transactions and single-family home median prices as the market absorbed blows from recent financial market shocks.

There were only 29 condo sales in November, which was down 66 percent from 86 sales a year earlier and was the lowest volume for any month since September 1995, according to the Realtors Association of Maui.

Terry Tolman, chief executive of the trade association, said the volume decline, which occurred to a lesser degree among single-family homes, strongly reflected worldwide economic and financial turmoil that came to a head in September when many home sales completed last month were being negotiated.

Single-family home sales last month totaled 64, which was down 23 percent from 83 a year earlier.

The drops helped intensify what already was certain to be another year of declining sales since volume peaked in 2005. Sales for the first 11 months of this year are down 19 percent for single-family homes and 32 percent for condos.

Median prices also were significantly lower last month compared with the same month a year ago. For condos, the median was $399,000, which was down from $640,156 a year earlier and was the third consecutive month below $400,000.

According to Realtors Association of Maui statistics, Maui's largest condo market, Kihei, had a $246,250 median on 12 sales last month compared with $560,000 on 37 sales a year earlier. Another major factor lowering the overall median was a dramatic slowdown in the Wailea-Makena area, where there were just three sales last month for a median $1.9 million compared with 21 sales a year earlier for a median $1.5 million.

The median single-family home price last month was $475,500, which was down from $631,900 a year earlier and was the lowest median for any month since September 2003.

Central Maui, the island's largest single-family home market, had a $452,978 median on 38 sales last month, compared with a $578,900 median on 48 sales a year earlier.

For the first 11 months of the year, the median price is down 9 percent to $579,000 for single-family homes and is unchanged at $550,000 for condos.