Gary's Blog

Tuesday, April 13, 2010

Great News for Maui Real Estate

Statistics tell the whole story! Maui single family home sales are up 42% in the first quarter of this year. Average sales prices are down 16%. It looks like the buyers are saying "OK, now this makes sense!"

Frankly, the way I see it, it is downright irresponsible to be considering Maui real estate in your portfolio, and not take advantage of this market.

Maui condo sales were also up a robust 12%, but prices were down further than homes, 22%.

March saw the second consecutive monthly increase in home sales on Maui, and condo sales were at a 46-month high.

The question for everyone is not if prices will go up from here, but how quickly is the question. Six months ago, the question was if they will go up or down, and six months before that, the question was how much further will they go.

It feels good to be in a market where any answer to the big question is acceptable!

Other statistics that are encouraging: Nationally home sales are up, after a 30% average drop in prices nationwide. Economic growth is predicted at 3% for 2010, and increasing from here. The economy has been growing since the summer of '09. Maui visitor spending is on the increase also, up 25% so far this year compared to a year ago. And airline seats to Maui are up 14%, meaning lower cost to get here.

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