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Realty market on Maui still slips


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POSTED: Wednesday, July 08, 2009

Maui's single-family home and condominium market continued descending in June, according to statistics released yesterday by the Realtors Association of Maui.

Single-family home sales fell 18.4 percent from the year-ago month, to 62, and the median price dropped 17.6 percent, to $499,053. During the same period, condominium sales dropped 19.6 percent, to 45, and the median price fell 10 percent, to $520,000.

“;Similar to latest reports from many mainland markets, our market seems to be at or near the bottom,”; said Terry Tolman, RAM's chief staff executive. “;The large inventory includes many short sales and REO (bank-owned) properties which will need to be absorbed as sales before we can move ahead.”;

Year-to-date, single-family home sales have dropped 41 percent, to 285, and the median price has dropped 14 percent, to $510,000.

Condo sales have fallen 46 percent for the year, to 275, and the median price has dropped 29 percent, to $420,000.

“;Best deals are selling,”; Tolman said. “;Everything else is getting old.”;

 

Home sales

The median price and change from the same month last year for homes sold on Maui in June:

               

       

     

 

HOMES

        Median price
       

                                                                                                                                                                                                               
June 2009$499,053
June 2008$606,000
Change-17.6.%

       

       

CONDOS

        Median price
       

                                                                                                                                                                                                               
June 2009$520,000
June 2008$577,500
Change-10.0%

       

Source: Realtors Association of Maui