Quantcast
StarBulletin.com

Maui home sales fly with first-time credit


By

POSTED: Friday, December 04, 2009

Maui condominium sales, duplicating a trend seen on Oahu last month, soared 137.9 percent in November from the year-earlier period as prospective homeowners rushed to cash in on a federal $8,000 first-time homebuyers credit.

That credit, initially scheduled to expire at the end of November, has been extended, and eligible first-time homeowners or repeat buyers have until April 30 to enter into a binding contract and until June 30 to close. Current homeowners buying up can get up to $6,500 in credit until April 30.

There were 69 condos sold compared with 29 a year ago, according to the latest data from the Realtors Association of Maui. Single-family home sales increased only slightly, rising 3.1 percent to 67 from 65 a year earlier.

The median price of both single-family homes and condos barely changed. Single-family home prices fell 1.5 percent to $465,000 from $472,000 a year earlier. November's median was down 4.5 percent from $487,000 in October.

The median price of a condo last month was $400,000, a minuscule 0.3 percent jump from $399,000 in November 2008 and down 0.2 percent from $400,842 in October.

Terry Tolman, chief staff executive of the association, said continued low interest rates and newly extended tax incentives provide plenty of options for qualified buyers in the market.

Sellers, on the other hand, need to set realistic prices, said Tolman, and can be competitive by offering flexible terms such as lease-with-option-to-buy and sale-with-lease-back to seller.

HOME SALES

The number of homes sold on Maui in November with the median price and percentage change from the same month last year:

HOMES

                                                                                                                                                                                                                   
Sales
November 200967
November 200865
Change+3.1%
Median price
November 2009$465,000
November 2008$472,000
Change-1.5%

CONDOS

                                                                                                                                                                                                                   
Sales
November 200969
November 200829
Change+137.9%
Median price
November 2009$400,000
November 2008$399,000
Change+0.3%

Source: Realtors Association of Maui Inc.