Wow, it’s been an interesting 12 months here in the US !!

 

In our opinion, based on collective statistics, data, forecasts, and history,

 

The Real Estate Market on Maui in terms of value could be very similar to the market we will be in immediately following the media’s acknowledgment that “the bottom of the Real Estate Market has come and gone and prices have already begun to rise”, because we all know the media plays a part in the driving force behind our Real Estate and other economic markets. The only difference being that in today’s market often we are bidding down on list prices to purchase property, in tomorrow’s market we will be bidding up. The moral of the story; No one will know when the bottom is, until it’s past.

 

We think the period of adjustment may be nearing an end, for those who have consistently adjusted with the market; it may take a little more time before this is realized on a larger scale. There are still many neighborhoods and/or price ranges that have only begun to adjust. In addition to the some of Maui’s micro-markets that still have a lot of adjusting to do, other aspects of the market are way out of whack, as you can see in the charts attached, the median for Condos and homes are almost identical.     www.mauiboard.com/download_files/file_1218111707.pdf

 

 

 

For the first since January, we have seen a slight uptick in sales.

Single family home sales were at 96 up from 76 last month and 86 a year ago. This is a good sign for single family homeowners. Condominiums on the other hand are only up slightly at 63 from 55, July 07 was at 99. This backs up the theory that condo prices will need to continue correcting. Keep in mind that this is an overall snapshot and there are currently condo properties with incredibly low prices.

 

My Last market update included a link to see chief economist speak at Realtors association of Maui’s general membership meeting. Paul Brewbaker delivered some great information in regards to Hawaii’s past present and future real estate market in an entertaining way. If you are interested in this link, contact me. The power point with all the graphs and charts from this presentation is now available. http://www.mauiboard.com/download_files/BrewbakerRAMJuly2008selections.pdf