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Kihei Real Estate market

March 18th, 2010 · No Comments · Real Estate

Kihei, Hawaii

Kihei, an unincorporated town on the island of Maui located on the shores of Maalaea Bay, has, like so many island communities, experienced a marked restructuring to its real estate over the past couple of years after dealing with the effects of the U.S. financial crisis, as residents found their investments dwindling, jobs lost and a poor economic environment.

At the end of 2009, statistics showed that Kihei real estate had picked up significantly, a positive sign for the market. Despite the increase in activity, however, prices are still far below their peaks, leaving some owners unable to sell their homes or condos for enough to pay off their mortgages.

According to statistics from Coldwell Bankers, in December 2009, there were 19 homes sold in Kihei, an improvement from November’s 11 units and from a year ago’s nine sales. Prices, however, are still sliding: In December, the median sales price was $435,000, down from November’s more than $480,000, and less than half of the median price a year ago, when it was more than $1.1 million.

The condo market in Kihei showed a similar trajectory. Sales in December accounted for 23 condos, down slightly from November’s 27 units but up from just 18 one year ago. Prices, like home prices, are still gradually receding, though not quite as drastically: In December, the median price for a condo was $275,000, down from $319,000 in November and $389,500 in December 2008. For the year of 2009, there were 124 Kihei homes for sale closed upon, the second-most volume of any community on Maui, though sales were down from 2008, when the volume was 140. The year-to-date median price of a home was just over $481,000, down a hefty 33% from the same figure from 2008.

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