Maui home sales significantly down in 2008

Source:  Pacific Business News

The single-family home market on the neighbor island continues to fair worse than Oahu.  The number of sales is also markedly off from 2007.

Sales of homes in Maui County were down by more than 30 percent in December, capping off a year in which sales of both single-family homes and condominiums were down by more than 20 percent year over year.

The median price of a single-family home on Maui, Lanai or Molokai in December was $567,500, just 2 percent off the December 2007 median price of $582,002, according to statistics from the Realtors Association of Maui.

That price was based on 54 sales last month, including one each on Lanai and Molokai. That was a 38 percent decline from the 87 sales during the same month in 2007.