Is the Maui Real Estate Market Finally Turning Around?

     While no one can be certain, and there are many people who feel that the market has not yet bottomed, we are now leaning toward the positive!  There is still the weight of a large inventory of properties on the market, but sales are occurring much more rapidly.  Many Wailea and Kihei condominium complexes and residential subdivisions that had no, or very little, sales activity in quite some time, now have several properties in escrow.  Some of the increased activity is due to some reduced asking prices, and in the past few weeks, we have been involved in two "bidding wars" on two very attractively-priced properties.  An escrow officer with whom I spoke yesterday, commented that their activity has doubled in the last six weeks, and many realtors are finding themselves more active in the last couple of months than they had been for the last couple of years.  The trickle of positive economic news seems to be increasing, and while there are still negative reports, the momentum (and the outlook of many prospective purchasers with whom we have been speaking) seems to be shifting for the better.  The official statistics are subject to a slight lag-time, but those of us "on the front line" are becoming optimistic.

     We know that there are many eager buyers who have been waiting on the sideline because they did not want to "jump in too soon," but many are aware that conditions can change quickly, and the present "buyers' market" feeling can shift.  Over the past several weeks we have seen a substantial increase in the number of folks who feel that, while we may or may not be at the bottom, we are "in the envelope" of the bottom, not sure of whether there could be a slight continuation of the slide or whether we are now stabilizing and starting to recover.  They often comment that regardless of whether prices soften a bit more or not, there are tremendous buying opportunities available, and they are looking to make their move.

    Maui is a unique and special place, and the demand for property here typically far outweighs the supply.  While most mainland real estate markets draw buyers from their respective regions, Maui draws buyers from all around the world.  The "perfect storm" of negative economic news in the past few years has created a great opportunity for prospective purchasers of Maui real estate.  

     If we may be of service in marketing your properties, or in helping you acquire others, we hope that you will not hesitate to contact us.  Thank you, and best wishes!

                                    Dick, Anne-Marie, and Jeff Simon