Lahaina Real Estate

April 1, 2010 by  
Filed under Hawaii

L?hain? is a popular tourist destination on Maui
Image via Wikipedia

Lahaina, Hawaii, a beautiful seaside city on the island of Maui in the South Pacific state, has a generally high-priced real estate market with its highly desirable location and the beautiful oceanside view from many homes and condos. The market, like so many, has suffered in recent years after the effects of the economic downturn on the U.S. mainland made their way out to the island.

The Lahaina real estate market has shown several signs of stabilization in recent months, with just slight increases and decreases in both price and volume. According to the local Coldwell Banker statistics, at the end of 2009, in December, the median price of properties sold in Lahaina was $1.21 million, which was up slightly from November’s figure of $1.12 million but down from December of 2008’s figure of $1.34 million. Lahaina’s median price for single-family homes was the second-highest of all of Maui.

Total sales volume in December in Lahaina was $6.05 million, with four Lahaina homes for sale closed upon. These figures were up from November, when the total volume was $4.82 million with three homes sold and from a year ago, when total volume was $4.47 million, also with three homes sold.

The condo marked showed great signs for improvement, more so than the single-family home market.  The median price of a condo sold in Lahaina in December was $398,000, up from November’s $396,500. The total sales volume for condos in December was $4.89 million, with eight condos sold. Sales activity picked up significantly, with eight condos sold in December, up from just two in November and zero one year ago. Condo prices in Lahaina were the fourth-lowest of all Maui markets.

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