After reading a recent Pacifc Business article, May Maui home sales off 40%, prices hold, I began to think…if Maui home sales are falling, will property prices eventually drop?
Well, if you read deeper into the article, what you find out is that the median of prices of homes sold on Maui have dropped 14% over the same time last year. But even 14% isn’t that big of a difference compared to declines we’ve witnessed on the mainland, or even in other parts of Hawaii.
The factor we have to look at when looking at a market like Maui is how much new real estate can be built in the area. When you live on an island with little room for development, how far can prices really drop?
One interesting statistic to know would be how much have listing prices changed on Maui. Perhaps we can get one of our Maui real estate experts to answer this question.