In October 60 homes and 71 condos sold on the entire island of Maui. In comparison, that's about the number of sales in just East Oahu. In September, about 275 homes sold on Oahu.
While the sales on Oahu are up over 30% this year, sales on Maui fell 19 percent in October compared to a year ago, though Maui condo sales rose 16 percent. Big Island Sales dropped in October 10.3 percent to 113 from 126 during the same month last year.
The Big Island median price of $272,000, down 2.3 percent less than last year.
The median price on Maui was $435,000, down 11 percent from October 2009.
On Oahu, the median price is about $600,000, up from last year just a bit.
Maybe the biggest indicator of the difference between Oahu, Maui is the number of days on market for residential homes. On Maui, the average home takes 182 days to sell, while the average house on Oahu sells in under 30 days right now!
One of the main reasons that Maui's market lags behind is that it has a large number of second homes, many of which are purchased by people from mainland, especially California. This is the same reason that the North Shore of Oahu has been harder hit over the past 4 years than the rest of Oahu. In 2006, more than 70% of the buyers on the North Shore were from California. So as long as California's economy is struggling, Maui's real estate market will probably struggle too.
On the Big Island, there just isn't as much business. It's a huge island with lots of open space, but very little industry. That's what many people love about the Big Island, but that's what keeps real estate prices so low. And then of course there is the Vog...
In contrast, Oahu has far more owner occupants, more business, the State government, and 5 huge military bases. While the Neighbor Island markets have really struggled over the last few years, Oahu has done much better than most of America.