Prudential Locations Releases First Maui Real Estate Report

The report provides an analysis of Maui’s single family home
median prices and sales over the last 28 years

HONOLULU, HAWAII (August 7, 2007) – Prudential Locations, Hawaii’s largest locally owned and operated real estate company, today released its first quarterly Maui Real Estate Report to help consumers navigate Maui County’s unique real estate market conditions.  In the detailed report of 18 areas in Maui, Lanai and Molokai, consumers will find important statistics such as sales volume and median pricing for single family homes and condominiums with a year-to-year comparison and expert observations. The full report is available online at www.prudentiallocations.com.

“Maui has a unique real estate market that is constantly fluctuating partly due to the high presence of resort properties and the fact that a large share of Maui properties are bought as second homes,” said Scott Higashi, Prudential Locations’ Executive Vice President of Sales.  “Prudential Locations’ new Maui real estate report will ensure that our clients and agents are up to date on the latest market trends.”

New data from this quarter’s Maui report reveals that the number of single family home sales has substantially increased by 26 percent from the same three-month period (April-June) in 2006.  Interestingly, compared to the second quarter of 2006, the past three months have seen median single family home prices drop slightly. However, compared to first quarter 2007, this quarter has seen a 2.2 percent median price increase to $659,500.

The report also examines the Maui condominium market, where resort properties are made up 30 percent of all sales in the second quarter of 2007, with a median price of $1,157,492.  These luxurious properties are priced considerably higher than residential condominiums which reported a median price of $382,065.

In this quarter’s report, Prudential Locations also takes an in-depth look at historical real estate trends on Maui.  Over the last 28 years, median single family home prices have seen immense appreciation – with prices rising from $100,000 in the late 1970s to $637,837 in 2006 – an astounding 600 percent increase.  Even more significant is that nearly half of this growth happened within the last six years from 2000-2006 when median single family home prices enjoyed double-digit increases year-over-year, in some cases increasing as much as 27 percent over a 12-month period.  Thus, examining historical views of the real estate market offers consumers insight into the long-term trends that can affect the value of their properties.

Prudential Locations has the largest real estate research database on Hawaii’s real estate markets, and is the only source for detailed and concise information on not only the 18 areas identified in the Maui report, but for more than 1,000 specific neighborhoods statewide. The research is available to consumers through Prudential Locations agents or the website, www.prudentiallocations.com.

Prudential Locations’ Maui Real Estate Report is issued during the third week of every quarter.

About Prudential Locations
Prudential Locations LLC is a multi-faceted real estate company with a rich kama’aina tradition in the islands of Hawaii that boasts over three decades of extensive local experience and connections to offer its clients.  To benefit customers, the Prudential Locations website, www.PrudentialLocations.com, shows every home, land, condo and real estate listing on Oahu, Maui, Big Island, Kauai, Molokai, and Lanai, with detailed property information to assist its clients. By being a leader in real estate market research and knowledge and continually training more than 250 real estate agents, Prudential Locations produced more than $1 billion in sales in 2006.  Prudential Locations Hawaii is ranked in the top 4 percent of all Prudential Real Estate affiliates.  Prudential Locations was established in 1969 with offices and affiliates throughout the state, and is an independently owned and operated member of the Prudential Real Estate Affiliates, Inc.