In the first six months of 2008, the Wailea-Makena real estate market like the larger Maui real estate market remained sluggish. 50 Wailea condominium resales were completed, which is down from the same period in 2007. Oceanfront complexes saw 19 sales while the average sales price per square foot declined 13% from the full year 2007 levels. There were 31 mauka complex sales where per square foot sales prices were flat. The change in sales mix which saw resales at Ho’olei made the mauka numbers as a group look stronger than they truly were. With over 180 units for sale in Wailea and Makena, days on market continues to lengthen and inventory must be called very high.  

Single family homes saw 14 sales with average per square foot prices increasing 4% from 2007 levels. Inventory in this segment also remains high.

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