The Number That Tells the Story

What Happened

2011 was the year Maui's market stopped falling and started stabilizing. Single-family sales reached 901 units, up 11% from 2010's 814. The median price climbed to $433,500, a modest but meaningful 6% decline from the prior year that masked a more important story: by year-end, prices had stabilized and were beginning to tick upward. The average price of $786,157 reflected a market still working through high-end inventory, while total dollar volume reached $707.2 million.

Condominiums told a similar story of volume strength. Sales reached 1,157 units, up 1% from 2010's 1,147—maintaining the recovery momentum. The median settled at $310,000, down 18% as distressed inventory continued to work through the system. But the condo market was clearly finding its floor, with total dollar volume of $561.2 million and increasingly confident buyer activity.

Land remained the most challenged segment with 134 sales and a $310,500 median, though even here the worst appeared to be over. Distressed sales still represented a significant portion of the market—45% of residential, 34% of condos, and 23% of land—but these percentages had peaked and were beginning their slow decline. RAM noted that short sales and REO properties were being absorbed as the market moved toward normalcy.

Inventory continued tightening throughout the year, with active home listings falling from 963 to 792 and condo inventory dropping from 1,383 to 1,102. The absorption rate improvements signaled a market approaching balance after years of oversupply.

Wailea & Mākena

The luxury corridor showed renewed strength, particularly in single-family homes. Wailea/Mākena SF recorded 30 sales with a $2,250,000 median—up 32% from 2010's $1,700,000—and an impressive $4,492,089 average price. Condo activity remained robust with 103 units sold at a $900,000 median, up 6% year-over-year. The Wailea and Mākena segment was showing that buyers in the upper price range had returned with conviction.

What It Meant for Buyers

Interest rates remained near historic lows, and the window RAM had described as a "rare chance" was still open—but narrowing. Buyers who had hesitated through 2009 and 2010 were now competing with those who recognized that the floor had been found. Short sales and REO properties still offered significant value, but strong opportunities required patience, preparation, and speed when the right property appeared. First-time buyers had access to various assistance programs, and RAM encouraged them to attend workshops and get pre-approved.

What It Meant for Sellers

The message to sellers remained consistent: realistic pricing was the only strategy that worked. Properties priced correctly were selling in reasonable timeframes, often with multiple offers. Those priced to aspirations rather than market reality continued to languish. RAM advised pro-active sellers to get properties appraised, inspected, and surveyed in advance to encourage realistic offers and prevent escrow fallout. Creative terms—seller financing, lease-options, sale-leasebacks—could still make deals work when traditional approaches fell short.

December Snapshot

• Single-family: 79 sales · median $411,000 · 153 days on market
• Condominiums: 89 sales · median $304,000 · 172 days on market
• Land: 9 sales · median $375,000 · 190 days on market

Jolanta's Reflection

I remember 2011 as the year the conversation changed. Instead of asking "how much further will prices fall?" my clients started asking "is this the bottom?" The answer, it turned out, was yes. The buyers who moved decisively that year—who recognized the signs of stabilization before the crowd—found themselves holding assets that would appreciate significantly in the years ahead. It was the year that rewarded those who paid attention.