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2011 Paia Real Estate Statistics

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It is almost February, but I still wanted to take a look back at how some of the individual communities on Maui performed in 2011. I thought no better place to start than our own back yard, the Paia Real Estate market. The Paia market ranges from modest entry level homes to beautiful oceanfront estates. We saw activity in all segments of the market in 2011. I have included the sales numbers below as well as a few thoughts on the market.

Comparison of 2011 and 2010 Paia Home Sales Volume

There were 26 homes sold in Paia during 2011 at a median price of $597,000. That compares to 23 homes sold in Paia during 2010 at a median price of $590,000**. That translates to a 13% increase in volume and a 1% increase in median.

Of the 26 homes sold, four were short sales and five were bank owned properties. That equates to roughly 35% of the total sales. By comparison, there was one bank owned property and three short sales in Paia during 2010. That translates to roughly 17% of the sales for the year. By simple math, there was just over double the activity in the bank owned and short sale market in 2011 when comparing the two years.

Here are a few other notes about the Paia area 2011 real estate sales. The Paia stats includes the high end Spreckelsville neighborhood. There were seven homes sold in Spreckelsville in 2011. That compares to three sales in Spreckelsville in 2010. That is a 133% increase in activity for the Spreckelsville Real Estate market.

There were a total of four oceanfront sales in the Paia area in 2011. Two of the oceanfront sales were in Spreckelsville and two were in the Kuau area. That compares to two sales in 2010. That is a 100% increase in sales activity along the beach and oceanfront in the Paia area.

In 2011, the Paia real estate market saw the highest ever sale along Maui’s North Shore. A beautiful oceanfront estate in Spreckelsville with an acre of land and two homes sold for $9,650,000. On the other end of the spectrum, there was a 500 square foot residential condo in Kuau that sold as a short sale for $168,000. That was the lowest priced sale we have seen in Paia going all the way back to 1999.

Overall, the numbers show that the Paia Real Estate market saw improvements over 2010. The 13% increase in home sales was a little better than the 10% increase for home sales throughout Maui County. The increase in median offers little for determining changes in values. The small sample size plays a factor. The increased activity on the high end of the market is also providing an upwards pull on the median. I would expect to see a similar performance for the Paia Real Estate Market in 2012 barring any big changes in the overall economic picture. If you are interested in purchasing a home in Maui’s quirky North Shore Beach town, you can browse the current inventory of Paia Real Estate listings on MauiRealEstate.com. You may also contact The Maui Real Estate Team directly for additional assistance buying or selling Paia property.

**2010 figures include two sales that were not reported on the Maui MLS that did not involve Realtors.

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1/29/2012

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