In April there were eleven re-sales of  in Wailea condominiums and Makena condominiums. The median sale price of $1.875 million was dramatically higher than both 2007 numbers and the first quarter of 2008 results. That is a reflection of tow Ho'olei resales being added to the mix for the first time and three other oceanfront closings. The per sqaure foot average price, the better measure in our opinion, of $1194 was up 3% over 2007 and 8% over the first quarter 2008. The most telling characteristic of the sales was that of the 11 nine were either new or heavily remodeled. Exceptional condition continues to be a key attribute buyers are seeking. For sale inventory has declined under the 180 unit level for the first time in months.

 

On the residential side Wailea homes  had a busy month with five closings. Four different neighborhoods had sales with the median being a whopping $3.2 million. The per square foot average of $863 was a full 17% higher than 2007 and 13% higher than the first quarter. These numbers reflect that all homes sold offered some ocean views and three of the homes were in exceptional condition.

 

As always, a month offers too few data points to determine firm conclusions, but the high season certainly ended better than it began.