In the Maui real estate market, January was not kind to Wailea and Makena. Eleven condominiums sold in January 2008 compared to sixteen in 2007. They obtained an average per square foot price of $1,011, compared to the 2007 average of $1,236. Only four of those were in oceanfront complexes which explains some of that value decline. Eight condominiums went into escrow in January, compared to thirteen a year ago. Of the units in escrow, seven are located in oceanfront complexes. Over 180 units remain for sale. At the current seasonally adjusted sales pace, that is over two years of inventory.These numbers exclude pre-construction sales of new projects. 

In the residential market, the story is the same. There were no sales in January compared to four last January. Three homes were placed in escrow compared to only two last January. There are over fifty homes for sale.

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