Are the numbers in this Honolulu Advertiser story correct?  yes, as far as they go…which for the Wailea market isn’t very far. The median price of a residential home sale in November declined by a whopping 18% over a year ago. Bad news, right? Not necessarily. The mix of sales was very skewed compared to 2005. For example, in November 2005, a $9 million home in Kapalua sold as did three  Wailea homes totalling $10 million and three Maui meadows homes for over $1.2 million apiece. This past November, not a single Wailea or Kapalua home sold and only a single Maui Meadows home changed hands. So the strict comparison the Advertiser touts has limited utility. As a couple of big ticket homes currently in escrow close in December and January watch these numbers correct again. In addition, the trend for condominium prices remains, especially for resort property, upward.

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