In the first quarter of 2008, fives homes sold in Wailea and Makena compared to only eleven in the same period last year. Sales occurred in Wailea Kai, Wailea Fairway Estates and Kialoa. The median sale price of $1.65 million was considerably lower than the 2007 median. Much of that is due to the lack of sales in Golf Estates, Golf Vistas and Wailea Highlands. The per square foot average, the better measure in our opinion of $766 increased 5% over full year 2007 levels. While making price assessments based on so few data points is a risky proposition, price pressure is nothing like what the worst parts of the mainland have seen. Another six homes are in escrow and approximately 50 are for sale.

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