A community on the north shore of Kauai Island, Hanalei, Hawaii, lies along the bay of that same name. Though the market was hit quite hard initially by the aftershocks emanating from the U.S. economic meltdown, in 2009 the Hanalei real estate market saw a bit of a rebound.

At the end of 2009, in December, there were nine home sales in Hanalei, an increase from the year prior, when there were just four. The entire year saw sale volume slightly down, however, with 61 homes over the 12 months, down 9% from 2008, when there were 67 sales. In January of this year, there were six properties sold, besting January of 2009, when there were just two. There were also three condos sold, up from two a year ago. There were 54 condo sales in 2009, a decrease from a year before, when there were 73.

In December of last year, the median sales price for Hanalei homes for sale was $980,000, an increase of 13.6% from December 2008, when the price was $862,500. Condos’ median sales price was $309,500 in December, plummeting from a year ago’s $722,500. The year 2009 saw the median residential home sales price sitting at $777,800, down more than 20% from 2008’s total of $975,000. The yearly total for condo median prices was $490,000, down nearly 39% from 2008’s $799,000.

In January of this year, the residential median sales price was $627,500. The median condo price in January was $710,000, down more than 45% from January 2009, when that figure was $487,500. Residential homes sales volume in January accounted for $3.69 million, down from January 2009 by 77%. Condo sales volume accounted for $2.1 million, an increase of 115% from last year, when it was just $975,000.

The 16,749-person town of Kihei is located on the leeward side of Mount Haleakala and is considered to be the capital or hub of social life on the south side of Maui. The main offices of the Hawaiian Islands Humpback Whale National Marine Sanctuary, the Maui Technology Park, and the Maui High Performance Computing Center are all located in Kihei and form the area’s centralized commercial area. Besides being a commercial area, a number of residential communities have popped up in recent years and have fueled a massive expansion of local resources. This significant growth has led to the creation of several malls, shopping centers, entertainment complexes, and other essential resources.