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Monday, October 20, 2014         

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Maui home sales rise but condo prices take hit

Low-end transactions dragged down some of the island's housing market in January

By Andrew Gomes

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More demand at the lower end of Maui's housing market helped expand sales volume but dampened median prices in January, according to a report.

The Realtors Association of Maui reported that sales of single-family homes on the Valley Isle rose 12.5 percent to 54 last month from 48 a year earlier. The median price was up 6.7 percent to $495,415 from $464,500.

HOME SALES

The number of homes sold on Maui in January, with the median price and percentage change from the same month last year:

 

Homes
  Sales Median Price
January 2011 54 $495,415
January 2010 48 $464,500
Pct. change 12.5% 6.7%

 

Condos
  Sales Median Price
January 2011 87 $295,000
January 2010 75 $404,000
Pct. change 16.0% -27.0%

Source: Realtors Association of Maui Inc.

 

The median price, which is a point at which half the sales sold for more and half for less, was affected by a rise in sales of lower-end homes, the report showed. A decrease in high-end home sales also kept the median from more than a modest rise.

In Maui's most active submarket, Central Maui, there were 13 single-family home sales for a median $355,000 last month, compared with seven sales for a median $405,000 a year earlier. In the high-end resort area of Wailea-Makena, there were no sales last month, compared with three sales for a median $3.5 million a year earlier.

A similar swing occurred in Maui's condominium market to produce a big decline in the median price, the data showed.

Maui condo sales rose 16 percent to 87 last month from 75 a year earlier, while the median sank 27 percent to $295,000 from $404,000.

At the low end of the condo market, Central Maui, there were 13 sales last month for a median $199,000, compared with three sales a year earlier for a median $280,000. At the high end, there was one sale in the resort area of Kapalua for $1.3 million, compared with five sales a year earlier for a median $840,000.






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