Housing purchases slumped as condos failed to meet 2010's big Valley Isle number
POSTED: 1:30 a.m. HST, May 14, 2011
Home sales on Maui sagged in April, the first decline on the Valley Isle this year, according to data from the Realtors Association of Maui.
The trade association reported that sales of single-family homes dipped 4 percent to 87 last month from 91 in the same month last year.
Condominium sales dropped 27 percent to 119 from 162 in the same period.
The number of homes sold on Maui in April with the median price and percentage change from the same month last year:
Source: Realtors Association of Maui Inc.
April 2010's unusually high figure had a lot to do with this April's big decline for condo sales. Year-ago condo sales included 45 units in a new 700-unit luxury condo called Honua Kai, which pushed total condo sales to a level not seen since the peak of the housing boom on Maui in mid-2005.
Unlike home sales reports by the Honolulu Board of Realtors for Oahu that exclude new-home sales, reports by the Realtors Association of Maui include sales of new and previously owned homes. Sales of new homes can produce lumps in sales volume and median prices.
In Kaanapali, where Honua Kai is, there were 19 condo sales last month, compared with 54 a year earlier.
Sales were lower last month in other areas, too, including Kihei, where there were 38 condo sales last month compared with 51 a year earlier.
The median price for Maui condos sold last month was $340,000, a 24 percent decline from $450,000 a year earlier.
The median price for Maui single-family homes sold last month was $500,000, up 8 percent from $465,000 a year earlier.