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Maui home prices fall, but sales flat

By Andrew Gomes

LAST UPDATED: 02:26 p.m. HST, Aug 05, 2011

Homes on Maui generally sold for significantly lower prices in June compared with a year ago, but that didn't drive sales higher, according to a report from the Realtors Association of Maui.

The trade association said there were 81 sales of single-family homes last month, unchanged from the number in the same month last year.

But the median price for homes decreased 10.6 percent to $429,000 last month from $480,000 a year earlier.

The main drag on the median price was at the lower end of the market where the bulk of sales occurred last month. There were 26 sales in the Central Maui area for a median $357,900 in June compared with 27 sales for a median $450,000 a year earlier.

The median is a point at which half the sales were for more and half for less.

In several smaller markets on Maui, more expensive homes sold last month, including two in the Wailea-Makena area that went for a median $3.4 million in contrast to three sales in the same area a year earlier for a median $1.9 million.

In Maui's condominium market, the number of sales declined 4.7 percent to 101 in June from 106 a year earlier.

The median condo sale price fell 32 percent to $295,000 from $435,000 in the same period.

A sharp drop in the median condo price occurred in Central Maui where there were nine sales for a median $199,000 in June compared with 13 sales for a median $364,990 a year earlier.

Most of the overall price decline for condos was driven by sales in Kihei where there were 40 sales for a median $221,000 last month compared with 34 sales for a median $260,250 a year earlier.

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