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COURTESY HONUA KAI RESORT & SPA
Units in the Honua Kai Resort & Spa condominium complex on Maui’s Kaanapali Beach accounted for $65 million of the $1.7 billion in sales of resort homes in Hawaii last year, helping the market rebound after four years of declining sales. Maui saw the most sales and highest prices across the state.
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More sales of luxury homes in resort areas helped produce a surge in the median sale price of housing on Maui last month, according to a report from the Realtors Association of Maui.
The median sale price of single-family houses on the Valley Isle rose 21 percent to $573,750 in July from $475,000 in the same month last year.
Several sales of million-dollar homes helped boost the median, which is a point at which half the sales were for a higher price and half for a lower price.
For instance, there were five sales in the Kaanapali area for a median $1.7 million last month compared with one sale for $1.2 million a year earlier. And in the Wailea/Makena area, there were two sales for a median $6.2 million last month compared with no sales a year earlier.
In Central Maui, the island’s biggest housing market, there were 31 sales in July for a median $449,560 compared with 19 sales a year earlier for a median $409,255.
OAHU HOME SALES
The number of homes sold on Oahu in July with the median price and percentage change from the same month last year:
HOMES
| |
SALES |
MEDIAN PRICE |
| July 2014 |
300 |
$683,500 |
| July 2013 |
290 |
$647,500 |
| Pct. change |
3.4% |
5.6% |
CONDOS
| |
SALES |
MEDIAN PRICE |
| July 2014 |
444 |
$351,750 |
| July 2013 |
426 |
$345,500 |
| Pct. change |
4.2% |
1.8% |
Source: Honolulu Board of Realtors
MAUI HOME SALES
The number of homes sold on Maui in July with the median price and percentage change from the same month last year:
HOMES
| |
SALES |
MEDIAN PRICE |
| Juily 2014 |
98 |
$573,750 |
| July 2013 |
93 |
$475,000 |
| Pct. change |
5.4% |
20.8% |
CONDOS
| |
SALES |
MEDIAN PRICE |
| July 2014 |
82 |
$387,500 |
| July 2013 |
112 |
$357,625 |
| Pct. change |
-26.8% |
8.4% |
Source: Realtors Association of Maui
|
There were 98 total single-family house sales last month on Maui, a 5 percent increase from 93 a year earlier.
For condominiums, the number of sales plummeted 27 percent to 82 last month from 112 a year earlier.
The median price rose 8 percent to $387,500 from $357,625.
