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Maui’s housing market exhibited both volatility and calm last month, with dramatic movement in sales and prices for condominiums that was absent for single-family houses.
The volatility in Maui’s condo market was driven by considerably more sales at lower prices, according to data released Thursday evening by the Realtors Association of Maui.
There were 108 condos sold on the island in September, up 35 percent from 80 sales in the same month last year.
The median condo sale price was $399,500, down 14 percent from $462,500 in the same period.
Much of the change in the median was driven by twice as many sales at mostly lower prices in the Central Maui area, where there were 20 sales last month for a median $320,750 compared with 10 sales for a median $363,750 a year earlier.
A spike in condos sold in the Maalaea area also was significantly behind the general median price decline, accounting for 10 sales for a median $305,000 last month compared with one sale for $405,000 a year earlier.
Maui’s biggest area for condo sales, Kihei, somewhat offset the downward movement of the general median price, as there were 31 sales for a median $370,000 last month compared with 32 sales for a median $307,500 a year earlier.
The median is a point at which half the sales are at a higher price and half at a lower price.
In Maui’s single-family house market, there were 97 sales last month, up 2 percent from 95 a year earlier. The median sale price was $573,300, up 0.6 percent from $570,000.