Wednesday, November 25, 2015         

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Maui median home price down 2 percent to $450,000

By Andrew Gomes


March was a so-so month for homes sales on Maui.

Data from the Realtors Association of Maui showed that the number of single-family homes sold rose 22 percent to 88 last month from 72 in the same month last year. The median price dipped 2 percent to $450,000 from $460,000.

In Maui's condominium market, the number of sales was near flat at 124 last month compared with 125 a year earlier. But the median price plummeted 42 percent to $289,000 from $499,000.

The sharp decrease in the condo median sale price was largely due to 41 new luxury units at the Honua Kai project in Kaanapali being sold in March 2010 for a median price close to $900,000. Last month, there were 12 condos sold in Kaanapali for a median $730,000.

The Realtors Association of Maui counts both new and previously owned homes in its sales data. That differs from the Honolulu Board of Realtors, which counts only resales of previously owned homes in its report for Oahu.

In other parts of Maui's condo market, median prices were mildly changed. In the most active region last month, Kihei, there were 48 sales for a median $262,500 compared with 30 sales for a median $277,500 a year earlier.

The next most active region for condo sales was Napili/Kahana/Honokowai where there were 28 sales for a median $273,450 last month compared with 14 sales for a median $265,500 a year earlier.

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