Maui home sales rise, prices fall

Home sales on Maui stayed strong in August, but not enough to boost median prices, according to the latest Realtors Association of Maui report.

The number of single-family home sales on the Valley Isle rose 26 percent last month to 67 from 53 in the same month last year. But the median price — a point at which half the sales were for more and half for less — fell 8 percent to $461,000 from $500,000 in the same period.

In Maui’s condominium market, sales rose 23 percent to 81 in August from 66 in the same month last year, while the median price fell 17 percent to $310,000 from $371,250.

Terry Tolman, chief executive officer for the trade association of Maui real estate agents, said buyer interest remains strong, though there appeared to be some slowdown in transactions since the end of a federal tax credit that provided up to $8,000 on purchase contracts signed by April 30. Most of those sales have been completed, though buyers have until the end of this month to complete purchases for obtaining the tax credit.

Data from the Realtors Association of Maui is for completed sales, which can trail purchase agreements by a couple of months or so. The report also includes both new and previously owned homes, unlike a similar report for Oahu by the Honolulu Board of Realtors that excludes new-home sales.

Tolman said foreclosure sales and pre-foreclosure sales known as short sales are working to hold median prices down on Maui.