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Median price of homes on Maui drops 11 percent

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The median price for single-family homes sold on Maui hit a recent low last month on relatively weak sales.

Homes sold in October for a median $435,000, which was down 11 percent from a median $488,500 in the same month last year, according to statistics released by the Realtors Association of Maui.

Last month’s median price was the lowest for any month since $406,500 in July 2003 — a couple of years into the market run-up that peaked in 2006.

The prior two recent low points for Maui home median prices were $440,000 in September and $442,000 in May.

It’s hard to say whether Maui home prices are bottoming out because the mix of homes sold affects the median price, which is the point at which half the homes sold for more and half for less. Also, Maui sale statistics include previously owned homes as well as typically more expensive new homes, so fewer new homes sold by developers would tend to depress the median price, while more new home sales would tend to elevate the median. The Realtors Association of Maui doesn’t break down sales by new and previously owned homes in its report.

HOME SALES

The number of homes sold on Maui in October with the median price and percentage change from the same month last year:

HOMES
  SALES MEDIAN PRICE
October 2010 60 $435,000
October 2009 74 $488,500
Pct. change -18.9% -11.0%
CONDOS
  SALES MEDIAN PRICE
October 2010 71 $320,000
October 2009 61 $400,842
Pct. change +16.4% -20.2%

Source: Realtors Association of Maui Inc.

For the first 10 months of the year, the median is down 8 percent to $460,000 from $500,000 a year earlier.

Among the sales last month was one home that sold in Kapalua for $1.8 million. A year earlier there were no sales in Kapalua. However, last month there were no sales in Kaanapali compared with a year earlier, when there were three sales in Kaanapali for a median $1.15 million.

The number of Maui single-family home sales declined 19 percent to 60 last month from 74 in the same month last year. For the first 10 months of the year, the number of sales is up 27 percent to 679 from 536.

In Maui’s condominium market, median prices remain near a recent low reached in August. Last month the median was $320,000, down 20 percent from $400,842 a year earlier. Last month’s median compares with $315,635 in September and $310,000 in August. Before that the low was in July 2004 at $277,425.

Among the sales last month were 23 condos in Kihei that sold for a median $215,000. Those sales compared with 26 Kihei condo sales a year earlier for a median $336,013.

This year to date, the median Maui condo sale price is down 18 percent to $385,000 from $469,000 a year earlier.

The number of Maui condo sales was up 16 percent in October to 71 from 61 a year earlier. Year-to-date, sales are up 46 percent to 985 from 675 in the same period last year.

 

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