Sales of new and previously owned homes on Maui increased last month, but the homes generally sold for less, according to a report from the Realtors Association of Maui.
The report, released Sunday by the trade association, showed that movement in sales activity and prices followed the direction of residential real estate markets on other neighbor islands in July as well as this year to date. Oahu home sale statistics for July are expected to be released soon.
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 |
July 2011 |
65 |
$410,001 |
July 2010 |
61 |
$500,000 |
Pct. change |
+6.6% |
-18.0% |
CONDOS |
|
SALES |
MEDIAN PRICE |
July 2011 |
97 |
$325,000 |
July 2010 |
69 |
$390,000 |
Pct. change |
+40.6% |
-16.7% |
Source: Hawaii Information Service
|
Sales of Maui single-family homes grew by four units, or 7 percent, to 65 transactions last month compared with 61 in the same month last year. The median price fell 18 percent to $410,001 from $500,000 in the same period.
Much of the decline in the median price was influenced by homes in Kihei, according to the report. There were 13 home sales in Kihei last month for a median $385,000. A year earlier there were seven sales for a median $700,000.
The median, a point at which half the sales were for more and half for less, suggests that prices are weak. But the measure can be influenced by the quality, age and size of homes sold, especially in markets like Maui with relatively few sales.
In Maui’s condominium market, sales surged 41 percent to 97 units in July from 69 units a year earlier. The median price was down 17 percent to $325,000 from $390,000.
Most condo sales occurred in Kihei, which represented nearly a third of the market activity with 31 sales. A year earlier there were also 31 Kihei condo sales. The median price for Kihei condos was $236,000 last month compared with $290,000 a year earlier.