Maui home sales up, but prices are down

Sales of new and previously owned homes on Maui were up in August, but median prices were down, according to data released Thursday by the Realtors Association of Maui.

The single-family market generally performed better than the condominium market, the data showed.

Single-family home sales rose 17 percent to 81 last month from 69 in the same month last year. The median sale price was down 11 percent to $410,000 from $460,000.

Condo sales were up 6 percent to 86 sales last month from 81 sales in the same month last year. The median condo price dropped 14 percent to $266,000 from $310,000, dipping to a near nine-year low. The last time Maui’s condo median price was lower was in November 2003 at $255,000.

The condo median in August was largely pulled down by sales in Kihei, which accounted for roughly a third of market activity. There were 30 Kihei condo sales last month for a median $230,000. That compared with 27 sales for a median $245,000 a year earlier.

There were more high-end condo sales last month, but not enough to boost the islandwide median price. In Wailea-Makena, there were eight sales for a median $1.1 million last month compared with six sales for a median $795,000 a year earlier. In Kapalua, there were four sales for a median $2 million last month compared with three sales for a median $840,000 a year earlier.