Condo transactions balloon to 3-month high

Condominium sales on Maui soared 75 percent in September as the island’s housing market continued to strengthen.

The 117 sales were the most in three months and easily topped the 67 sold in September 2012, according to data released Friday by the Realtors Association of Maui.

Condo prices rose 8 percent to a median of $350,000 from $325,000 in the year-earlier period. Kihei had the most condo activity as 38 units sold at a median price of $339,500 compared with 14 units at a median of $220,000 a year ago.

Single-family homes likewise had increases as the number of houses sold climbed 10 percent to 85 from 77 a year ago and the median price rose 11 percent to $470,000 from $425,000. Central Maui had the most activity with 38 sales for a median price of $417,454 compared with 23 sales for a median of $330,199 in September 2012.

"Well-priced properties are attracting multiple offers, making for a quick sale," said Terry Tolman, chief staff executive for the Realtors Association of Maui.

Despite the year-over-year increases, the median prices for condos and single-family homes were lower than the $420,000 and $585,000, respectively, recorded in August.