Sales of luxury homes on Lanai helped bolster results for the housing market of Maui County in January, according to data from the Realtors Association of Maui.
The median price for sales of single-family homes in the county soared to $691,500 last month, representing the highest figure for any month since $769,000 in September 2006 near the peak of the last housing market boom on Maui.
Last month’s median price was 26 percent higher than the $550,000 median in January 2013.
The spike was driven largely by sales of luxury homes, including three homes in the Sprecklesville/Paia/Kuau region that sold last month for a median $4 million. A year earlier there were two sales for a median $525,000.
On Lanai two homes sold last month for a median $3.2 million compared with one sale a year earlier for $215,000.
Homes in the Wailea/ Makena resort area on Maui also contributed to the spike with seven sales for a median $2.7 million last month compared with three sales a year earlier for a median $2 million.
In Maui’s biggest submarket for single-family homes, Central Maui, the median price decreased to $404,000 last month on 13 sales from $449,000 a year earlier based on 19 sales.
The total number of sales throughout Maui County was up one to 64 last month from 63 in the same month last year.
The Realtors Association of Maui includes new and previously owned homes in its sales data, which differs from statistics for Oahu home sales, which exclude new homes, which tend to skew median prices higher.
In the condominium market for Maui County, the median price jumped 47 percent to $437,000 last month from $297,000 a year earlier.
Much of the gain in condo sale prices came from the Wailea/Makena area, where there were seven sales last month for a median $895,000 compared with two sales for a median $546,250 a year earlier. There were also two condo sales on Lanai for a median $1.7 million last month compared with no sales a year earlier.
The total number of condo sales soared 48 percent to 93 last month from 63 a year earlier. Most of the gain occurred in the Napili/Kahana/Honokowai area, where there were 23 sales for a median $357,500 last month compared with 10 sales for a median $395,000 a year ago.
HOME SALES The number of homes sold on Maui in January with the median price and percentage change from the same month last year:
HOMES
|
SALES |
MEDIAN PRICE |
January 2014 |
64 |
$691,500 |
January 2013 |
63 |
$550,000 |
Pct. change |
+1.6% |
+25.7% |
CONDOS
|
SALES |
MEDIAN PRICE |
January 2014 |
93 |
$437,000 |
January 2013 |
63 |
$297,000 |
Pct. change |
+47.6% |
+47.1% |
Source: Realtors Association of Maui
|