Median prices of Maui homes and condos increase

Maui’s median single-family home prices jumped 14.1 percent year-over-year in November, continuing an upward trend in the island’s real estate market.

Realtors Association of Maui Inc.’s latest report released Friday shows the median home price last month grew to $587,500 from $515,000 in the year-earlier period.

There were seven large sales with a median price of between $1.2 million and $1.5 million in Kaanapali, Maui Meadows, Napili/Kahana/Honokowai and the Wailea/Makena areas compared with 12 units sold ranging in price from $1.2 million to $2.6 million in higher-end neighborhoods in the same month a year ago. Across the entire market there were 74 units sold compared to 75 in November 2013.

Meanwhile, the median price for condominiums climbed 4.6 percent to $366,250 from $350,000. However, sales plunged 29.2 percent to 68 from 96 a year ago.

"Unlike Oahu, we’re a much smaller market and a lot of our sales, especially condo sales, are driven by people investing from outside of Hawaii," said Terry Tolman, the organization’s chief staff executive.

Over the past several months, roughly 43 percent of all sales were cash, he said.

"Whatever’s going on in the world economically or socially, the more secure people feel about their financial future, the more likely they are to invest in a resort or far-away area."

The median price for land also plummeted 24.8 percent to $411,500 from $547,371, while sales transactions dropped to 10 from 23.

"We don’t know if it’s a bump in the road or a pothole unless we see the whole road," Tolman added.