Maui home prices dinged in January
Not as many pricey homes sold on Maui last month, which dinged the statistics for median prices in a report released Sunday by the Realtors Association of Maui.
The report said the median price for single-family houses sank 17 percent to $577,000 in January from $695,000 in the same month last year. The median condominium sale price dropped 14 percent to $378,000 from $441,000.
The mix of homes sold contributed significantly to the drop, the report shows.
For instance, in the resort area of Wailea/Makena there were two single-family house sales for a median $1.2 million last month compared with six sales for a median $2.3 million a year earlier. And on Lanai, three homes were sold last month for a median $417,000 compared with two homes a year earlier for a median $3.2 million.
In Maui’s most active area for housing, Central Maui, there were 23 single-family house sales for a median $507,500 last month compared with 14 sales for a median $405,698 a year earlier.
A similar mix effect appeared to significantly influence the median condo sale price, with more sales at the low end of the market than the high end.
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For instance, there were no condo sales on Lanai last month compared with two for a median $1.7 million a year earlier. On Molokai, there were four sales for a median $64,500 last month compared with one sale for $222,500 a year earlier.
The median is a point at which half the sales were for a higher price and half for a lower price. The Realtors Association of Maui counts new and previously owned sales in its statistics.
The number of singe-family houses sold in January was 75, up 15 percent from 65 a year earlier.
In Maui’s condo market, the number of sales declined 12 percent to 83 from 94 in the same period.