Maui single-family home prices rise while condos fall

The median price of single-family homes and condominiums on Maui moved in starkly different directions in June.

Single-family homes jumped 22.6 percent to $650,000 from $530,000 as sales rose 8.6 percent to 101 from 93, according to data released Friday by the Realtors Association of Maui.

But despite a 5.3 percent gain in condo sales, the median price for those units plunged 20.1 percent to $355,000 from $444,500. The median price is where half the homes sold above that price and half below. There were 99 condo sales in the month, five more than the year-earlier period.

"Monthly residential and condo sales numbers bounced up and down the last few months, with residential and condo inventory decreasing this month after the winter vacation (high sales) season," the Realtors Association said. "Canadian investors have been big participants in Maui’s real estate market. However, the current Canadian dollar exchange rate (.79 US$) may motivate Canadian investors to sell, not buy."

The most single-family homes that sold last month were in Central Maui, where 34 exchanged hands at a median price of $506,000. The highest median prices were in Wai­lea/Makena, where three sold for a median of $2.925 million; in Kaanapali, where two sold for a median of $2.470 million; and in Kapa­lua, where three sold for a median of $2.275 million.