Demand for less pricey homes produced a surge in residential real estate sales on Maui in July.
The Realtors Association of Maui released data Friday night showing that the number of single-family home sales jumped 28 percent to 128 last month from 100 a year earlier. The number of condominium sales also rose considerably to 94 from 83, representing a 13 percent gain.
Both increases were driven by sales at the low end of the market, where most transaction volume occurs, and helped push up median prices modestly between 3 percent and 5 percent.
For single-family homes, the biggest gain happened in Central Maui where there were 51 sales for a median $525,000 in July compared with 31 sales for a median $449,560 in the same month last year.
The median price for Central Maui is the lowest among 16 regions defined by the Realtors Association except for Molokai, which is part of Maui County and included in the board’s statistics.
At the high end in Wailea/Makena, which includes resort property, there were five sales for a median $3.8 million last month compared with two sales for a median $6.2 million a year earlier.
Overall, Maui’s median single-family home price was $590,000 in July, up 3.5 percent from $570,250 a year earlier.
For condos the overall median was $394,000 in July, up 5 percent from $375,000 a year earlier. Much of the increase was driven by sales in Kihei, where units are more affordable.
There were 38 condo sales in Kihei for a median $333,000 last month compared with 24 sales for a median $295,000 a year earlier. Condo median prices were lower in only Central Maui and Molokai, though there were relatively few sales in those areas.
Maui’s priciest region for condo sales in July was the resort area of Kaanapali, where there were five sales for a median $1.3 million. That compared with seven sales for a median $764,900 a year earlier.
HOME SALES
The number of homes sold on Maui in July with the median price and percentage change from the same month last year:
HOMES
SALES MEDIAN PRICE |
July 2015 128 $590,000 |
July 2014 100 $570,250 |
Change 28.0% 3.5% |
CONDOS
SALES MEDIAN PRICE |
July 2015 94 $394,000 |
July 2014 83 $375,000 |
Change 13.3% 5.1% |
Source: Realtors Association of Maui
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