Maui home prices didn’t move much last year, rising slightly for single-family houses and falling slightly for condominiums, according to data released Thursday evening by the Realtors Association of Maui.
Like the housing markets on the Big Island and Kauai, Maui median sale prices are still well below prior peaks set in 2006 and 2007 — unlike Oahu, where median prices have set records for the past three years.
Single-family homes on Maui sold for a median $580,000 last year, up 1.8 percent from $570,000 the year before. The small gain represented the fourth consecutive year with an increase. The record was in 2006 at $690,000.
Maui condos sold for a median $410,000 last year, down 1.2 percent from $415,000 the year before. The dip followed three consecutive annual gains. The record was set in 2007 at $550,000.
Generally, neighbor island home prices rose more wildly during the housing market boom about a decade ago because those markets had more homes in resort areas that were bought up by second-home buyers, often from outside Hawaii, compared with Oahu.
As a result, neighbor island home prices fell dramatically during the economic recession and financial market meltdown, compared with only moderate declines on Oahu.
Demand for single-family homes on Maui last year rebounded to its highest level since 2008. There were 1,089 sales last year, up 15 percent from 944 the year before. The prior high was 1,142 sales in 2007.
The number of condo sales on Maui was about flat last year at 1,199, compared with 1,203 the year before.