Maui’s housing market last month had more volatility in sales volume than prices, according to data released Wednesday.
The Realtors Association of Maui reported that there was a slight increase in the median price for single-family homes, edging up 2 percent to $599,000 in July from $590,000 in the same month last year.
Sales of single-family homes plummeted 29 percent to 92 last month from 129 in July 2015.
For condominiums, the median sale price rose 10.3 percent to $440,000 last month from $399,000 a year earlier, while the number of sales jumped 26 percent to 110 from 87.
The median price is the point at which half the sales were at a higher price and half at a lower price. This measure can be swayed by the age, size, location and quality of homes sold, especially when the number of sales is relatively small.
For instance, Maui’s overall condo median price was boosted by five sales for a median $920,000 last month in the resort area of Kapalua compared with one sale a year earlier in the same area for $640,000.
The most condo sales on Maui occurred in the Kihei area, where there were 36 sales for a median $312,500 last month. That compared with 35 sales for a median $330,000 a year earlier.
Likewise in Maui’s single-family home market, there were five sales for a median $3 million in the Lahaina area last month compared with three sales in the same area a year earlier for a median $680,000.
The most single-family home sales occurred in Central Maui, where there were 31 sales for a median $545,900 last month compared with 51 sales for a median $525,000 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 2016 |
92 |
$599,000 |
July 2015 |
129 |
$590,000 |
Change |
-29% |
2% |
CONDOS
|
|
SALES |
MEDIAN PRICE |
July 2016 |
110 |
$440,000 |
July 2015 |
87 |
$399,000 |
Change |
26% |
10% |
Source: Realtors Association of Maui |