Home sales and prices soar on Maui

Maui’s residential real estate market sizzled in June as home prices and sales achieved double-digit percentage gains from the year-earlier period.

With inventory in short supply, the median price for single-family houses jumped 12.3 percent to $740,000 from $659,000 while condo prices rose 13.3 percent to $435,000 from $384,000, according to data released Tuesday by the Realtors Association of Maui. The median is a point at which half the sales were for a higher price and half for a lower price.

Last month marked the highest median price for single-family houses since the sector hit $743,000 in March. The median price for condos fell for the second straight month.

Sales also showed strong gains in June with single-family houses up 21.2 percent to 120 from 99 and condos ahead 11.8 percent to 123 from 110.

Inventory for single-f amily houses fell 9.5 percent during the month to 543 from 600 in the year-­earlier period while inventory for condos plunged 17.2 percent to 699 from 844.

If the current pace of sales continues and no new inventory is added to the market, the existing inventory of single-family houses would be exhausted in 5.8 months, and the inventory of condominiums would be depleted in six months, the report said.

“As has been the case for month after month — and now year after year — low inventory is the primary culprit for any sales malaise rather than lack of offers,” the report said.

The Maui data include previously owned and new homes sold last month. That is different from monthly statistics released by the Honolulu Board of Realtors, which counts only previously owned homes.

Several Maui regions experienced huge jumps last month in the median price for single-family houses. In Lahaina there were seven sales for a median $2.1 million versus nine sales for a median $650,000 in the year-earlier period. In Sprecklesville/Paia/Kuau there were three sales for a median $1.2 million compared with four sales for a median $875,000 a year earlier, and in Wailea/Makena there were three sales for a median $4.8 million versus two sales for a median $1 million in June 2016.

In Maui’s biggest region for condo sales, Kihei, there were 47 sales for a median $335,000 last month compared with 35 sales for a median $300,000 a year earlier.