Maui house market heats up while condos cool

Maui’s residential real estate market was mixed in August as the median price and sales of single-family houses rose during the month but condominiums saw decreases in both categories.

The median price of single-family houses rose 4.2 percent to $700,000 from $672,063 in the year-earlier period while sales increased 9.4 percent to 105 from 96, according to data released Friday by the Realtors Association of Maui. Condo prices declined 4.8 percent to $400,000 from $420,000 while sales fell 11.3 percent to 110 from 124.

“August tends to mark the waning of housing activity ahead of the school year,” the realty association wrote in its report. “Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cool-down before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.”

Inventory continued to dwindle as the availability of single-family houses decreased 9.9 percent from the year-earlier period while condo inventory plunged 21.9 percent.

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.

Central Maui had the most activity among single-family homes with 29 sales — nearly triple other areas on the island. The median price on single-family houses in Central Maui rose to $650,000 from $579,000 in the year-earlier quarter.

Kihei saw the most activity among condos with 45 sales — more than double any other area. The median price of condos in Kihei rose to $378,000 from $360,000.