September condo prices and sales increase on Maui

Maui condominium sales and prices surged in September as homebuyers pursued more affordable housing options.

The number of condo sales jumped 25.3 percent to 124 from 99 in the year-earlier period while the median price increased 14.4 percent to $433,750 from $379,000, according to data released Wednesday by the Realtors Association of Maui. The median price is a point at which half the sales were at a lower price and half at a higher price.

Activity for single-family houses, meanwhile, was virtually flat during the month. Sales dipped by two — to 81 from 83 — while the median price slipped 2.3 percent to $650,000 from $665,000.

With inventory shrinking, the number of days on the market decreased 20.9 percent for single-family homes and fell 5.7 percent for condos. The month’s supply of inventory for single-family homes and condos plunged 17.5 percent and 29.2 percent, respectively.

“There remains a limited number of desirable listings,” the association said in its report that provided an overview of the national sentiment. “Although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.”

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 during the month for single-family homes, with 37 sales which accounted for nearly half of the 81 sales in the county. That was up from 21 in the year-earlier period. The median price for single-family houses in Central Maui rose to $610,308 in September from $527,875 in the year-earlier period.

Kihei saw the most activity for condos with 37 sales, but that was down from 43 in the year-earlier month. Maalaea showed the biggest percentage gain as condo sales nearly quadrupled to 11 from three. Elsewhere, the median price for condos in the Wailea/Makena area rose to $1.7 million from $1.4 million.