Maui home prices near record median

A record for Maui home prices has stood for 13 years, and last month it came close to being brushed aside.

The record was set at $780,000 in May 2005 for the median sale price of single-family homes. July’s figure came up $11,000 shy at $769,000 — the closest its been to the record, according to Realtors Association of Maui data.

July’s figure represents continued momentum in Maui home prices that generally have been rising since 2012 after a major downturn in the late 2000s when median prices fell into the $400,000s.

Last month’s median price was up 10 percent from $701,000 in July 2017.

The number of Maui single-family home sales in July was up 23 percent to 113 from 92 in the same month last year.

In Maui’s condominium market, the median sale price was $513,163 last month, up 17 percent from $440,000 a year earlier. It likely will be quite some time before Maui’s condo record of $805,000 from January 2009 is eclipsed.

There were 136 condo sales last month, up 35 percent from 101 sales a year earlier.

The median price is a point at which half the sales were for more and half for less. The Realtors Association of Maui includes sales of previously existing homes as well as new homes in its tally.

HOMES

JULY / SALES / MEDIAN PRICE

2018 113 $769,000

2017 92 $701,000

Change 22.8% 9.7%

CONDOS

JULY / SALES MEDIAN PRICE

2018 136 $513,163

2017 101 $440,000

Change 34.7% 16.6%

Source: Realtors Association of Maui