Maui home, condo prices soared in September

Real estate prices surged on Maui in September but sales for single-family homes and condominiums were lower than the same time a year ago due to shrinking inventory.

The median price for single-family homes jumped 16 percent to $754,248 from $650,000 while condo prices soared 18.2 percent to $501,000 from $423,750, according to data released Monday by the Realtors Association of Maui.

Sales declined with 80 single-family homes being sold — one less than in September 2017 — and condo sales dropping slightly to 121 from 126. Inventory fell 16.7 percent for single-family homes and 22.4 percent for condos.

“Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward home purchase delay or even disinterest could create an environment of declining sales,” the association said in its report.