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A piece of Maui’s housing market slumped in January, but median prices for homes sold last month were up modestly, according to industry data.
The number of single-family homes sold in January sank 28 percent to 63 from 87 a year ago, the Realtors Association of Maui reported.
Condominium sale volume grew by 7 percent to 130 from 121 in the same period.
Median prices were more subdued but made gains.
Single-family homes sold for a median $730,000 in January, up 4 percent from $705,000 in the same month last year. Condos sold for a median $528,450, also up 4 percent compared with $506,000 in the same period.
HOME SALESThe number of homes sold on Maui in January with the median price and percentage change from the same month last year:
Home Sales | Median price
>> 2019: 63 | $730,000
>> 2018: 87 | $705,000
>> Change: -27.6% | 3.5%
Condo Sales | Median price
>> 2019: 130 | $528,450
>> 2018: 121 | $506,000
>> Change: 7.4% | 4.4%
Source: Realtors Association of Maui
The median price is a point at which half the sales were at a higher price and half at a lower price. On Maui this measure often can be quite volatile because the trade association counts sales of both previously owned homes and new homes, the latter of which tend to be pricier with many sales closing at one time and producing spikes.
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ON THE MOVE
Home Holders LLC has announced the following:
>> Erik Covarrubias has been named the company’s new president and principal broker. Covarrubias previously was property manager for Honolulu Property Management, for which he handled a portfolio of rental properties on Oahu.
>> Thomas Determan is the company’s newest Realtor associate/property manager. Determan received his real estate license in 2005 and served as a sales agent at Locations LLC.
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