The median price for Maui single-family homes rose to a record last year, marking a second consecutive year for the feat.

A report released by the Realtors Association of Maui showed that single-family homes on the Valley Isle sold for a median $741,355 last year, up 4% from $710,000 the year before.

The median price for condominiums, however, remained short of a more than decade-old peak despite gains in seven of the last eight years.

Condos on Maui sold for a median $515,500 last year, up 3% from $500,000 the year before. The record was set in 2007 at $550,000.

The price gains last year occurred in the face of what the trade association said was strong buyer demand driven in part by low interest rates but limited by lighter inventory of homes available for sale.

“Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market,” the association said in its report.

The number of single-family home sales slipped 2% last year to 1,117 from 1,139 the year before. Condo sales slipped 3% to 1,606 from 1,657 in the same period.

The monthly average of inventory of listings was down 9% for single-family homes, and down 16% for condos, the report said.

For the month of December only, the median sale price for single-family homes was $740,000, up 5% from $707,500 in the same month the year before. That was based on 97 sales last year and 95 the year before.

Condos sold for a median $514,120 in December, up 5% from $491,000 a year earlier. There were 123 condo sales last month, up from 122 a year earlier.

HOMES

YEAR SALES MEDIAN PRICE

2019 1,117 $741,335

2018 1,139 $710,000

Change -1.9% 4.4%

CONDOS

YEAR SALES MEDIAN PRICE

2019 1,606 $515,500

2018 1,657 $500,000

Change -3.1% 3.1%

Source: Realtors Association of Maui