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Saturday, February 12, 2011

Maui home sales rise but condo prices take hit

Maui home sales rise but condo prices take hit

Low-end transactions dragged down some of the island's housing market in January

More demand at the lower end of Maui's housing market helped expand sales volume but dampened median prices in January, according to a report.

The Realtors Association of Maui reported that sales of single-family homes on the Valley Isle rose 12.5 percent to 54 last month from 48 a year earlier. The median price was up 6.7 percent to $495,415 from $464,500.


The number of homes sold on Maui in January, with the median price and percentage change from the same month last year:

 SalesMedian Price
January 201154$495,415
January 201048$464,500
Pct. change12.5%6.7%

 SalesMedian Price
January 201187$295,000
January 201075$404,000
Pct. change16.0%-27.0%

Source: Realtors Association of Maui Inc.

The median price, which is a point at which half the sales sold for more and half for less, was affected by a rise in sales of lower-end homes, the report showed. A decrease in high-end home sales also kept the median from more than a modest rise.

In Maui's most active submarket, Central Maui, there were 13 single-family home sales for a median $355,000 last month, compared with seven sales for a median $405,000 a year earlier. In the high-end resort area of Wailea-Makena, there were no sales last month, compared with three sales for a median $3.5 million a year earlier.

A similar swing occurred in Maui's condominium market to produce a big decline in the median price, the data showed.

Maui condo sales rose 16 percent to 87 last month from 75 a year earlier, while the median sank 27 percent to $295,000 from $404,000.
At the low end of the condo market, Central Maui, there were 13 sales last month for a median $199,000, compared with three sales a year earlier for a median $280,000. At the high end, there was one sale in the resort area of Kapalua for $1.3 million, compared with five sales a year earlier for a median $840,000.

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