Home, condo sales up 20 percent in county
Median sales prices for homes and condominiums in Maui County last month spiked by more than 20 percent in both categories, according to data from the Realtors Association of Maui.
The median sales price of a single-family home in Maui County shot up by 24.5 percent in December to $511,750, compared with December 2011.
Maui County saw slightly more sales last month with 82 home sales, compared with 79 sales in the previous year.
A handful of pricey home sales last month in South and West Maui helped boost the overall median price for the month.
Four homes in Wailea/Makena sold for a median price of $5.3 million, while three homes in Lahaina sold for a median price of $1.8 million, according to the sales data.
The median sales price of a condo was $382,450 in December, up nearly 26 percent year over year.
There were 138 condo sales in the county last month, up by more than 50 percent over the 89 condo sales logged in December 2011. It was the highest volume of condo sales in a single month for all of 2012.
The increase in condo sales last month was mostly attributable to increased sales activity in the Napili/Kahana/Honokowai, Wailea/Makena, Lanai and Kaanapali markets.
Year to date, comparing the full 2012 calendar year to the year before, median home prices and sales volume were up slightly.
The median price for single-family homes for the year was up 9 percent to $470,000, based on sales between January and December. Meanwhile, the number of home sales for the year increased by 32 homes to 933 total sales, representing a 4 percent boost over 2011.
The median price for condos for the year was up 16 percent to $358,995, while the number of sales for 2012 increased by 91 units to 1,248 total condo sales, an 8 percent increase over 2011.
The Realtors Association of Maui noted in a statement that real estate inventories have declined 16 percent to 18 percent over the last 12 months in single-family and condo classes.
“Days on market figures show that properties priced right will sell in a reasonable timeframe, often with multiple offers,” the association said.
* Nanea Kalani can be reached at firstname.lastname@example.org.