Price of single-family homes up; condo prices on decline
The median sale price of a single-family home on Maui in January rose 38 percent year over year to $550,000, while the condo median sale price declined about 12 percent to $292,000, the Realtors Association of Maui reported.
Home sales grew to 63 units in January, up from 50 the same month in 2012. The average sale price was $712,066, up 32 percent year over year with a total volume sold of $44.9 million, up 66 percent.
Condo sales fell to 60 units in January, down from 91 sales last January. The average sale price was $411,202, down 5 percent with a total dollar volume sold of $24.7 million, down 37 percent, the report released earlier this month said.
In trying to explain the condo sale decline in January, the Realtors Association cited a “big year-end rush” of condo sales, possibly due to 2013 tax changes, which “skews these January 2013 numbers downward, when comparing to January 2012.”
The number of condo units sold in December was 140 – more than double the January number – with a median sales price of $377,950.
Well-priced properties are attracting multiple offers, leading to quicker sales, said the Realtors Association. Inventories have declined 16 to 18 percent in the last year in the residential and condo classes.
“Many REO (bank-owned) properties are being absorbed as sales as we begin to move ahead to a more normal marketplace,” the Realtors Association said.
In the last year, 32.7 percent of residential sales and 20.1 percent of condo sales were REO or short sales, the data showed.
Central Maui and Kihei regions had the highest numbers of single-family homes sold in January.
Central Maui logged 19 sales with a median sales price of $449,000 in January, which was down from 27 homes sold in December. Kihei had 13 homes sold with a median sales price of $450,000 in January.
Four homes were sold in Napili/Kahana/Honokowai in January with a median price of $732,500 and three homes were sold in Wailea/Makena with a median price of nearly $2 million last month.
For condos, the 24 units sold in Kihei with a median price of $267,500 led the way in January. There also were 11 sales with a $215,000 median price in Central Maui and nine sales in Napili/Kahana/Honokowai with a $400,000 median price in January.
There were seven land sales in January with a median price of $675,000.
* Lee Imada can be reached at email@example.com.