Maui sales of condos strongest in 5 years
Condominium sales on Maui hit a five-year high for February, reflecting a generally brightening real estate market, according to a report by the Realtors Association of Maui.
A total of 100 condos were sold last month, compared to 62 in January and 83 the same month last year, the report out this week showed. This year’s February sales are the best for the month in the last five years, topping the 98 sales in 2011.
The median price, with half the prices higher and half lower, rose 27 percent year over year in February to $364,950 and was 25 percent higher than January’s $292,000. That price was still lower than the five-year high of $692,500 in 2009.
Sales of single-family homes, 65, was up slightly from the 63 sales last month, but down 17 percent from the 78 sold last February.
The median price for February for residential homes was $550,000, the same as January and up 7 percent year over year. The February median price was the highest for the month since $624,391 in 2008.
Looking at data by region, the largest number of residential sales was in Central Maui, 15, but the median price of $365,000 was down 19 percent from $449,000 in January and down slightly from last February’s $372,000.
Other regions fared better. There were 12 residential sales in Kihei in February with a median sales price of $510,000, up 14 percent year over year, and 10 sales in Pukalani with a median sale price of $454,500, up 17 percent from February 2012.
There also were five sales in Haiku with a median sales price of $600,000; and four sales each in Kula/Ulupalakua/Kanaio, $727,500, and Lahaina, $505,000.
For condos, Kihei led the way with 35 sales, 10 more than in January and one less than last February. The median sales price was $340,000, a 43 percent increase year over year.
Other areas with higher volume were Napili/Kahana/Honokowai, 16 sales, median $330,000, up 20 percent from last February; Central Maui, 13 units, $217,000, a more than doubling of the price from last year; Kaanapali, 12 sales, $498,500, up 6 percent from last year; and Wailea/Makena, 11 sales, $815,000, up 23 percent from last year.
Real estate owned and short sale properties are a smaller share of the market, compared to a year ago. In the past year, REOs represented 31.8 percent of residential sales, down from 43.4 percent in last year’s February report, and 18.9 percent of condo sales, down from 33.5 percent last year
There were 12 land sales in February with a median sales price of $575,000.
* Lee Imada can be reached at email@example.com.