Real estate sales fall off, but prices up
The numbers for residential and condominium sales were down in first quarter of 2013 compared to the same quarter last year – but median sale prices and total dollar value of the sales were up.
The Realtors Association of Maui on Saturday released its year-to-date data as part of its report for March, which included more good than bad news for the month.
For residential home sales, there were 79 logged in March, 13 more than February but less than the 82 units sold last March. The median sales price was $508,000, 5 percent lower than the $537,500 in February, but 17 percent higher than the $435,000 last March.
Condominium sales were about the same in March as in February, 101 and 100 respectively, but 29 units less than last March. The median price of $375,000 was 3 percent higher than the previous month’s $364,950 and 2 percent higher than last March’s $368,043.
Looking at the January-to-March quarter, condominium sales were down 40 percent to 264 units compared to the first quarter last year, but the total dollar volume of the sales was up 4 percent to $139 million. Median prices also rose 9 percent to $368,950.
Single-family median prices rose 17 percent over last quarter to $517,500. The number of sales was slightly lower, 208 this year, compared to 210 last year. The total dollar volume of the sales was up 3 percent to $158 million compared to the same quarter in 2012.
Sales were up slightly for the quarter for single-family residences in the two largest sales areas, Central Maui (52) and Kihei (39) with median prices rising 11 percent in Central Maui to $412,470 and 7 percent in Kihei to $480,000.
On Lanai, there were eight single-family sales for the quarter, up from five sales the same quarter last year. The median price was $474,250, up 143 percent, and total dollar volume was up 452 percent to $6 million compared to the same quarter in 2012.
Condominium sales in the area with the largest volume, Kihei, was 87, down from 102 in the same quarter a year ago. The fewer sales did not affect median prices, which rose 24 percent to $297,000 in the quarter.
That was a similar trend in other areas in the quarter: Napili/Kahana/Honokowai, 39 sales, down from 64, but median prices rose 22 percent to $335,000; and Kaanapali, 35 sales, down from 43, but median prices rose 48 percent to $695,000.
Land sales were up slightly for the quarter to 45, up from 43 in the same quarter a year ago. The median price rose 34 percent to $535,000.
The real estate market continued to expunge its real estate owned and short sale properties. This month’s report showed REO and short sales representing 30 percent of sales over the last 12 months, down from nearly 32 percent in last month’s report, and 17.7 percent of the condo sales, down from 18.9 percent.
The number of homes on the market as of Saturday was down 15 percent from last April to 653. The number of condos on the market was down 16 percent compared to last April to 934.
Other March highlights in the report:
* Single-family home sales were highest in Central Maui with 17, up one from February, and Kihei, 14, up two sales. The median price in Central Maui was up 20 percent month over month to $420,000 and in Kihei, down 4 percent to $489,550.
* For condominium sales, Kihei led the way with 27, which was down from 35 the previous month, and Kaanapali with 19 sales, up from 12 last month. The median price in Kihei was down 25 percent to $256,000 and up 72 percent in Kaanapali to $855,000.
* There were 25 land sales in March with a median price of $535,000, up 19 percent from February.
* Lee Imada can be reached at email@example.com.
* Real estate. There were some errors in the story on real estate sales for the first quarter of the year that appeared on Page A1 and continued on Page A4 on Monday.
For the January-to-March quarter, condominium sales were down 13 percent, or 40 units.
For the quarter, sales of residential single-family units for Central Maui and Kihei were down slightly to 52 and 39 respectively.
The Maui News apologizes for the errors.