Real estate sales slow a bit but prices jump
Prices for single-family homes and condominiums in Maui County showed strong growth in August with median prices at $585,000 and $420,000 respectively, the Realtors Association of Maui reported earlier this week.
Although condo sales for the month fell 15 units compared to August 2012, the median sales price rose 23 percent. The median price also was up 14 percent from July’s $370,000.
Residential sales were up only two units to 79, but the median price rose 15 percent from August last year. Month over month, the median price was up 23 percent from $475,000 in July.
The August monthly data indicate that the market is taking “a seasonal breather” after the winter-to-spring rush, the report said. Inventories have declined 12 to 17 percent in the past year. As of Monday, the residential inventory of active/pending-continue to show/contingency units was 582, down 79 units from a year ago. For condos, there were 756 units on the market, down 161 from last September.
Foreclosures and short sales were declining, too, the report said. In the past year, 26 percent of residential sales and 11 percent of condo transactions were foreclosure or short sales. In August 2012, 39.7 percent of residential sales and 28.4 percent of condo sales were of such distressed properties.
The largest number of single-family residential sales in August were in Central Maui with 25. Median prices were up 12 percent from last August to $415,260. Other top areas of sale activity were Lahaina, 11 units, $885,000 median price, a 123 percent increase; and Kihei, 10 units, $557,600, up 2 percent.
For condominiums in August, Kihei logged the most sales, 42, with a median price of $352,000, up 4 percent from last year. Napili/Kahana/Honokowai followed with 21 sales, $455,000 median price, up 52 percent; and Central Maui, 10 sales, $185,580, down 17 percent.
Turning to year-to-date results through August, single-family sales were up 11 percent to 660 units with a median sales price of $539,444, up 16 percent from the same period last year. The top sales areas were Central Maui with 181 units sold and a median price of $415,260, up 13 percent; Kihei with 103 units, median price of $535,000, up 20 percent; and Kula/Ulupalakua/Kanaio, 54 units, $615,000, up 6 percent.
For condominium sales for the January-to-August period, there were 896 units sold, up 6 percent from last year. The median sales price was $377,200, up 8 percent.
Kihei logged the most sales, nearly doubling the sales of the next highest region, in the first eight months of the year. Kihei had 292 units sold, up slightly from the same period last year with a median sales price of $319,000, up 25 percent.
Napili/Kahana/Honokowai had 147 sales, which was down 14 percent for the first eight months of the year, but the median price rose 28 percent to $385,000. Kaanapali was third in sales with 114, also down slightly, while the median price for the area rose 50 percent to $724,950 for the period.