Healthy gains in sales of condos, homes in county
This year’s first-quarter real estate statistics show mostly positive gains for Maui County’s single-family homes and condominiums, according to figures released last week by the Realtors Association of Maui.
Compared with the first quarter of 2013, the number of single-family home sales was off 7 percent to 194 sales for Jan. 1 to March 31, the association reported. But the median sales price for the same period rose 13 percent to $585,000 for a single-family home.
The total dollar value of homes sold in the county during the first quarter of 2014 was up 34 percent from the first quarter of 2013 to $213.7 million, the association said.
For condominiums, the indicators for a healthy market were all positive in the first quarter, compared with the same period in 2013. The number of sales was up 17 percent to 309. The median sales price grew 10 percent to $403,750, and the total volume of condo sales jumped 35 percent to $188.2 million.
For sales volume in the first quarter, Central Maui had the most, 50 sales, although that was off by two, or 4 percent, from the first three months of last year. The median sales price was flat for homes in Central Maui at $411,198, and total dollar volume was unchanged as well.
The second-busiest area for home sales was in Kihei, where 43 homes sold in the first quarter, three more than last year, for an increase of 8 percent. The median sales price in Kihei rose 23 percent to $600,000, and the total dollar volume of home sales in Kihei was up 56 percent to $40 million.
By far Kihei had the most condo sales in the first quarter of the year, with 107, more than a third of all condo sales countywide in the 2014’s first three months. The number of Kihei condo sales was up 22 percent. The median condo price in Kihei grew 6 percent to $310,000, and total dollar volume for condos in the area was up 36 percent to $42.5 million.
The second-highest area for condo sales in the county in the third quarter was Napili-Kahana-Honokowai, where sales were up 56 percent to 61. The median sales price for the area increased 4 percent to $349,900, and sales volume was up 52 percent to $25 million.
The inventory of homes available for sales as of last week was 696, a number higher than any single month in the last 12 months. For condo inventory, the number of available condos was at 899, not as many as March’s 912, but higher than any other month in the past year. Higher inventory numbers usually temper rises in real estate prices.
In its commentary for the month, the association notes that the number of troubled properties in foreclosures or short sales continues to dwindle, with any hidden inventory, or backlog, slowly trickling onto the market.