Home, condo sale prices higher in April

The median price of a single-family home in April rose to $583,000, a 24 percent increase from April 2013, on 84 sales, also up from last year, according to the Realtors Association of Maui report released Sunday.

Median prices for condominiums in April rose to $403,500, up 9 percent from last April, though the 136 sales were eight fewer than last year. Total sales volume for condos was $84.1 million, up 8 percent from last April.

Homes were on the market for an average of 147 days, up from 104 days in April 2013, according to the report. Condos were on the market on average for 127 days before they sold, up two days from last April.

Inventories for homes rose to 682 in May, up 59 from May 2013; condo inventory was down four to 856 units.

The top three selling areas for single-family homes in April were Central Maui, 26 units sold, $429,973 median price; Kihei, 12 units, $667,825 median; and Haiku, nine units, $800,000 median. In the high-end Wailea-Makena region, there were three sales with a median price of $5.9 million.

There were 56 condo units sold in Kihei with a median price of $315,000. The next highest region was Central Maui with 18 units sold with a median price of $269,250; followed by Napili/Kahana/Honokowai, 17 sales, $365,000 median price.

Looking month over month, April single-family sales were up 15 from 69 in March, though median prices dipped $13,000. Condos showed a similar trend with the number of sales up nine units from March, though the median price fell $16,500.

For January to April, the number of residential sales dipped 10 units to 278 compared to 2013, though the median price rose 14 percent to $585,000. Condo sales were up 36 units to 445 with the median price rising 9 percent to $403,750.

The number of foreclosed homes on the market is dwindling. In the last 12 months, only 15.7 percent of home sales were real estate owned sales, compared to 29.2 percent last April, and only 9.5 percent of condos, down from 16 percent.

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