The median price of single-family homes in Maui County dropped last month to its lowest level in at least five years, according to the latest data from the Realtors Association of Maui that goes back to 2007.
Maui County saw median prices for single-family homes drop 18.5 percent to $382,250 in May, compared to April, according to data from the Realtors Association of Maui. Over the last five years, median prices for single-family homes previously hit a low of $394,500 in July 2011.
Maui's May numbers are the reverse of what the Honolulu market experienced last month. Oahu's median price for single-family homes soared to a five-year high of $664,000 in May, according to the Honolulu Board of Realtors. Those in the industry say because Maui has a much smaller inventory of properties than Oahu, a handful of low-priced homes can skew Maui's averages downward and vice versa.
For more on the real estate situation on Maui, see Monday's editions of The Maui News.