Real estate data for Maui County for the first half of this year "is really about the same" as the same period last year, according to a Realtors Association of Maui official.
Single-family residential unit sales were 440 units for January to June, down 1 percent from the same period last year. The total volume of $312,707,443 was down 4 percent, but the median sales price was up 1 percent to $450,000 from the same period last year.
Condominium sales were up 3 percent to 665 units for the half-year, as was the median sales price, up 8 percent, at $350,000. Total dollar volume was down 7 percent for the period to $315,584,003.
"It's really about the same," said Bob Lightbourn, president of RAM and broker in charge of the Paia office of Coldwell Banker Island Properties.
"It's slowly improving," he said. "Prices will stay where they are for a little while. . . . Indications are that things are just moving along in the standard life of a cycle."
The real estate market remains in the trough of the 2008 downturn in the economy, but "we are done with the bottom," he said. Lightbourn doesn't see foreclosed properties and short sales by banks as having a significant downward impact on prices anymore.
In fact, Lightbourn said that the downward price pressure of real estate owned (REO) and short sales is being offset by a decline in inventory, which generally drives up prices. Inventories have declined 17 to 19 percent in the 12 months in residential and condo classes, the real estate report said.
He added that there are half as many REOs and short sales, which more banks are turning to to reduce their losses, compared to last year. The real estate report noted that 41.3 percent of the 898 residential sales, 29.4 percent of 1,175 condo sales and 16.9 or 143 land sales for the past year were REOs or short sales.
"There will be an REO inventory on the market for a while, but they are having less impact on the market," Lightbourn said.
Properties that look good and are priced right are moving well and receiving multiple offers, he said. The time it takes to sell a property based on June sales is 183 days for residential homes, 157 days for condos and 186 days for land, the report said.
Lightbourn said that it's "not a buyer's market anymore;" it's more of a "neutral marketplace."
"Less inventory, less days on the market, it's a sign that things are shifting," he said.
Mortgage interest rates at near-historic lows continue to buoy the market, the report said.
By region for single-family homes for the half-year, Central Maui had the highest number of sales, 117, that was down 11 percent from last year. The median sales price was $365,000, down 4 percent.
Kihei had the second highest number of sales with 80, up 8 percent from last January to June. The median sales price was up 5 percent, to $444,750.
Other regional single-family highlights for the half-year:
* Kula/Ulupalakua/Kanaio, 33 sales, down 3 percent; $650,000 median sales price, up 20 percent.
* Haiku, 33 sales, up 50 percent; $620,000 median sales price, down 8 percent.
* Makawao/Olinda/Haliimaile, 29 sales, down 6 percent; $315,000 median price, down 6 percent.
* Lahaina, 25 sales, up 25 percent; $440,000 median sales price, down 39 percent.
* Lanai, 8 sales, up 100 percent; $195,000 median sales price, down 36 percent.
For the year to date, Kihei had the highest number of condos sold with 234 units, down two units from last year; the median price was $251,500, a 5 percent increase.
Napili/Kahana/Honokowai had the second highest condo sales for the half-year with 123 units sold, up 5 percent. The median sale price was $320,000, up 23 percent.
Other regional condo highlights for January to June:
* Kaanapali, 93 sales, up 24 percent; median sale price $469,900, down 28 percent.
* Central Maui, 60 sales, down 9 percent; median sale price $190,000, down 5 percent.
* Wailea/Makena, 58 sales, down 11 percent; median sale price $780,000, down 25 percent from $1,040,000.
* Lahaina, 38 sales, up 9 percent; median sales price $350,000 down from $353,000 last year.
Total land sales for the half-year was 79, up 13 percent. The median sales price was $350,000, up 12 percent.
For the month of June, single-family home sales were up slightly to 86 from 81 a year ago. The median sale price also rose to $575,500 from $429,000 last June, up 12.4 percent. June home sales were significantly higher than May sales (65 units with a median sales price of $382,000).
June condo sales also were robust when compared to last June. A total of 120 units sold with a median sales price of $372,990. Last June,102 units were sold for a median price of $294,500.
Condo and home sales in Kihei were about the same in terms of units but the total volume of sales was up significantly from the same month last year. In June, 13 single family units sold for a total volume of $12,031,400, compared to 12 units sold last year with $6,552,777 in total volume - an 84 percent increase.
For condos, there was one more unit sold in June, 41, but volume rose to $14,589,750 from $9,608,991 last year. The median sale price rose to $315,000 from $221,000, a 43 percent increase.
For land sales in June, 13 units were sold with a median sales price of $310,000.
* Lee Imada can be reached at firstname.lastname@example.org.