Single-family home prices continue to rise
Maui County single-family homes continued their climb in value in November, while condominium prices fell compared with the same month last year, according to statistics released last week by the Realtors Association of Maui.
The median price of a home rose to $635,000, a 15.5 percent increase in November compared with November 2015. Home sales volume was up 26.4 percent for the month to 91 units. Condo prices fell to $380,000, a 20 percent drop for the month, while sales volume rose 50 percent to 111 units.
November’s median single-family home price marked the 10th month so far this year that it has topped $600,000. The only month not to do so was February, when he median was $595,000.
In 2015, there were only three months when single-family home prices went above $600,000. And, in 2014, there was only one month, January, when the median price soared to $695,000, the record high for at least six years.
Looking at year-to-date sales from January through November, the median sale price of a single-family home in Maui County was $635,000, up 9 percent from last year. Sales volume was down 2 percent to 979 units sold.
The most active market was Central Maui where 316 homes sold, a 12 percent decrease in sales volume from 2015. The median price in Central Maui was $559,000, up 10 percent. The second-hottest market for single-family homes, in terms of volume, was Kihei, where unit sales were up 11 percent to 147 and the median price climbed 4 percent to $626,000.
Third in single-family sales so far for the year was the Kula-Ulupalakua-Kanaio region, where sales volume fell 11 percent to 77 homes and the median price was off 1 percent to $720,000.
The highest single-family sales prices for the year were in Wailea-Makena, where 21 homes exchanged hands for a median price of $3.1 million, a 52 percent increase. The second-most costly homes were in Kapalua, where the median for 12 single-family homes was $2.6 million, an 8 percent drop from last year. Third in sales prices was Olowalu, where three homes sold for a median of $1.7 million, a 15 percent increase.
The lowest-priced single-family homes were on Molokai, where 16 homes went for a median of $405,000, a 63 percent increase from 2015, and on Lanai, where 18 single-family residences sold for a median price of $435,000.
Year-to-date condominium sales volume increased 9 percent to 1,187 units. Median sales prices were up 1 percent to $415,000.
Kihei reported the most condo sales, 415, with a median price of $335,000, no change from the first 11 months of 2015. The second-most sales were in the Napili-Kahana-Honokowai region, where 244 units changed hands, and fetched a median price of $407,500, a 2 percent increase.
The highest-priced condos were in Wailea-Makena, where 96 units sold for a median price of $1,043,500, a 3 percent increase. The second-most costly condos were in Kaanapali, where 110 units sold for a median price of $972,500, down 12 percent. Kapalua followed closely with the sale of 31 units for a median price of $965,000, down 4 percent.
The least-expensive condos were on Molokai, where 15 units sold for a median price of $170,000, an 81 percent increase, and in Central Maui, where 138 units sold for a median of $335,500, a rise of 7 percent.
Looking at available inventory, there were 644 single-family homes on the market in November, a level that was 7.7 percent lower than the 12-month average of 698.4; and there were 934 condos on the market, a level that was off 5.7 percent from the 12-month average of 990.5.
For the association’s full statistical report, visit www.RAMaui.com.
* Brian Perry can be reached at firstname.lastname@example.org.Maui County single-family homes continued their climb in value in November, while condominium prices fell compared with the same month last year, according to statistics released last week by the Realtors Association of Maui.