Maui’s real estate market stays strong
Single-family homes sell for median price of $671,000; condos go for $490,563
Maui single-family home and condominium sales prices remained high in April, but not the lofty heights seen earlier this year, according to a Realtors Association of Maui report this week.
The median price of a single-family home in Maui County was $671,000 last month. That’s lower than February’s $672,575 and March’s revised $756,000 median for homes.
However, compared with 2016, the April single-family median this year would be higher than 10 months of median prices last year. And, compared with April last year, this year’s median home price for that month is $6,000, or 0.9 percent, more.
Median prices for condominiums also are trending upward. The April median for condos was $490,563, or 10.4 percent more than the $444,500 median in the same month last year. This year’s April median for condos ranks second highest so far this year (behind $525,000 in January), and it would be second highest in all of 2016 (behind $494,000 in March last year).
Then, shifting gears from monthly medians to the year-to-date, first third of this year, the median sales price for a single-family home was $685,000, or 11 percent higher than at the same point last year. (The average sales price of $997,319 for home sales in the year’s first four months shows that more higher-end home transactions are skewing the average much higher than the median, which is the midpoint in the number of sales where half are higher and half are lower.)
For home sales volume, 329 homes exchanged hands from Jan. 1 through the end of April. That number of sales is 12 homes, or 4 percent, lower than at the same point last year.
As usual, the highest home sales volume was in Central Maui – 103 sales, or 3 percent less than the year-to-date sales for the region in 2016. Nearly a third of all homes bought in Maui County were in the Wailuku-Kahului region. The median price of a Central Maui home rose 9 percent to $575,000.
The second busiest region for home sales was Kihei – 60 sales, or 9 percent more than last year. The median price for a Kihei home was $789,850, a 28 percent increase over the first third of last year. Ranking third in home sales volume was Kula-Ulupalakua-Kanaio – 34 sales, or 31 percent more. The median sales price in the region was $838,500, an increase of 20 percent.
In the Wailea-Makena region, 12 homes sold (a 140 percent increase in volume) with a median price of $2.8 million, a 10 percent drop from last year. In Kapalua, only a single home sold in the first third of the year (compared with six at the same time last year), and it went for $3.6 million.
It’s not easy to find a bargain in Maui County’s hot real estate market, but the least expensive homes so far in the year were on Molokai and Lanai. Molokai saw five homes exchange hands in the first third of the year, with a median price of $460,000, a 5 percent drop from a year earlier. On Lanai, there were six home sales so far in the year, and median home sales prices dropped 21 percent to $402,500.
The region closest to the county’s overall median sales price was Pukalani where there were 20 year-to-date sales (the same as at this point last year), and the median sales price was up 10 percent to $657,500.
The volume of condo sales was higher than homes in the first third of the year. The number of condos that exchanged hands was up 10 percent to 458.
Kihei had the most sales – 164 condos, up 21 percent from the first third of last year. The median price for condos in Kihei was $388,500, up 14 percent.
The second busiest area for condos was Napili-Kahana-Honokowai where 77 units sold, although that was a 7 percent decline from last year. The median price for a unit in the region was $354,500, a drop of 19 percent.
The Wailea-Makena area ranked third in volume with 63 sales, up 91 percent, and it topped all of Maui County as having the most expensive median price for condos — $1.1 million, down 4 percent from a year earlier.
In Central Maui, there were 53 condo sales, up 18 percent, in the first third of the year. The region’s median sales price of $352,000 was up 8 percent from last year, but it was nearly 27 percent lower than the county’s condo median price.
For real estate inventory, there were 737 homes available for sale in April, an amount that was 8 percent above the 12-month average of 682.3. And, there were 961 condos on the market last month, an amount that was just 0.9 percent below the 12-month average of 969.6.
For the association’s full statistical report, go to www.RAMaui.com.
* Brian Perry can be reached at email@example.com.