Select an option below to continue reading this premium story.
Already a Honolulu Star-Advertiser subscriber? Log in now to continue reading.
Maui’s residential real estate market was largely sluggish in November with small changes in the number of home sales, though one segment of the market registered a surge in median prices.
The Realtors Association of Maui released data Wednesday for sales volume and median prices of previously owned and new homes sold last month.
HOME SALES
The number of homes sold on Maui in November with the median price and percentage change from the same month last year:
Homes Sales Median Price |
November |
2015 |
72 |
$550,000 |
November |
2014 |
76 |
$587,500 |
Pct. change |
0.0% |
-0.2% |
Condos Sales Median Price |
November |
2015 |
74 |
$475,000 |
November |
2014 |
68 |
$366,250 |
Pct. change |
8.8% |
29.7% |
Source: Realtors Association of Maui |
The surge occurred for the median price of condominiums, which jumped 30 percent to $475,000 in November from $366,250 in the same month last year.
Much of that gain was driven by a dramatic rise in sales in one part of the island, the Napili/Kahana/Honokowai area, where there were 20 sales for a median $422,500 last month compared with eight sales for a median $339,500 a year earlier.
The median is a point at which half the sales were for a higher price and half for a lower price. This measure can often be swayed significantly in cases where there are relatively few sales and major differences in the mix of sales in terms of the age, size, quality and location of homes sold.
In Maui’s biggest region for condo sales, Kihei, there were 23 sales for a median $342,000 last month compared with 24 sales for a median $332,500 a year earlier.
There were 74 condo sales across Maui last month, up 9 percent from 68 sales a year earlier.
The number of Maui single-family home sales fell by four, to 72 last month from 76 a year earlier. The median price slipped 6 percent to $550,000 from $587,500 in the same period.