Median prices for sales of Maui single-family homes and condominiums surged almost 30 percent last month, helping to solidify the recent trend in rising housing prices on the Valley Isle.
The Realtors Association of Maui released data for August home sales Wednesday in a report that showed median price gains were broadly spread over the island.
The median price for condos jumped 29 percent to $342,450 last month from $266,000 in the same month last year. That was based on 98 sales, up from 86, in the same period.
The median price surge was largely driven by the most active region for condo sales, Kihei, where there were 30 sales for a median $337,500 last month compared with 30 sales for $230,000 a year earlier.
Gains also occurred in the Napili/Kahana/Honokowai area where there were 19 sales for a median $300,000 last month compared with nine sales for a median $231,000 a year earlier, and in Central Maui where there were 16 sales for a median $222,500 last month compared with 15 sales for a median $180,000 a year earlier.
There were some areas where median prices dropped. In the Wailea/ Makena resort area, there were six sales for a median $575,000 last month compared with eight sales for a median $1.1 million a year earlier. And in another resort area, Kapalua, there were two sales for a median $542,500 last month compared with four sales for a median $2 million a year earlier.
In Maui’s single-family home market, the median price jumped 27 percent to $520,000 last month from $410,000 a year earlier based on 75 and 81 sales, respectively.
Movement in median prices was similar to what occurred for condos, with mostly broad increases in the more active but lower-priced areas mixed with some weakness at the upper end of the market.
One caveat for Maui median home prices is that it includes sales of previously owned homes and new homes sold by developers. By comparison, the Honolulu Board of Realtors counts only previously owned homes for calculating Oahu median prices. New-home sales tend to raise the median price.
Year to date, the median price for Maui single-family homes is up 7 percent to $465,000 from $435,000 a year earlier. In the condo market, the median price for the first eight months of this year is up 11 percent to $350,000 from $314,500. Maui’s housing market moved into positive year-to-date median price territory in July. Through May, both single-family and condo median prices were down 3 percent.
