April was a choppy month for Maui’s housing market as sales volume and median prices moved in opposite directions, according to a report from the Realtors Association of Maui.
The biggest movement occurred in the number of condominium sales, which rose 10.9 percent to 143 last month compared with 129 in the same month last year. Last month’s volume was the most for any month in three years, the report showed.
But the median price for those condo sales fell 7.3 percent to $370,000 last month from $399,000 a year earlier.
The biggest drag on the median was from condo sales in the Napili/Kahana/ Honokowai area, where there were 27 sales for a median $286,000 last month compared with 20 sales for a median $325,000 a year earlier.
Maui’s biggest condo submarket, Kihei, produced 44 sales for a median $312,500 last month compared with 48 sales for a median $238,000 a year earlier.
The median is a point at which half the sales were at a higher price and half at a lower price.
In Maui’s single-family home market, the number of sales dipped 2.5 percent to 77 last month from 79 a year earlier. But the median price rose 6.6 percent to $500,000 from $469,000 in the same period.
Driving much of the median price gain was activity in Central Maui, the island’s largest submarket for single-family homes, where there were 27 sales for a median $380,000 last month compared with 17 sales for a median $350,000 a year earlier.
Luxury home sales also helped pump up the broader median. In the Wailea/Makena resort area, there were four sales for a median $4.5 million last month compared with two sales for a median $1.5 million a year earlier.
Those resort home sales last month included one property that sold for $8.2 million. The 4,070-square-foot home on 1 acre overlooking the ocean was built in 2006 by a Montana owner and was sold to a Canadian partnership, according to property records.
Looking at the first four months of the year, Maui’s housing market appears to be on pace for a second consecutive year of median price growth after a protracted decline.
The median single-family home price this year through April is $513,250. That’s up from $448,000 for the same period last year and $470,000 for all of last year. The median price peaked at $690,000 in 2006 and declined to $432,500 in 2011.
Maui’s median condo price this year through April is $369,900. That’s up from $350,000 for the same period last year and $358,995 for all of last year. The peak was $550,000 in 2007 and was followed by declines to $310,000 in 2011.
UP AND DOWN The number of homes sold on Maui in April with the median price and percentage change from the same month last year:
HOMES |
|
SALES |
MEDIAN PRICE |
April 2013 |
77 |
$500,000 |
April 2012 |
79 |
$469,000 |
Percent change |
-2.5% |
6.6% |
CONDOS |
|
SALES |
MEDIAN PRICE |
April 2013 |
143 |
$370,000 |
April 2012 |
129 |
$399,000 |
Percent change |
10.9% |
-7.3% |
Source: Realtors Association of Maui |