Updated at 1:45 p.m., Tuesday, April 12, 2005
Maui home median price hits $632,000
Associated PressKAHULUI The Maui housing market resumed its upward trend last month after a dip in February, hitting a record median resale price of $632,000.
The Realtors Association of Maui says that price for a single family home in March was $57,000 higher than the month before, and higher than the previous record of $612,000 set in January.
Condominiums on the Big Island sold for a record $350,000 last month, but they were still the least expensive type of housing in major Neighbor Island markets in March.
Prices for previously owned homes rose on Maui, Kauaçi and the Big Island between 9 percent and 46 percent while the number of transactions moved up and down, according to the latest statistics from Hawaii Information Service and the Realtors Association of Maui.
Last month's median price on Maui was also 26.7 percent higher than March 2004, when the median price, where half sell for more and half sell for less, was $499,000.
Condominium prices on the Valley Isle also rebounded in March, with a median resale price of $415,000, up from $356,000 in February but the same as January's record price. Last month's median price was 33.9 percent higher than March 2004, when the median price of a condo was $310,000.
There were a total of 79 single family houses sold in Maui County last month, including two on Moloka'i.
The resort communities of Ka'anapali, Kapalua, Makena and Wailea, as well as Haiku, had median prices of more than $1 million, based on fewer than 10 properties sold in each area last month.
The majority of properties, 26 houses, were sold in central Maui, where the median price in March was $480,000, up 17 percent from March 2004's median price of $410,250.
Twelve properties were sold in Kihei, where the median price was $571,000, a 7 percent rise from the March 2004 median price of $532,000.
Maui is among the most pricey real estate market in the islands. O'ahu median home prices reached a new high of just $550,000 last month.