Posted at 11:55 a.m., Friday, April 13, 2007
Maui median home price falls to $665,000 in March
Advertiser Staff
Sales volumes were mixed but median prices were lower for previously owned Maui condominiums and single-family homes in March compared with the same month a year earlier."In a nut shell (the) market overall looks steady with minor variations," said Terry Tolman, chief executive of the Realtors Association of Maui Inc., which released sales data today. "Sales continue as sellers and buyers find common ground in a healthy market."
There were 138 single-family home resales in March, up 29 percent from 107 in the same month last year. March condo resales totaled 83, down 42 percent from 144 in the same period.
Median prices, a point at which half the sales were for more and half for less, were down around 10 percent.
Because Maui is a relatively small market, a handful of multimillion-dollar sales can skew median price changes, which don't necessarily reflect shifts in market values.
For single-family homes, the median sale price in March was $665,000, down 8 percent from $725,000 a year earlier. The median since October has settled below $700,000 and is well off the record $780,000 set in May 2005 and repeated in July 2006.
For condos, the median sale price in March was $460,000, down 13 percent from $527,625 a year earlier. The March median was the lowest median since February 2006, and compares with a peak of $649,000 in June 2006.
