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The Honolulu Advertiser

Updated at 2:49 p.m., Tuesday, January 9, 2007

Relatively low prices drove Maui home resales in December

By Andrew Gomes
Advertiser Staff Writer

Relatively low prices helped spur sales of previously owned single-family homes on Maui in December to a monthly high for last year.

But the late surge in sales and softening in median prices wasn't enough to keep the market from mirroring the statewide trend for the full year, during which there were fewer sales at higher prices.

The median price for Maui single-family homes sold last month was $632,500. That was down from $722,500 a year earlier, and was the second-lowest monthly median in 2006 after $618,500 in November. The record was $780,000 reached in May 2005 and matched in July 2006.

The median is a point at which half the sales were for more and half for less.

The number of Maui single-family home sales last month totaled 128. That was up from 86 a year earlier, and was the most in any month last year, following 120 sales in November.

For all of 2006, the median price for Maui single-family homes was $693,000, compared with $679,000 a year earlier. There were 1,088 sales, compared with 1,316, in the same period.

In Maui's condo market, December sales declined and prices were higher. The median was $472,500, up from $402,500 a year earlier, and sales totaled 72, down from 158.

For the year, the median condo sale price was $505,000, up from $385,000 a year earlier. There were 1,210 sales, down from 2,050 in the same period.

Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.