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The Honolulu Advertiser
Posted on: Wednesday, January 10, 2007

Housing on Maui mirrors state trend

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 price wasn't enough to keep the market from mirroring the statewide trend for the full year, during which there were fewer sales at moderately higher prices.

The median price for Maui single-family homes sold last month was $632,500. That was down 12 percent from $722,500 a year earlier, and was the second-lowest monthly median in 2006 after $618,500 in November. The record high 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 49 percent 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, up 2 percent compared with $679,000 a year earlier. The gain followed four years of annual median price increases that ranged from 17 percent to 27 percent, and was the smallest since 1999 when the price fell 2 percent.

There were 1,088 single-family home sales last year, down 17 percent compared with 1,316 a year earlier.

In Maui's condo market, December sales declined and prices were higher. The median was $472,500, up 17 percent from $402,500 a year earlier, and sales totaled 72, down 54 percent from 158.

For the year, the median condo sale price was $505,000, up 31 percent from $385,000 a year earlier. That was the biggest gain in six years of consecutive annual price increases that ranged from 24 percent to 28 percent in each of the previous three years.

There were 1,210 condo sales last year, down 41 percent from 2,050 a year earlier.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.

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