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The Honolulu Advertiser
Posted on: Friday, July 13, 2007

Homes on Maui continue to sell, but at a lower price

By Andrew Gomes
Advertiser Staff Writer

Sales of existing single-family homes on Maui last month were higher in number but lower in median price compared with a year earlier, continuing a trend that has persisted for the first half of this year.

There were 104 resales in June, up 20 percent from 87 a year earlier. The median price was $654,500, down 10 percent from $725,000 a year earlier.

In every month this year, single-family home sales were up compared with the same month last year, while prices this year were down.

Total sales for the first six months of this year rose 25 percent to 622 homes from 499 in the comparable year-ago period. The year-to-date median price was $637,837, down 10 percent from $710,000 for the first six months last year.

Maui's condominium market has formed a trend of fewer sales every month this year compared with last year, though prices have only been lower for the last four months.

There were 108 condo sales in June, down 3 percent from 111 a year earlier. The median price was $475,000, down 27 percent from $649,000.

Condo sales for the first six months of the year totaled 608, down 20 percent from 757 during the same period last year. The year-to-date condo median price was unchanged at $525,000.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.