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The Honolulu Advertiser
Posted on: Thursday, October 11, 2007

Maui home prices down but sales up

By Andrew Gomes
Advertiser Staff Writer

Sales of existing single-family homes on Maui rose in September, though the median price dropped to its lowest since December.

Previously owned Maui single-family homes sold last month for a median $587,504, which was down 24 percent from $769,000 in the same month last year and was the lowest monthly median price since $582,498 in December, according to the Realtors Association of Maui.

The median is a point at which half the sales were for a higher price and half for a lower price.

There were 72 sales in September, up 14 percent from 63 sales a year earlier.

The changes in the Valley Isle's single-family home market in September followed a general trend this year of more transactions at a lower price.

For the first nine months of the year, Maui's median single-family home sale price was $633,000, down 13 percent from the same period last year.

Year-to-date, there were 867 sales, up 16 percent from the same period last year.

In Maui's condominium resale market, sales and the median price were higher last month, though year-to-date the median price is up and sales are down.

Condos sold in September for a median $599,000, which was up 21 percent from $494,500 a year earlier and was the highest since $600,000 in January.

There were 78 condo sales last month, up 5 percent from 74 sales a year earlier.

For the first nine months of the year, the median Maui condo sale price was $530,000, up 4 percent from the same period last year.

Year-to-date, there were 901 condo sales, down 8 percent from the same period last year.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.

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