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The Honolulu Advertiser
Posted on: Tuesday, April 13, 2010

Maui single-family home sales rise 25%

by Andrew Gomes
Advertiser Staff Writer

Home sales on Maui last month rose strongly, though median prices were mixed, according to the Realtors Association of Maui.

Single-family home sales in March were up 25 percent, to 70 compared with 56 in the same month last year. The median price was down 9 percent, to $460,000 from $504,500.

The median price, which is a point at which half the sales were for more and half for less, was most influenced by sales in the Valley Isle's main single-family home submarket, Central Maui. The median price in this region was down 14 percent, to $438,500 on 30 sales in March, compared with $508,320 on 18 sales a year earlier.

In Maui's condominium market, sales surged 82 percent, to 122 last month from 67 a year earlier. The number of sales was a nearly four-year high. The median price was up 9 percent, to $512,250 from $468,000.

Maui's largest submarket for condos, Kā'anapali, was a leading factor in pushing the median higher. There were 49 sales for a median $892,250 in the area last month, compared with 21 sales for a median $885,000 a year earlier.

Terry Tolman, chief executive of the Realtors Association of Maui, noted that the surge in Kā'anapali condo sales included 41 new units sold by the developer of the luxury Honua Kai complex, where prices range from $573,300 to about $5.3 million.

Unlike O'ahu home sale statistics reported by the Honolulu Board of Realtors, which include only resales of previously owned homes, Maui's sales figures include sales of new and previously owned homes.

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