The median price of existing single-family homes sold on Maui continued to hover around $650,000 in May, after spending most of last year in the $700,000s.

The May median was $650,150, compared with $729,000 in the same month last year, according to the latest statistics from the Realtors Association of Maui.

Sales were higher in May at 96 compared with 87 a year earlier.

The association reported that condominiums in May sold for a median $531,325, down from $600,000 a year earlier. There were 109 condo sales, down from 137 in the same comparable period.

Terry Tolman, the association's chief executive, said the market is a healthy one providing opportunities for both buyers and sellers.

"Expanded inventory and continued low interest rates provide plenty of options for buyers," he said. "Realistic sellers can beat competing properties with better property condition, careful pricing, good marketing and flexible terms. Unrealistic sellers will be left on the bench."

Because Maui's housing market is a small one with relatively few sales, a few high or low sales can have a greater effect on statistics without necessarily indicating a big market swing one way or another.

The Realtors Association of Maui last month also reclassified two large projects in Wailea as condos after previously counting them as single-family homes.

Tolman said the change was made to better categorize new hybrid types of residential projects that have elements of single-family and condo living. As a rule, homes with shared land ownership will be classified by the association as condos when they are on property zoned for resort or apartment use. Such condo property regime projects on land zoned for residential, rural or agriculture use will be included in the single-family home count.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.