honoluluadvertiser.com

Sponsored by:

Comment, blog & share photos

Log in | Become a member
The Honolulu Advertiser
Posted on: Friday, May 9, 2008

HOME SALES
Home resales decline on Maui in April

By Andrew Gomes
Advertiser Staff Writer

Maui home resales in April were down more than 20 percent from a year earlier, though median prices were mixed with weakness in single-family homes and strength in condominiums.

The Realtors Association of Maui reported that previously owned single-family homes sold last month for a median $566,000, down 16 percent from $671,000 in the same month last year.

There were 73 sales, down 24 percent from 96 in the same period.

Condos sold for a median $600,000 in April, up 23 percent from $487,500 a year earlier.

There were 92 sales, down 21 percent from 116 in the same period.

Because there are relatively few sales in Maui's residential real estate market, changes in one month can be volatile and often don't reflect changes in inherent property values.

For the first four months of the year, Maui's single-family median price was down just 6 percent to $592,696 from $632,000 in the same period last year.

The year-to-date median condo sale price was up 12 percent to $590,750 from $530,000 in the same period last year.

The median is a point at which half the sales are for more and half for less.

Maui's housing market also has a good proportion of resort property that can skew median prices with multimillion-dollar sales.

For instance, three areas — Wailea/Makena, Napili/Kahana/Honokowai and Ka'anapali — had median single-family home sale prices topping $2 million on nine sales. In the Valley Isle's largest market, Central Maui, there were 30 single-family home sales for a median price of $471,903.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.

• • •