WAILUKU, Maui — Maui house and condo prices are increasing, while sales numbers are lagging, according to real estate figures for the first six months of the year.
There were 454 houses sold from January to June, a 7 percent decrease from the same period last year, according to a report by the Realtors Association of Maui. Condominium sales fell 3 percent to 656 units, the report said. The median price for a Maui home increased 7 percent to $575,000, and the condo median price was up 13 percent to $422,750.
Association Chief Staff Executive Terry Tolman told the Maui News the half-year totals signal a normal market. He noted that for Maui, “different parts of the market bulge at different times.” Christmas to spring break tends to be a busy tourist time with buyers looking at the resort areas.
The Central Maui region had the highest number of single-family home sales for the period with 133. The region’s median sales price was $423,286.
Kihei had the highest total dollar volume at $70.3 million for 91 sales in first half of the year. Luxury home sales in the Wailea-Makena area totaled $60.8 million with just 19 sales.
For condos, Kihei had the highest number of sales at 221, with a median sales price of $315,000.
Bank-owned and short sales increased last month in the residential market, Tolman noted. This class of sales made up 15.4 percent of residential sales, the report said, and 8.7 percent of condo sales over the last 12 months.