Maui had a small decline in the number of homes sold last month while median prices moved in different directions for single-family homes and condominiums.
A new report from the Realtors Association of Maui said the median price for single-family homes sold on the Valley Isle in March declined 10% to $680,000 from $756,000 in the same month last year.
Some of the drag on the median price was due to more sales in the Wailuku area where residences tend to be more midpriced. There were 25 homes sold in the area last month for a median $641,114 compared with 15 sales for a median $685,000 a year earlier.
Overall, there were 100 single-family homes sold on Maui last month, down 5 percent from 105 a year earlier.
In Maui’s condo market the median price jumped 15% to $450,000 last month from $390,000 a year earlier. Much of the increase was fueled by sales in Kihei where there were 56 sales last month for a median $416,000 compared with 45 sales a year earlier for a median $359,000.
The number of condo sales slipped 5% to 127 last month from 133 a year earlier.
The median price is a point at which half the sales were at a higher price and half at a lower price.
Maui’s trade association for real estate agents counts sales of new homes and previously owned homes in its report.
Tribune Content Agency