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Fewer homes sold last month on Maui but they sold for generally higher prices, according to the latest data from the Realtors Association of Maui.
The trade association reported that the number of single-family homes tumbled 19% to 79 in February from 98 in the same month last year.
Condominium sales slipped only a bit, to 120 last month from 124 a year earlier.
Median prices rose by double-digit figures for both single-family homes and condos.
Single-family homes sold for a median $790,000 last month, up 15% from $684,350 a year earlier. Condo median prices rose 12% to $524,500 from $469,250 in the same period.
The median price is a point at which half the homes sold for more and half for less. This measure can be swayed by the age, size, quality and location of homes. Maui’s real estate broker trade association includes sales of new homes, which tend to be pricier, in its sale data that can help push up median prices.
Last month, it was apparent that most of the sales decline for single-family homes happened in more affordable parts of the island, Kahului and Wailuku, which would help push up median prices.
Tribune Content Agency