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Maui Home Prices Up in July

Home prices rose by 25 percent in July, but condo prices remained the same.
August 17, 2012

Maui Home Prices Up in July

By Mark Harbison

Kihei Condo

According to the Realtors Association of Maui, Maui County home prices were up by 25 percent in July, compared to the same month last year. That's a substantial change compared to the past couple of months. Unlike previous months, condo prices remained unchanged.

The median Maui home price rose from $394,500 in July 2011 to $491,000 last month. There were 71 sales, compared to 68 the same month last year. So we're looking at a big price change but not such a big change in the actual number of properties sold. As for median condo prices, that number was $320,000 last month and it was the same during July of 2011. The number of condos sold fell from 98 to 73 year-over-year.

According to RAM, the Maui real estate market's inventory is shrinking now that those REO and short sale properties are being bought up. Over the past year, the number of properties on the market has fallen by 18-21 percent.

Kihei condo sales stood out with 22 units sold at a median price of $260,000 compared to 31 sales in July 2011 at a median price of $236,000.

Comparing year to date figures, the number of homes sold is the same as it was last year, with prices up 5 percent from $440,000 to $462,000.  The number of condos sold is almost identical to last year, with an 8 percent increase in sales to a median of $350,000.

As always, keep in mind that in a small market like Maui County's, a few sales have a bigger impact on the statistics than in a larger market, so numbers are prone to extremes. It's best to gauge change based on long term data.

Blogs for August 2012

Maui Economic Development Board Fundraiser Roaring Success

Posted on August 31, 2012
Maui Economic Development Board Fundraiser Roaring Success

By Mark Harbison

The Maui Economic Development Board (MEDB) recently raised $338,046 at the nonprofit Ke Alahele Education Fund benefit dinner and auction at the Grand Wailea. Tickets cost $150 each, and all 700 seats were sold out. The funds were raised for science, technology,… Continue Reading

Hawaii Ranks High in Low Unemployment

Posted on August 24, 2012
Hawaii Ranks High in Low Unemployment

By Mark Harbison

Most people considering a move to Maui are concerned about one major issue. They visit the island, they of course fall in love with it, and then they have to consider how they will make a living here. Hawaii doesn't have the best… Continue Reading

Maui Home Prices Up in July

Posted on August 17, 2012
Maui Home Prices Up in July

By Mark Harbison

According to the Realtors Association of Maui, Maui County home prices were up by 25 percent in July, compared to the same month last year. That's a substantial change compared to the past couple of months. Unlike previous months, condo prices remained unchanged.

The… Continue Reading

South Maui Olowalu Town Project Approved

Posted on August 10, 2012
South Maui Olowalu Town Project Approved

By Mark Harbison

Maui is going to see some big changes in the coming years, specific to development within Maui's urban and rural growth boundaries. The 1,500-home, 600-acre Olowalu Town Project has been approved by the Maui County's General Plan Committee. Aside from homes, it will… Continue Reading

South Maui's Wild Dolphin Days Events

Posted on August 03, 2012
South Maui's Wild Dolphin Days Events

By Mark Harbison

August is the month for dolphins, and the Pacific Whale Foundation will be presenting several upcoming events and activities to entertain and educate residents and visitors alike. How many states can boast regular events like these? The stunning natural environment is just one… Continue Reading

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Mark and Lisa

Mark A Harbison
R(B) (GRI) (CIPS) (TRC)

Mark@RealEstateMauiHawaii.com

(808) 283-3785

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