The numbers are in for Maui’s June real estate statistics, and median home prices dropped, while median condo prices spiked. As we always remind our readers, in a small market like ours, it’s easy for a few little changes to sway the statistics because they comprise a larger percentage of the whole than larger markets. This means it’s especially important to look at long-term real estate trends in our market. That being said, the monthly reports can still yield interesting results.
Single-family Maui home prices fell by 12 percent year-over-year in June, but condo prices rose by 11 percent, according to the Realtors Association of Maui.
The median single-family home price was $535,000, compared to $599,000 in the same month last year. As for the influence of sales, there wasn’t much of a change. There were 91 sales, compared to 93.
As for condos, the median price was $444,500 compared with $400,000 in the same month last year. Oddly enough, sales fell 25 percent from 125 units sold in June 2013 to 94 units sold last month.
Another interesting development is the fact that inventory nudged up a bit, despite the current low inventory trend. High overall prices are likely the cause, as owners become sellers to make a profit on their Maui real estate investment. As always, South Maui real estate comprised a big percentage of the island’s condo and home sales. This area of the island is our specialty, so if you’re in the market and looking for assistance, you’ll find our contact information at the bottom of the page. Mahalo!
RealEstateMauiHawaii.com – By Mark Harbison