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.