March Condo Prices Up, Home Prices Decline

Photo courtesy of Aiko Jonas.

By Sonia Isotov

“Should have bought last year” is the word on the street from “Maui repeaters” who had been looking into purchasing on the island for sometime, according to Maui realtor, Aiko Jonas, of Coldwell Banker Island Properties.

“For instance, at Ke Alii Ocean Villas, one of the most sought-after residential condominium complexes in South Kihei, prices went up approximately 20% within the past 6 months, as soon as developers’ offers were sold out,” said Jonas.

“Canadian cash buyers and retirees from the mainland continue to be driving force of the rising market. Inventory is low since fair market priced properties are flying off the shelf.”

According to statistics released by the Realtors Association of Maui, the median price of a home sold on Maui declined in March to $508,000, while condominium prices increased to $375,000.

In condominium sales, 101 units were sold in March 2013 compared to 100 units in February 2013 at a mean price of $364,950, which is also up from one year ago when 130 units were sold at a mean price of $368,043.

The Kihei area saw the largest amount of condominiums sold with 27 units sold in March 2013, and Kaanapali (+19) exceeded both Napili/Kahana/Honokowai (+13) and Wailea/Makena(+12) in the number of condominium units sold in March. Overall, less units were sold in Kihei than the previous month when 35 units were sold, while 37 units were sold in the area a year ago.

The statistics for the median home price reflect the sales of 79 homes on Maui in the month of March compared to 66 homes sold in February 2013 at a median price of $537,500. Compared to the same month one year ago, the median price is up from $435,000.

For the first quarter of 2013 home sales decreased only slightly with a 1% drop from a year ago, with 208 homes sold, two less than from January through March in 2012. On average, for the quarter, home sales were up 4% to $761,373 and the median price was up 17% to $517,500 for the quarter over the same quarter one year ago.

In condo unit sales for the first quarter, 264 units were sold, which is down 40 units or 13% from one year ago. Average sales price was $527,8345, which is up 20% from a year ago, and the median sales price for condominiums was up 9% to $368,950 from last year.