March home sales on Maui were up from the month before as prices continue to drop on the Valley Isle.

There were a total 52 homes sold in Maui County in March-that’s up from the 31 homes sold in February, but down from the 95 homes sold at the same time last year.

The median price for a single family home dropped to $504,000, down $70,000 from the month before, and down $115,000 from a year ago when the price was $620,000.

There were a total of 16 homes sold in Central Maui, 12 sold in Kihei, and six sold in the Kula/Ulupalakua/Kanaio district.  Medians in the three locations ranged from $439,500-$517,500.

The greatest medians were in Kapalua and Wailea/Makena were a single home at each location fetched more than $2 million.  The sale in Kapalua was the priciest with a single home selling for $2,325,000.

The Realtors Association of Maui says that in a nutshell, there is continued financial uncertainty in the state, which is not conducive to real estate investment.  The large inventory, the agency said, includes many short sales and bank owned properties that will need to be absorbed as sales before moving forward.

The Realtors Association notes that for buyers, continued low interest rates and first time homebuyer incentives provide plenty of options for buyers who qualify.

(Posted by Wendy OSHER © 2009)