Maui Home Sales Reach 17 Month High

By Wendy Osher

Maui home sales were up significantly in December with 90 homes selling for a median price of $477,000. That translates to a 63 percent increase in sales volume over last year and marks a 17-month high for home sales on the island.

The Maui Realtors Association released the year end figures saying the market seems to be getting its footing as number of sales increase, inventory decreases, and median prices bounce along the bottom.

A total of 31 homes sold in Central Maui for a median of $438,000; 19 sold in Kihei for a median of $435,000; and 8 sold in Kula for a median of $825,000. Median properties above the $1 million mark sold in Hana, Kaanapali, Lahiana and Wailea.

Sales for condos meantime more than doubled to 80 from the same time last year. The median price for a condo dropped from last year to $401,500. A total of 23 codos were sold in Kihei for a median price of $275,000; 13 sold in Napili for a median of $320,000; and 11 sold in Kaanapali for a median of $1.5 million.

The first time homebuyer credit is still available for up to $8,000. The offer is set to expire on April 30, 2010. Credit grants of up to $6,500 are also available for current homeowners purchasing a new or existing home between November 7, 2009 and April 30, 2010.