Maui Business

Maui Home Prices Continue to Climb

September 13, 2012, 10:58 AM HST
* Updated September 14, 7:32 AM
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a charming older home

Maui Now file photo.

By Sonia Isotov

Home prices on Maui continue to climb, while sales remain flat for homes and slightly up for condominiums, according to the Realtors Association of Maui’s report on August 2012 real estate sales.

August home sales on Maui were level at 75 homes sold with 76 sold one month ago. August sales were down from 81 homes sold one year ago, while median home prices rose over $100,000 in the same one year period.

The residential median home price increased to $520,000 in August, up from $488,000 the month before and $410,000 a year ago.

The majority of homes sold in August 2012 were located in Central Maui, Haiku, and Kula/Ulupalakua/Kanaio. Median home prices were much lower in Central Maui where 20 homes sold for a median price of $370,000, followed by Haiku, where nine homes sold for a median price of $740,000, and nine homes were sold in Kula/Ulupalakua/Kanaio for a median price of $771,300.

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Aiko Oka Jonas, a realtor with Coldwell Banker Island Properties, explained that Maui real estate inventory continues to be very low, and “the market is definitely shifting from a dominantly buyers’ market into more neutral market.”

Aiko Oka Jonas, Coldwell Banker Island Properties. Photo courtesy of Jonas.

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“Buyers are realizing that Maui prices are at 2003 levels, and they won’t remain there for long. A few popular condominium complexes, such as Koa Resort in Kihei, are already seeing higher offer/sale price than list price,” she continued.

August 2012 condominium sales rose to 98 units sold from 82 in the previous month and 86 sold one year ago. The largest volume of condominiums were sold in Kihei, where 30 units were sold for a median of $337,500, followed by Napili where 19 units sold for a median price of $300,000.

The condo median price rose to $342,450 in August 2012 from $332,000 a month ago and $266,000 a year ago.

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Land sales saw 13 lots sold at a median price of $350,000 compared to 12 lots sold at a median price of $422,500 sold one month ago, and 12 lots sold one year ago at a median price of $189,500.

The August 2012 report on Maui real estate can be found in its entirety at http://www.ramaui.com/.

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