Maui Business

Maui Home Prices Drop in September

October 15, 2012, 11:17 AM HST
* Updated October 15, 11:53 AM
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Palms at Wailea. Photo by Jan Bryan.

By Sonia Isotov

Maui median home prices dropped to $437,500 in September, and while condominium median home prices held steady at $339,563, condominium unit sales declined, according to September statistics released by the Realtors Association of Maui.

“We’ve had 5-10% increase in prices since this time last year. Inventory is very limited,” said Jan Bryan, a realtor with Coldwell Banker Island Properties, “The market is continuing to rebound.”

“I tell my clients not to sit on the side lines too long. They will miss a very good opportunity. Well-priced properties are flying off the shelf and we expect more listings as our high season approaches…December through April. There are fewer foreclosures and short sales, and agents are still excited about the Canadian buyer.”

The residential median home price on Maui was $437,500 in September 2012, down from $520,000 the month before and $412,000 a year ago. September home sales on Maui were level at 76 homes sold, one more than a month ago, but down by four from one year ago when 80 sold.

Jan Bryan, realtor at Coldwell Banker Island Properties, Shops at Wailea.Photo by Jan Bryan.

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The majority of homes sold in September 2012 were located in Central Maui where 23 homes sold for a median price of $330,199. Median home prices in Central Maui continue to fall from $370,000 one month ago, and $360,000 one year ago.

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September 2012 condominium sales dropped to 65 units sold from 98 in the previous month and 84 sold one year ago. The largest volume of condominiums were sold in the Napili/Kahana/Honokowai area with 16 condos selling. Kihei (14) and Lahaina (13) were close behind, and Wailea (8) and Kaanapali (6) trailed further behind.

Condominium median sales price in September dropped slightly to $339,563, compared to $342,450 in August, and $334,950 one year ago.

In land sales, 11 lots were sold on Maui at a median price of $238,000, which was considerably down from one month ago when the median price sold was $350,000, and one year ago at $330,000. One or two lots were sold in most areas of the island, except for Lahaina and Pukalani where no lots were sold.

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

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