Maui Home Sales Reach 5-Year High, Prices Rise

File photo.

By Sonia Isotov

October 2012 residential home sales rose to a 5-year high of 98 homes sold, a 33% increase over one year ago, according to new statistics released by the Realtors Association of Maui.

The median home price rose to $487,000 from $437,500 one month ago, and $482,500 one year ago.

The condominium median price increased to $351,495, up from $325,00 one month ago and $310,000 one year ago. Condominium units sold in October 2012 numbered 98 – that’s almost a 50% increase over one month ago when 67 condominium units were sold, and almost 33% more units sold than one year ago when 77 units were sold.

Land median price rose to $297,500 from $238,000 one month prior, and decreased from $465,000 one year ago. Eight lots were sold in October 2012, compared to 11 lots one month ago, and eight lots one year ago.

In year-to-date figures, residential home sales decreased 3% with 765 homes sold so far this year at an average price of $689,249 (-14%YTD). Condominium unit sales decreased slightly in year-to-date sales with 1,009 units sold so far this year at an average price of $453,209 (-10%YTD).

Of the 919 residential homes sold in the last 12 months, 36.9% were bank-owned or short sales. Of that 1,175 condominiums sold in the last 12 months, 26% were bank-owned or short sales and of the 142 lots of land sold in the last 12 months, 14.8% were bank-owned or short sales.