Condo Sales Drop Dramatically in January

File photo.

By Sonia Isotov

January’s condo sales dropped dramatically to 60 units sold, while residential sales declined only slightly to 63 homes sold, according to the latest statistics from the Realtors Association of Maui (RAM).

Home sales declined to 63 homes sold from 84 in the previous month, December 2013. Condo sales dropped even more dramatically to 60 units sold from 140 units sold in December. Land sales also declined to 7 lots sold in January from 29 lots sold in December.

“While condo sales exhibited a big 2012 year-end rush (possibly due to the then-pending 2013 tax changes), yet the average of December 2012 and January 2013 is a normal looking 100 units per month,” explained Terry Tolman, the chief staff executive at the RAM, in a written monthly report.

The residential home median price rose again to $550,000, while the condo median price decreased to $292,000. Land median price increased to $675,000

The January 2013 RAM report is available in its entirety at http://www.ramaui.com/.