According to the Realtors Association of Maui (RAM), the price of single-family homes decreased in October while condo prices and sales rose.
The median price of a Maui County condo was $400,842 which is a four percent increase since the same month last year. This number is based on 61 sales as opposed to 49 in October 2008. That is a 24 percent increase, but as with all small markets, one should not give too much weight to the percentages, at least not unless the change is consistent. The reason for this is because a small change the number of units sold can swing the percentage more extremely than a market with larger numbers.
The number of single-family home sales dropped from 80 in October of last year to 71 this past October. The median price there was $487,000, 4 percent lower than the $509,500 median from October 2008.
As far as year-to-date numbers are concerned, single-family homes in Maui County are down 34 percent.
Like RAM’s chief staff executive Terry Tolman urges, we should try to consider trends over long periods rather than short ones. When a few sales can swing the percentages so heavily, it’s a good idea to assess the market in one-year intervals. When we have November and December numbers in, we’ll have a much more complete picture.
For new developments on Maui, we recommend a look at the wonderful Lanikeha project. For vacant land sales, check the Kaanapali Golf Estates. There are also some very nice Puamana Condos for sale. Remember, if you have any questions not answered on our website, you can call (800) 367-5632 or email us at . We would love to assist you. Mahalo!