Maui home prices
leap 37.5%
Single-family home resales on Maui in February continued their strong performance with 80 transactions, up from 73 sales a year earlier, according to the Realtors Association of Maui.
Sales prices of single-family homes on Maui showed no sign of a slowdown in February reaching a median of $550,000, 37.5 percent ahead of February 2003's median sales price of $400,000.
Maui real estate agent Keoni Ball, of Kahului firm Carol Ball and Associates, said there is no doubt that homes, especially those in good condition, are selling fast and getting multiple offers.
"If something is good, it will go at a high price," Ball said. "However, if something is way overpriced and not in good shape it will sit and sellers will reduce the price as reality sinks in."
There were 144 Maui condominiums sold during the month, two more than in February 2003. But the median price for a condominium, at $257,500, was slightly below the median of $260,488 a year ago. Most condominium sales occurred in Kihei, which had 74 transactions. The median price in the Kihei area for the month was $237,000.
While February home sales on the Big Island and Kauai have not been reported yet, sales in January in categories on both islands showed some slowdown. Condominium sales on the Big Island dropped by almost 16 percent from last year. Single-family home sales on Kauai showed an 8 percent decrease in January, while condominium sales dropped by 9 percent.