Maui home sales jump while prices drop 9.7 percent

The number of homes sold on Maui jumped to 104 as the median price dropped to $654,500 in June. The figure, while a 9.7 percent drop from June 2006, was nonetheless the highest the median has reached so far this year.

The latest statistics from the Realtors Association of Maui indicate that the drop in the median price from $725,000 in June of last year helped drive a higher number of home sales.

In May, the Maui median price was at $650,000, and 97 existing homes traded hands.

The growth in sales also may have been driven by expanded inventory and continued low interest rates last month.

On the condominium front, however, the median price dropped to $475,000 compared to $649,000 the same time a year ago. In May, the median condo price was $531,325.

The number of condos sold in June, at 108, was just three fewer than the same month a year ago, and one less than in May of this year.

The number of days on market dropped slightly for condos to 148, while for homes, it rose to 189.