Median Maui home price dips

Maui median home prices dipped to $644,000 in August, 14 percent lower than the same time a year ago, according to the Realtors Association of Maui. Only 81 homes were sold last month compared to 100 a year ago, when the median price was $749,500.

Condos fared better, with 107 that changed hands last month at a higher median price of $590,000 -- a six-month high. The number sold was 38 more than at the same time a year ago, when the median was only $495,000.

The number of days on market dropped for residential homes, but went up for condos and land.

Terry Tolman, chief staff executive of the Realtors Association of Maui, said expanded inventory remains steady, while continued low interest rates provide buyers with plenty of options.

However, buyers are skittish, given the fallout of the lending industry.

Many sellers, meanwhile, have not come to terms with the realities of the softened market and will be left behind, said Tolman.

A total of 958 homes remain active or pending on the Maui market, along with 1,284 condos and 469 lots.

The number of days on market dropped for residential homes, but rose for condos and land.

Year-to-date, single family homes brought in $754.2 million in sales volume compared to $688.9 million a year ago, a 9 percent increase.