Maui home prices up last month
Maui home sales remained steady in November, although the median price ticked up to $624,000, 4 percent higher than the same month a year ago and 6.7 percent higher than the $585,000 median in October.
Meanwhile, home prices and sales fell on both Kauai and the Big Island last month.
A total of 79 homes were sold in November, two more than in October but 34 less than a year ago.
Condo sales also remained steady, with only one more sold in November at a median of $647,656 compared to the same time least year, when the median was at $575,000.
But sales were 34 less than in October, when the median was at $552,000. The condo sales volume overall dropped to $76.6 million compared to $97.3 million in October, but was still higher than in November of last year.
Terry Tolman, chief staff executive at the Realtors Association of Maui, summed it up as: "A good time to buy ... and hold."
He said the inventory of condos, homes and land has grown somewhat, and that buyers still have plenty of options due to continued low interest rates. Sellers, however, who resist the realities of a softening market may be left behind. Realistic sellers can beat the competition with careful pricing, better property conditions, and flexible terms, he said.
As of Dec. 3, there were 1,046 homes, 1,325 condos and 492 lots on the market, all three categories offering more inventory than in August.
Year-to-date, the volume of sales for Maui County homes is up, but slightly down for condos and significantly down for land.
On Kauai, the number of home sales went down 27 percent to 24 in November, while condo sales fell a steep 66 percent to just 12.
The median price of a Kauai home was $515,150 last month, 14 percent lower than the same time a year ago. Condo prices, on the other hand, increased 40.4 percent to $772,000 last month compared to $550,000 a year ago.
Sales volume, year-to-date, was down for homes and vacant land, and most dramatically for condos on Kauai.
Sales also fell on the Big Island, 29 percent for homes (to 99), and 26 percent for condos (to 26) in November.
The median home price of a Big Island home was recorded at $363,600, down 3 percent from the same month a year ago. Condos, on the other hand, were recorded at $481,000 in November, up 30.5 percent from the same time a year ago.
Sales volume, year-to-date, was also down across-the-board for homes, condos and vacant lots on the Big Island.
Neighbor island home prices
Median sales prices for single-family homes: |
Maui |
Home price |
November 2007 |
$624,000 |
November 2006 |
$600,000 |
Change |
+4.0% |
Kauai |
Home price |
November 2007 |
$515,150 |
November 2006 |
$600,000 |
Change |
-14.1% |
Big Island |
Home price |
November 2007 |
$363,600 |
November 2006 |
$375,000 |
Change |
-3.0% |
Source: Hawaii Information Service, Realtors Association of Maui