Maui condo sales, prices rise


POSTED: Tuesday, November 10, 2009

Single-family home sales and prices fell on Maui last month, but condominium sales and prices rose, according to statistics from the Realtors Association of Maui.

While Maui's single-family home sales fell 11.3 percent to 71, condominium sales rose 24.5 percent to 61. The median price paid for a single-family home fell to $487,000, a 4.4 percent drop from the previous year. However, more than half of condo buyers paid at least $400,842 for a unit, a 4.1 percent gain from the year-ago October.

Terry Tolman, RAM's chief staff executive, said the recent data, along with shrinking inventory, is an indication that the market “;appeared to be getting its footing.”;

But he also added that there are a considerable number of short-sale and foreclosure properties that need to be sold before the market can move ahead.

“;Best deals are selling; everything else is getting old,”; Tolman said.

Sales on Maui finally have picked up as those short sales and foreclosures have begun to drive down prices, said Howard Dinits, a Realtor with RE/MAX Resort Realty in Wailea, who specializes in Big Island and Maui sales.

“;I have six foreclosure properties waiting to hit the market, and there are people walking away from $800,000 and million-dollar homes,”; Dinits said.

Sellers who were once reluctant to drop their prices because “;Maui is no ka oi”; have had to get more realistic, he said.

“;Unfortunately, we had the same problems as everyone else that had to drop their values, and so did we,”; Dinits said.

Home sales

The number of homes sold on Maui in October with the median price and percentage change from the same month last year:

October 200971
October 200880
October 2009$487,000
October 2008$509,500
October 200961
October 200849
October 2009$400,842
October 2008$385,000

Source: Realtors Association of Maui