Condo sales on Maui rose 82% last month
POSTED: Tuesday, April 13, 2010
Maui Home salesThe number of homes sold on Maui in March with the median price and percentage change from the same month last year:
Source: Realtors Association of Maui |
Real estate sales and condominium prices picked up on Maui last month as investors fueled the market; however, single-family home prices contracted.
Sales of condominiums, which tend to offer more appeal to investors, second-home and vacation homebuyers, rose 82 percent last month. The median price paid for the 122 units that changed hands in March rose 9.5 percent to $512,250 from the year-ago $468,000.
“;A lot of the activity that we are seeing is related to second-home owners and investors, and it makes sense that they would go after the condos,”; said Howard Dinits, a Realtor with Wailea-based RE/MAX Resort Realty.
While buyers have begun to show interest in single-family homes, Dinits said it will take a few more months until the momentum shows up.
“;Generally, (second-home buyers and investors) like properties that can be used for transient rentals,”; he said.
As a result, Maui's single-family home sales rose a more modest 25 percent; however, the median price fell 8.8 percent to $460,000 for the 70 units that traded hands in March.
Still, Dinits said there are signs that Maui's broader market is improving. Canadians, Californians and baby boomers are out shopping, and for the last month buyers have been making calls on properties that are already in escrow, he said.
“;That's an indicator that our market is getting better,”; Dinits said.
“;I've already closed $3.5 million in sales year to date. Last year I closed $3.8 million.”;
