Maui median home price dips to $650,000

The number of sales dropped while inventory remained steady

The median price of a Maui home dipped to $650,000 in July, while the number of sales dropped and level of inventory remained steady.

The median was $130,000 less than in July of last year, according to the latest statistics from the Realtors Association of Maui. In June, the median home price on Maui was $654,500.

Despite the lower prices, the number of existing homes sold dropped to 81, seven less than in July 2006.

Condos on Maui fared a little better, with the median price falling to $510,000 in July compared to $512,500 in the same month last year. The drop lead to more sales, with a total of 99 condos changing hands last month, 15 more than in July 2006.

In June, 109 condos sold at a median price of $475,000.

Terry Tolman, chief staff executive of the Realtors Association of Maui, said buyers still have plenty of options with continued low interest rates, although everyone is keeping an eye on the lending industry.

As of yesterday, there was an inventory of 943 single-family homes, 1,270 condos and 465 lots on the market, indicating a steady level of properties compared to June.

Single-family homes spent an average of 145 days on the market in July, better than 187 days on the market in June. Condos spent an average of 161 days and land an average of 163 days, much longer than in June.

The residential home sales volume, year-to-date, showed gain at $678 million, 15 percent higher than $588 million a year ago.