Maui home sales drop
Maui's housing market continued to cool in June, with the median price of a home dropping 7.6 percent to $616,000 from a year ago, according to a report by the Realtors Association of Maui released yesterday.
MAUI HOME SALES
The number of homes sold on Maui in June with the median price and percentage change from the same month last year:
| HOMES |
| SALES |
| June |
74 |
| June 07 |
112 |
| Change |
. -34% |
| MEDIAN PRICE |
| June |
$616,000 |
| June 07 |
$667,000 |
| Change |
-7.6% |
| CONDOS |
| SALES |
| June |
53 |
| June 07 |
113 |
| Change |
-53% |
| MEDIAN PRICE |
| June |
$580,000 |
| June 07 |
$475,000 |
| Change |
22% |
Source: Realtors Association of Maui
|
The number of homes sold slumped more than a third to 74 in the month from last year.
Condo sales declined to 53 units sold, down 53 percent from last year's 113. Median prices rose 22 percent to $580,000.
"While unit sales are lagging, median prices are holding up, and days on market figures show that properties priced right will sell in a reasonable timeframe," according to the report. "'Priced right' is the determining factor."
Average days on the market totaled 158 for homes and condos, and 180 for land units. Last June, homes spent an average 186 days on the market; condos, 152; and land units, 314.
The median price for a piece of land rose 2.6 percent to $700,000 in June from last year, with the number of units sold dropping by more than half to 11 from 26.
Active residential and land inventory has grown 2 percent in the last year, while condo inventory has grown 24 percent.
Maui home sales totaled $52.8 million for the month, down from $106 million a year ago.
