Maui realty still cooling

August sales for Maui's real estate sector continued to trend downward; however, there were pockets of optimism as August's median residential and condominium sales prices rose to nine-month highs.

Last month, 65 single-family homes changed hands in Maui, a 21.7 percent drop from 83 in the prior year.

Single-family home prices fared better, dropping only 2.3 percent to $625,000 from the year-ago $639,996.

There were 50 condominium sales last month, a 56.5 percent drop from 115 in the same month in 2007. However, the median price paid for a condominium rose 6.8 percent to $632,500 from $592,000 in August of 2007.

"The market shows a continuing, general cooling trend," said Terry Tolman, chief staff executive for the Realtors Association of Maui.

Unit sales in all three classes (residential, condo and land) dropped noticeably following July's residential high of 97 homes sold, Tolman said. And, active inventory has grown considerably in the last 12 months, he said.

However, while unit sales are lagging, median prices are holding up and days on the market show that properties which are priced right will still sell in a reasonable time frame, Tolman said.

To be successful, sellers need to be realistic and offer properties that are well priced and in better property condition than the competition, he said.

"Unrealistic sellers continue to follow the market down and miss current opportunities that later become woefully apparent," Tolman said.

While the market is cooling, interested buyers should not try to time the market, he said.

"Buyers waiting for the 'bottom' may also miss unique properties/opportunities as market forces, qualification requirements and rates may fluctuate," Tolman said.