Maui's single-family home prices plunged nearly 25 percent year-over-year in November, reflecting increased fear over the global economic downturn.

The median sales price fell to $475,500 last month - the lowest since September 2003 - from $631,900 a year earlier, while the units sold dropped nearly 23 percent to 64 units from 83, according to statistics released yesterday by the Realtors Association of Maui.

“;We are still in a state of uncertainty, which is not at all conducive to real estate investment,”; said Terry Tolman, chief staff executive for the association.

A higher percentage of sales are from mainland buyers looking to retire on Maui, where more than half of the sales inventory is comprised of condominiums, many of them available for vacation rentals.

Condominium sales plummeted 66 percent to 29 units from 86, followed by a nearly 38 percent decline in the median sales price to $399,000 to $640,156.

Meanwhile, land sales for November fell 75 percent to four units from 16, while the median sales price rose 9 percent to $507,140 from $465,000.

“;This is a reflection of the economic problems that started happening in August and September,”; with the bank bailouts and people suddenly losing their wealth as retirement plans plummeted, Tolman said. “;So if they were thinking of buying suddenly they can't quality for a loan.”;