Sales and median prices continued dropping in May for Maui's residential real estate market, according to a report released yesterday by the Realtors Association of Maui.

Single-family home sales fell 42.3 percent to 56 sales from 97, and the median price dropped by 14 percent to $487,500 from $567,000. Likewise, condominium sales fell 44 percent to 47 sales from 84, and the median price dropped 38.4 percent to $315,500 from $512,500.

“;Similar to latest reports from many mainland markets, our market seems to be at or near the bottom,”; said Terry Tolman, chief staff executive for the Realtors Association of Maui. “;The large inventory includes many short sales and (bank-owned) properties which will need to be absorbed as sales before we can move ahead.”;

Year to date, Maui's single-family home market has seen sales drop by 45 percent and the median price fall by 12 percent. For the year, condominium sales on Maui have fallen by 50 percent, and the median price has dropped by 28 percent.

“;Best deals are selling; everything else is getting old,”; Tolman said.