Maui home, condo sales soft but prices up

The median price of a condominium in Maui County rose sharply last month to the highest level since June 2006. Single-family home prices also rose.

The median price of a condo jumped to $647,656 in November, higher than a single-family home, and a nearly 13 percent jump over the same month last year, when the median price was $575,000, according to data from the Realtors Association of Maui.

Sales last month were flat, with 78 units sold, compared to 77 units sold during November 2006.

The median price of a single-family home in Maui County was $624,000 last month, a 4 percent increase over November 2006, when the price was $600,000. The number of sales fell to 79, down from 113 last year.

Year-to-date figures show a different story, however. The median price of a single-family home for the first 11 months of the year was $625,500, a 10 percent drop from the same point last year, when the median price was $697,500.

Sales, on the other hand, are up 8 percent for the first 11 months of the year, with 1,025 homes sold compared to 949 homes sold during the same period in 2006.

Condo sales from January through November were down 5 percent from the same period in 2006, with 1,101 units sold, compared to 1,154 units sold last year.

The median price of a condo through the first 11 months of the year was $550,000, up 6 percent over last year, when the median price was $516,500.

Source : http://www.bizjournals.com/