July results are best since the Great Recession
August 12, 2015
The 128 single-family home sales in Maui County in July was the highest monthly total since the 131 sales in March of 2007 in the days before the Great Recession, Realtors Association of Maui data show.
There were 28 more home sales in July than the same month in 2014 and 27 more sales than in June, the report released Friday said.
Central Maui, the perennial top selling district, logged 51 sales in July, 20 more than in 2014. Median prices also grew 16.8 percent in July over 2014 to $525,000. (The median house price is the midway price of all the houses/units sold.) The next highest selling districts with 15 sales each were Kihei with ($525,000 median price) and Kula/Ulupalakua/Kanaio ($630,000 median price).
In the luxury areas, there were five sales in Wailea/Makena in July with a median price of $3.8 million; two sales in Kaanapali, both for $3 million; and one sale in Kapalua for nearly $2 million.
The median price for a home in July rose 3.5 percent to $590,000 year over year. Month over month, however, the price actually fell 9 percent. Median prices for homes have fluctuated in 2015, ranging from $558,625 in February to $650,000 in June.
Condo sales volume for July rose 13.3 percent to 94 sales. The median price was $394,000, an increase of 5 percent from July 2014.
Kihei again dominated the sales market with 38 condos sold in July, up 58 percent from 2014. The district’s median price was $333,000, up 12.9 percent from July 2014.
Napili/Kahana/Honokowai followed with 23 units sold in July, more than double the units sold last July (11 units) and nearly double the units sold in June (12 units). The median price in July was $411,000, which was 6.5 percent lower than a year earlier, but 46 percent higher than the previous month.
Central Maui logged 11 condo units sold in July with a median price of $313,000, which was 51 percent higher than 2014.
For the first seven months of the year, 624 homes were sold, 66 more than the same period last year, with median prices up 5 percent to $599,500.
Condo sales declined 32 units to 708 units sold in the January-to-July period, compared to 2014. Median prices were about the same, off 1 percent, to $414,450.
The current absorption rate (active/pending-continue to show/contingent status inventory divided by July sales) is five months for homes, 9.9 months for condos and 27.8 months for land.
* Lee Imada can be reached at firstname.lastname@example.org.