Maui Condo Median Price Jump

The median price of a condominium on Maui jumped 27.5 percent last month, compared to August 2017, while the median price of a single-family home on the Valley Isle was unchanged, according to statistics from the Realtors Association of Maui.

The median price of a Maui condo last month was $509,998, compared $400,000 in August 2017. That was based on sales of 146 units, which was 32.7 percent more than the 110 units that sold in August 2017.

Sales of single-family homes on Maui rose 2.8 percent to 109 homes sold in August, compared to 106 sold during the same month last year. The median price of single-family homes last month was $700,000, which was unchanged from a year ago.

Inventory and new listings, meanwhile, fell for both categories.

The number of single-family homes on the market fell 15.7 percent to 487 from 578 in August 2017, while the number of new listings in August fell 18.1 percent to 118, from 144 last year. For condos, inventory fell 18.4 percent to 559 units on the market in August, from 685 last year, while new listings fell 25 percent to 129 units, from 172 units in August 2017.