Maui’s home prices approach record high

Maui single-family home prices surged in October, but sales retreated and the condominium market was down.

The median price of single-family homes jumped 15.8 percent to a near-record $774,223 from $668,675 in the year-earlier month, according to new data from the Realtors Association of Maui. The record was set at $780,000 in May 2005.

Sales, though, fell 21.4 percent to 88 from 112.

Condo activity on Maui fell slightly as the median price dipped 3.6 percent to $499,000 from $517,500. Maui’s condo record was $805,000 in January 2009. Condo sales decreased 2.2 percent last month to 132 from 135.

Maui’s housing sale statistics are often volatile in part because the trade association counts sales of previously owned homes and new homes. The mix between primary housing in less expensive parts of the island and pricey vacation homes at resorts also can contribute to swings in median prices.

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