Maui home prices jump 21% in July on modest sales increase

Bill Cresenzo

Reporter-Pacific Business News

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The median price of a single-family home on Maui rose 21 percent in July on a modest increase in sales, while the median price of a condominium increased by 8 percent despite a 27 percent drop in sales, according to statistics released by the Realtors Association of Maui.

The median price of a single-family home in Maui County last month was $573,750, a 20.8 percent increase from $475,000 in July 2013, according to the Realtors Association of Maui.

That was based on sales of 98 homes, including two on Lanai and one on Molokai, which was 5 percent more than the 93 homes sold in July 2013.

The median price for a condo rose 8.4 percent to $387,500, from $357,625 in July 2013. However, sales dropped 26.8 percent to 82 units sold in July, from 112 condos sold in July 2013.

Maui Land & Pineapple Reports 2nd Quarter 2014 Results

KAPALUA RESORT, Hawaii, Jul 29, 2014 (BUSINESS WIRE) -- Maui Land & Pineapple Company, Inc. MLP +0.68% reported net income of $477,000, or $0.03 per share, for the second quarter of 2014, compared to net income of $831,000, or $0.04 per share for the second quarter of 2013. The Company reported revenues of $5.0 million and $2.6 million during the second quarters of 2014 and 2013, respectively.

In May 2014, the Company sold a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course for $2.3 million. The sale resulted in a gain of $1.5 million.

In June 2013, the Company sold a 7-acre parcel that was the last of its former agricultural processing facilities in central Maui for $4.0 million. The sale resulted in a gain of $1.9 million.

For the six months ended June 30, 2014, the Company reported a net loss of $432,000, or $(0.02) per share, compared to a net loss of $984,000, or $(0.05) per share, for the six months ended June 30, 2013. The Company reported revenues of $7.5 million and $5.2 million during the six months ended June 30, 2014 and 2013, respectively.

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