Single-family home sales continued to slump on Maui, falling in December for a third consecutive month compared with the same period a year earlier. But despite the year-end weakness, 2005 was a record for sales and prices.

The median price for single-family homes sold last year on Maui was $679,000, up 23 percent from $550,000 in 2004, according to the Realtors Association of Maui.

There were 1,317 sales, a 7 percent gain over 1,226 sales in 2004. The increase reversed a 14 percent decline for sales in 2004 over 2003. But the drop during the last quarter of 2005 is expected to continue this year as higher prices and rising interest rates make homes affordable to fewer people.

"The biggest issue is there is no affordable housing on this island," said Tim Tolmachoff, an agent with Maui Island Properties.

The median single-family home sales price in December was $725,000. That was down from $750,000 in November but up from $594,500 a year earlier and still the third highest price last year. The record was $780,000 in May.

The monthly median, which is a point at which half the sales are for more and half for less, tends to fluctuate significantly because Maui has relatively few sales each month.

Last month, there were 80 single-family home sales, down 27 percent from 110 a year earlier. So a few more, or fewer, sales in a luxury resort area during one month can swing the median dramatically.

"A few high or low sales have a greater effect on the statistical numbers without necessarily indicating a big market swing one way or another," said Terry Tolman, executive vice president of the Maui Realtors association.

The bulk of single-family home sales, about a third of the market during the year, was in Central Maui where the median price rose 24 percent to $544,920. The most expensive market was Kapalua where there were 12 sales at a median of $3.5 million, which was up 59 percent.

Tolmachoff said he expects single-family home prices to rise this year but at a slower pace, while his sense is that the number of sales will be lower. "I think this flattening of the (market) is vital to getting a good give-and-take in the marketplace," he said. "It'll make it more dynamic."

Like single-family home sales, Maui's condominium market experienced similar strength in 2005, with more sales at higher median prices.

The median sales price for condos last year was $390,000, up 26 percent from $310,000 in 2004. There were 2,000 sales, up 3 percent from 1,935 during the same period, reversing a 3 percent decline in 2004 over 2003.

In December, the median condo price was $425,000. That was down from a record $485,000 in November, but was still the fourth highest monthly median of the year. A year earlier, the median was $355,000. There were 138 condo sales, up from 106 a year earlier.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.