Maui Real Estate Market Update

A Cooling Trend Amid Rising Inventory

Maui Real Estate Market Update: A Cooling Trend Amid Rising Inventory

Over the past six months, Maui’s real estate market has shown significant signs of change, marked especially by a dramatic rise in inventory and a noticeable slowdown in sales activity.

Inventory on the Rise

Recent figures paint a striking picture: In August 2024, the number of new listings surged. Single-family home listings rose by 63% compared to August 2023, while condominium listings saw an even larger spike of 86%. This influx of available properties indicates growing seller interest or potential shifts in property ownership trends.

Fast forward to March 2025, and the inventory levels remain elevated. According to the latest Maui Market Report, active listings across most sectors of the market continue to climb, including luxury home segments where high-value transactions are still taking place but at a slower clip.

Demand Softens

However, this influx of properties is not being met with proportional buyer demand. Pending sales in August 2024 declined by 23% year-over-year for both single-family homes and condominiums. March 2025 data supports this trend: despite more choices for buyers, the number of completed transactions has not kept pace.

For example, condo sales in March 2025 totaled 242 units, with a median days on market (DOM) of 91, suggesting a longer wait to close sales. Similarly, 80 single-family homes were sold during the month, reflecting a modest market pace even in areas that typically see strong activity.

Price Trends and Buyer Behavior

While prices have held relatively steady, the pressure of increased supply may begin to affect future pricing. The median sold price for single-family homes hovers near $1,102,000, while condos show wide variation depending on location, ranging from $292 per square foot in more affordable areas to over $2,500 per square foot in luxury segments like Wailea and Kapalua.

One important metric to note is the percent of list price received, which remains relatively high (91–97%) across the board, indicating that sellers are still achieving near-asking prices in most transactions. However, the lower volume and slower pace of pending sales point to a more cautious buyer pool.

Single-Family Home Sales: Steady Growth Across Regions

Maui's single-family home market remained strong in March, with notable sales recorded across multiple districts. The median sales price for single-family homes varied significantly depending on the area, reflecting the diversity of the Maui housing market.

Key Highlights for Single-Family Homes:

• Total Transactions: 129
• Median Sold Price: $1,150,000
• Highest Sales Price: $6,812,500 (Luxury Market)
• Lowest Sales Price: $325,000
• Percentage of List Price Received: 96%
• Market Hotspots: Wailea/Makena, Kaanapali, and Lahaina continued to see high sales activity.
• Median Days on Market (DOM): 59 days

Upcountry areas such as Makawao, Olinda, and Haliimaile also performed well, showing steady demand for homes in more secluded, lush environments.

Condo Market: Demand Remains Strong

The Maui condo market continues to attract buyers, particularly in high-demand areas like Kihei and Wailea/Makena. Investors and second-home buyers remain active, drawn to properties that offer both lifestyle appeal and rental income potential.

Key Highlights for Condos:

• Total Transactions: 153
• Median Sold Price: $739,000
• Highest Sales Price: $6,400,000 (Luxury Market)
• Lowest Sales Price: $292,000
• Percentage of List Price Received: 97%
• Market Hotspots: Wailea/Makena, Kapalua, and Kaanapali saw strong condo sales activity.
• Median Days on Market (DOM): 43 days

The condo market remains competitive, with a 96% list-to-sales price ratio, indicating strong demand and limited room for price negotiations.

Luxury Real Estate: A Surge in High-End Sales

The luxury segment in Maui saw a significant surge, with multimillion-dollar sales occurring across several districts. March recorded substantial activity in high-end properties, especially those priced over $2.5M for single-family homes and $1.5M for condos.

Luxury Market Breakdown:

• Total Luxury Transactions: 23
• Total Luxury Sales Volume: Over $78M
• Top Single-Family Sales:
  • $6,812,500 (Kapalua)
  • $6,400,000 (Lahaina)
  • $3,394,000 (Kaanapali)
• Top Condo Sales:
  • $6,400,000 (Wailea/Makena)
  • $6,788,000 (Kapalua)
  • $2,349,000 (Kaanapali)

High-end buyers continue to favor areas like Wailea/Makena and Kapalua, which offer exclusivity, ocean views, and resort-style living.

What This Means for Buyers and Sellers

The current conditions suggest a cooling market. For buyers, this could mean more leverage—more inventory, less competition, and perhaps the opportunity for negotiation. For sellers, it emphasizes the importance of strategic pricing and presentation, as a more crowded market can mean longer selling times and fewer bidding wars.

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Bottom Line:
Maui’s real estate market is entering a new phase—one of greater balance between supply and demand. While it’s not a buyer’s market just yet, the sharp rise in inventory and softening sales activity indicate that the red-hot market of recent years is beginning to cool.

If you're considering entering the market—either to buy or sell—staying informed and working with a knowledgeable local agent is more important than ever.

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