Maui’s Condo Market Heats Up as Single-Family-Home Sales Drop

While condo sales have recently slumped in Florida, it's a different story in Hawaii.

In February, Maui’s condominium sales surged 25% as buyers leaned toward more affordable options, according to the Realtors® Association of Maui.

"Condo sales have been improving," Evan Harlow, a real estate agent at Maui Elite Property, tells Realtor.com®. "Inventory is still way up, and it's a buyer's market, but with prices being way down from two years ago in the condo market, many buyers are taking advantage of the opportunity."

This is encouraging news, especially as the community continues to recover from the devastating 2023 wildfires.

Condo sales on the rise

Condo sales increased to 60 units sold in February, up from 48 units sold in the year-earlier period.

The median condo listing price, though, fell 22% year over year to $870,000.

The average sales price was $1,224,830, compared with $1,438,167 a year ago.

"Buyers are absolutely finding opportunities in the condo segment," says Harlow. "Sellers have become more motivated as the market has remained soft and are having to be more competitive on price to get their property sold."

Condos in this market segment had a median time on the market of 97 days, the association reported, down 6% from last year.

Single-family-home sales decline

In February, 44 single-family homes sold, slightly fewer than the 45 sold a year earlier.

The median home listing price fell 10% to $1,275,000, down from $1,410,144 in February 2025.

The average sales price was $1,406,480, compared with $1,984,211 a year ago.

Single-family homes are spending more time on the market, with a median selling period of 105 days—a 7% increase from last year.

Single-family-home sales in Maui are down 2% from last year.

"Since the mayor announced his intention to push forward the ban on apartment-zoned short-term rentals in May of 2024, the market has been in a slump," says Harlow. "Combined with lower-than-usual tourism occupancy during this period, the real estate market is down across almost every category."

But Harlow says he's starting to see things turn around.

"Since January, all sectors of the market are showing signs of improvement and showing much more pricing stability," he says.

What the market looks like now

Harlow says he believes the real estate market in Maui is better now than it has been for a while.

"I see a wide variety of buyers at any given time," he says. "I have several 1031 exchange buyers looking to take advantage of the tax deferral. I have local residents looking for their forever home. I have luxury buyers looking for second homes as well as investors taking out mortgages to STRs. I have buyers looking to buy fixer-uppers."

He says buyers know that they are in the driver's seat in this market and have options.

"They are taking their time and making sure that they are not overpaying, as many sellers will still sit overpriced on the market, unwilling to budge," he says.

Harlow says all-cash offers are still very popular on Maui, and many of these cash offers come via a 1031 exchange. "Right now, bidding wars are very few and far between," he notes.

He says that in resort areas like Wailea, Kaanapali, and Kapalua, he's mainly selling second homes and Airbnbs. But in nonresort areas like Wailuku, Makawao, Pukalani, and Haiku, he sees more primary residences being sold. 

What's changed since the pandemic

Harlow became a Maui real estate agent in 2020, and says the market has changed significantly in that time.

"We used to hover around two to three months of inventory in '21 and '22, and almost every deal was a multiple-offer situation where the property was selling for 5% to 10% higher than the most recent comp," he says. "Buyers were moving swiftly and taking advantage of once-in-a-lifetime mortgage rates."

Now, he says buyers have more time and more options.

"Whatever the market is doing, it's our job as Realtors® to understand it and help our clients navigate it based on our experience and understanding," he explains.