Maui’s real estate market has shown stability over the past year, with total sales, median prices, and days on market remaining within a narrow range when comparing May 2024 to May 2023. Year over year, single-family home prices have appreciated by 4% to $1,300,000, while condos are up by 2% to $845,000. Of the two market categories, demand for single-family homes remains strong, whereas condos are facing mounting pressure from a drop in visitor arrivals and uncertainty about the Minatoya list.

A slight uptick in sales combined with declining days on market is a healthy indicator that buyers remain active in the Maui single-family home market, with nearly 1 in 4 properties being sold above the asking price. The markets with the highest market activity for May were Wailuku, with 18 total sales and a median price increase of 9%, and Makawao, with 12 total sales, nearly doubling the area’s historical average. Across the island, areas with higher price points are seeing longer days on market.

A sharp decline in condo sales in Kihei (-38%) and Kaanapali (-36%) is likely the result of Maui County’s proposed legislation to phase out short-term vacation rentals for 7,000 properties on the Minatoya List. With so much uncertainty, anticipate the condo market to experience some volatility in both sales activity and demand. For more info about the Minatoya uncertainty, here is a good article: https://www.civilbeat.org/2024/05/maui-council-budgets-300000-to-study-impacts-of-eliminating-7000-vacation-rentals/

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