Maui Real Estate Statistics: February 2024

Each month, the Realtor's Association of Maui publishes updates on the Maui real estate market. 

The report notes:

U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.

New Listings increased 2.4 percent for Single Family homes and 52.1 percent for Condominium homes. Pending Sales decreased 5.1 percent for Single Family homes but increased 8.0 percent for Condominium homes. Inventory decreased 10.7 percent for Single Family homes but increased 78.8 percent for Condominium homes.

Median Sales Price increased 15.9 percent to $1,250,760 for Single Family homes but decreased 18.6 percent to $744,500 for Condominium homes. Days on Market increased 14.2 percent for Single Family homes but decreased 22.0 percent for Condominium homes. Months Supply of Inventory decreased 2.3 percent for Single Family homes but increased 129.2 percent for Condominium homes.

Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.

While nationally we are seeing some markets stalling or decreasing, we are seeing locations with great views in excellent condition commanding the interest of buyers. The South Maui resorts of Wailea and Makena continue to command the highest condominium sales prices, though the Montage Residences, Kapalua Bay are not far behind.

MAUI HOMES: ACTIVE LISTINGS, PENDING SALES, AND SALES*

Active Listings: 224 homes from $490,000 Leasehold or a home for sale in Hawaiian Home Lands to $42,500,000 for a home for sale on Keawakapu Beach.  This is followed by a $33,000,000 oceanfront home for sale in Makena and a $30,000,000 oceanfront home for sale in Kapalua Resort
Pending: 129 homes from $629,000 Leasehold for a Hawaiian Home Lands home in Waiohuli to $21,000,000 for an estate for sale in Keahou in Makena
Sold (2024): 132 homes from $370,000 in Wailuku to $13,700,000 for a home in Maluhia in Wailea

MAUI CONDOS: ACTIVE LISTINGS, PENDING SALES, AND SALES 

Active Listings: 394 condos listed from $259,000 for a condo in Kahului to $18,000,000 for a condominium residence at Wailea Point
Pending: 171 condos pending, ranging from $251,000 for a condo in Kahului to $12,950,000 for a condominium at the Montage Residences Kapalua Bay.
Sold (2024): 175 condos sold, ranging from $95,000 to $10,00,000 for a condo at Discovery's Makena Beach Club and Residences.  

MAUI LAND: ACTIVE LISTINGS, PENDING SALES, AND SALES 

Active Listings: 123 parcels from $150,000 in Keanae to $75,000,000 for over 3546 acres for Hana Ranch
Pending: 25 lots from $250,000 in Kahana to $2,700,000 for a lot in Kuau
Sold (2024): 50 lots from $175,000 in Haiku to $11,700,000 for 26 acres sold as part of Discovery's Makena Golf and Beach Club.

*Molokai and Lanai are not included in the above-written summaries, although they are a part of Maui County.  This data is taken from the MLS on the date of this post, 3/8/24

Read the full report and see how it compares to prior years here: Maui Real Estate Statistics