Maui Real Estate Statistics for May, 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 fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.

New Listings decreased 4.3 percent for Single Family homes but increased 101.9 percent for Condominium homes. Pending Sales decreased 18.3 percent for Single Family homes and 34.6 percent for Condominium homes. Inventory increased 10.5 percent for Single Family homes and 172.2 percent for Condominium homes.

Median Sales Price increased 2.0 percent to $1,297,500 for Single Family homes and 1.3 percent to $840,500 for Condominium homes. Days on Market decreased 11.1 percent for Single Family homes but increased 25.0 percent for Condominium homes. Months Supply of Inventory increased 14.3 percent for Single Family homes and 221.4 percent for Condominium homes. Home prices have continued to climb nationwide, despite an uptick in inventory this year.

Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month and a 16.3% increase year-over-year, for a 3.5 month’s supply at the current sales pace.

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

Active Listings: 278 homes from $699,000 for a home for sale in Wailuku to $75,000,000 for Hana Ranch, followed by $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: 125 homes from $490,000 Leasehold for a home in Hawaiian Home Lands to $9,975,000 for a home in Kula.
Sold (2024): 329 homes from $405,000 in Haiku to $38,500,000 for a home in Maluhia

MAUI CONDOS: ACTIVE LISTINGS, PENDING SALES, AND SALES 

Active Listings: 590 condos listed from $210,000 Leasehold for a condo in Honokowai to $18,000,000 for a condominium residence at Wailea Point
Pending: 109 condos pending, ranging from $237,000 Leasehold for a condo in Honokowai to $5,400,000 condo at Wailea Point
Sold (2024): 431 condos sold, ranging from $95,000 to $13,000,000 for a condo at Discovery's Makena Golf and Beach Club.

At the last update, the Active listings were 537 and pending sales were 110, This continued increase in listing inventory and leveling off in pending sales is likely attributable to theproposed changes to Maui County's Short Term Rental rules and regulations.  

MAUI LAND: ACTIVE LISTINGS, PENDING SALES, AND SALES 

Active Listings: 130 parcels from $150,000 in Keanae to $55,000,000 for over 160 acres in Makena
Pending: 25 lots from $299,000 in Hana to $4,490,000 for an oceanfront parcel on Halama Street in Kihei.
Sold (2024): 92 lots from $175,000 in Haiku to two parcels each selling at $11,700,000 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, 6/6/24

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