While condo sales have recently fallen in Florida, it’s a different story in Hawaii.
In February, Maui’s condo sales rose 25% as buyers leaned toward more affordable prices, according to the Realtors® Association of Maui.
“Condo sales have improved,” Evan Harlowreal estate agent at Maui Elite Property, tells Realtor.com®. “Inventory is still very high, and it’s a buyer’s market, but with the lowest prices since the last two years in the condo market, many buyers are taking advantage.”
This is encouraging news, especially as the community continues to recover from the devastating wildfires of 2023.
Condo sales are on the rise
Condo sales rose to 60 units sold in February, up from 48 units sold a year earlier.
The median condo listing price, however, fell 22% year over year to $870,000..
The average sales price was $1,224,830, compared to $1,438,167 last year.
“Buyers are finding opportunities in the condo segment,” Harlow said. “Sellers are encouraged as the market is still soft and they have to compete on prices to sell their goods.”
Condos in this segment of the market had an average time on the market of 97 days, the association reported, down 6% compared to last year.
Single-family home sales are falling
In February, 44 single-family homes were sold, down from 45 last year.
The median home list price fell 10% to $1,275,000, down from $1,410,144 in February 2025.
The average sales price was $1,406,480, compared to $1,984,211 last year.
Single-family homes spent the most time on the market, with an average selling time of 105 days—up 7% from last year.
Single-family home sales in Maui are down 2% from last year.
“Ever since the mayor announced his intention to extend the ban on short-term rentals in May of 2024, the market has been falling,” Harlow said. “Combined with lower-than-normal tourism occupancy at this time, the real estate market is down in almost every category.”
But Harlow says he’s starting to see things change.
“Since January, all sectors of the market are showing signs of improvement and showing price stability,” he said.
How is the market now
Harlow says he believes the real estate market in Maui is better now than it has been in a long time.
“I see a variety of buyers at any given time,” he says. “I have a few 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 and investors taking out mortgages on STRs. I have buyers looking to buy fixer-uppers.”
He says consumers know they are in the driver’s seat in this market and have a choice.
“They take their time and make sure they don’t pay too much, since many sellers will remain the most expensive in the market, they are not willing to move,” he said.
Harlow says that all grants are still very popular in Maui, and many of these grants come in 1031 exchanges. “Right now, bidding wars are very few and far between,” he notes.
He says that in resorts like Wailea, Kaanapali, and Kapalua, he mainly sells second homes and Airbnbs. But in non-residential areas like Wailuku, Makawao, Pukalani, and Haiku, you’re seeing more prime residences for sale.
What has changed since the epidemic
Harlow became a Maui real estate agent in 2020, and says the market has changed a lot in that time.
“We used to hover around two to three months of inventory in ’21 and ’22, and almost every deal was a multi-offer situation where the property was selling for 5% to 10% more than the latest computer,” he said. “Buyers were moving fast and we were taking advantage of once-in-a-lifetime mortgage rates.”
Now, he says, consumers have more time and more options.
“Whatever the market is doing, it’s our job as Realtors® to understand it and help our clients capitalize on it based on our experience and understanding,” he explained.
