It’s June on Maui. That means warmer days, and summer longboard waves on south-facing shorelines. If you enjoy fresh Maui produce, it is a time of abundance. Lychee and Mango are treats savored by local residents this time of year. It also means it is time to look back on May’s Maui Real Estate activity. This post looks at new listings, new pending sales, closed transactions, and end-of-the-month inventory. It also includes some general thoughts on the state of the market. Without further ado, here are the May numbers.
May Maui Market Activity
The tables below show market activity in May, along with previous May months for comparison. We include an average for May over the three years before COVID-19 to give some context for “normal” market activity.
May New Listings
| May 2025 | May 2024 | May 2023 | May 2022 | May 2021 | Avg. May 2017-2019 | |
| Homes | 103 | 116 | 110 | 115 | 135 | 118 |
| Condos | 140 | 213 | 100 | 148 | 188 | 168 |
May’s new home listings decreased 11.2% compared to May 2024. This May’s numbers were 12.7% below the average of the three May months between 2017 and 2019. May new condo listings decreased 34.3% compared to last May and 16.7% compared to the average for May between 2017 and 2019. It’s worth remembering that the big number of new condo listings in May 2024 came in the immediate aftermath of the mayor’s proposal to eliminate short-term rentals in apartment-zoned condos.
May New Pending Sales
| May 2025 | May 2024 | May 2023 | May 2022 | May 2021 | Avg. May 2017-19 | |
| Homes | 53 | 62 | 77 | 72 | 110 | 100 |
| Condos | 59 | 52 | 79 | 118 | 222 | 136 |
May’s new pending home sales were 14.5% lower than last May and 47% below the May average between 2017 and 2019. New pending condo sales increased 13.5% compared to May 2024. However, this May’s numbers were 56.6% below the May 2017-2019 average.
May Closed Transactions
| May 2025 | May 2024 | May 2023 | May 2022 | May 2021 | Avg. May 2017-19 | |
| Homes | 52 | 70 | 69 | 94 | 116 | 107 |
| Condos | 64 | 76 | 87 | 145 | 237 | 186 |
May home sales were 25.7% below last May and 51.4% below the May average between 2017 and 2019. Condo sales were 15.8% below last May and 65.6% below the May average between 2017 and 2019.
End of May Maui Home Inventory
| March 31, 2025 | April 30, 2025 | May 31, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| <$750,000 | 6 | 8 | 5 | 8 | 4 (-1) | 7 (-1) |
| $750,000-$999,999 | 23 | 19 | 28 | 14 | 28 | 19 (+5) |
| $1,000,000-$1,499,999 | 80 | 43 | 85 | 38 | 105 (+20) | 33 (-5) |
| $1,500,000-$1,999,999 | 74 | 30 | 82 | 30 | 75 (-7) | 30 |
| $2,000,000-$2,999,999 | 77 | 16 | 77 | 10 | 72 (-5) | 7 (-3) |
| $3,000,000-$4,999,999 | 56 | 4 | 53 | 4 | 58 (+5) | 8 (+4) |
| $5,000,000-$9,999,999 | 46 | 6 | 37 | 5 | 37 | 4 (-1) |
| $10,000,000-$19,999,999 | 22 | 0 | 23 | 0 | 18 (-5) | 1 (+1) |
| $20,000,000+ | 9 | 0 | 8 | 0 | 7 (-1) | 1 (+1) |
| Totals | 393 | 126 | 398 | 109 | 404 (+6) | 110 (+1) |
| March 31, 2025 | April 30, 2025 | May 31, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| Haiku | 28 | 9 | 34 | 7 | 30 (-4) | 8 (+1) |
| Hana | 14 | 4 | 13 | 3 | 13 | 0 (-3) |
| Ka’anapali | 22 | 1 | 14 | 3 | 13 (-1) | 2 (-1) |
| Kahului | 21 | 15 | 19 | 17 | 26 (+7) | 16 (-1) |
| Kapalua | 10 | 2 | 11 | 2 | 12 (+1) | 1 (-1) |
| Kihei | 76 | 17 | 87 | 14 | 82 (-5) | 13 (-1) |
| Kula | 29 | 12 | 35 | 11 | 29 (-6) | 14 (+3) |
| Lahaina | 21 | 2 | 17 | 3 | 22 (+5) | 4 (+1) |
| Makawao | 15 | 14 | 12 | 14 | 13 (+1) | 11 (-3) |
| Napili/Kahana/Hono… | 33 | 2 | 28 | 2 | 32 (+4) | 4 (+2) |
| Pukalani | 5 | 6 | 7 | 1 | 8 (+1) | 2 (+1) |
| Sprecks/Paia | 17 | 3 | 16 | 1 | 14 (-2) | 4 (+3) |
| Wailea | 27 | 3 | 27 | 2 | 31 (+4) | 1 (-1) |
| Wailuku | 54 | 29 | 58 | 27 | 62 (+4) | 27 |
Five Notable Things About the End of May Maui Home Inventory
Between April 30th and May 31st, active home inventory increased 1.5%, and pending home inventory increased less than 1%. The inventory of homes in the $1,000,000 – $1,499,999 price range increased substantially.
Looking at active home listings by price point, they increased in two price ranges, decreased in five, and remained unchanged in two. The price ranges between $1,500,000 and $2,999,999, and the $10,000,000-$19,999,999 price range experienced substantial decreases in active listings.
Pending home sales increased in four price ranges, decreased in four price ranges, and remained unchanged in one price range. The $750,000-$999,999 and the $3,000,000-$4,999,999 price ranges were the two ranges with notable increases in pending sales. The $1,000,000-$1,499,999 and the $2,000,000-$2,999,999 price ranges had notable decreases in pending sales.
Looking at active home listings by community, eight increased, five decreased, and one remained unchanged. Kahului had the most significant increase in active listings, followed by Lahaina, Wailea, Wailuku, and the Napili, Kahana, and Honokowai general area. Kula, Kihei, and Haiku had the most substantial decrease in active listings.
Pending home sales increased in six communities, decreased in seven, and remained unchanged in one. Kula and the Spreckelsville/Paia area had the most significant increase in pending sales. Hana and Makawao had the biggest decrease in pending sales.
End of May Maui Condo Inventory
| March 31, 2025 | April 30, 2025 | May 31, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| <$250,000 | 10 | 1 | 12 | 1 | 12 | 2 (+1) |
| $250,000-$499,000 | 79 | 15 | 83 | 19 | 87 (+4) | 17 (-2) |
| $500,000-$749,999 | 199 | 36 | 215 | 32 | 208 (-7) | 30 (-2) |
| $750,000-$999,999 | 166 | 14 | 178 | 13 | 183 (+5) | 13 |
| $1,000,000-$1,499,999 | 130 | 13 | 158 | 10 | 154 (-4) | 5 (-5) |
| $1,500,000-$1,999,999 | 83 | 10 | 78 | 6 | 68 (-10) | 5 (-1) |
| $2,000,000-$2,999,999 | 52 | 5 | 54 | 3 | 51 (-3) | 6 (+3) |
| $3,000,000-$4,999,999 | 43 | 6 | 47 | 4 | 44 (-3) | 4 |
| $5,000,000-$9,999,999 | 17 | 1 | 16 | 0 | 16 | 0 |
| $10,000,000+ | 7 | 0 | 5 | 0 | 4 (-1) | 0 |
| Totals | 786 | 101 | 846 | 88 | 827 (-19) | 82 (-6) |
| March 31, 2025 | April 30, 2025 | May 31, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| Ka’anapali | 104 | 12 | 114 | 6 | 112 (-2) | 8 (+2) |
| Kahului | 21 | 0 | 27 | 1 | 28 (+1) | 2 (+1) |
| Kapalua | 43 | 5 | 49 | 3 | 51 (+2) | 0 (-3) |
| Kihei | 286 | 31 | 288 | 39 | 279 (-9) | 28 (-11) |
| Lahaina | 18 | 5 | 16 | 4 | 13 (-3) | 4 |
| Ma’alaea | 14 | 4 | 17 | 5 | 18 (+1) | 2 (-3) |
| Napili/Kahana/Hono… | 177 | 23 | 194 | 15 | 193 (-1) | 15 |
| Pukalani | 4 | 0 | 3 | 1 | 3 | 0 (-1) |
| Wailea | 87 | 10 | 94 | 5 | 89 (-5) | 9 (+4) |
| Wailuku | 30 | 11 | 42 | 9 | 38 (-4) | 14 (+5) |
Five Notable Things About the End of May Maui Condo Inventory
Between April 30th and May 31st, the number of active condo listings fell 2.25%, and the number of pending condo listings fell 6.8%. I give these numbers with the caveat that swings in pending sales are going to look bigger by percentage due to the much lower number of pending listings in general.
Looking at active condo listings by price point, they increased in two price ranges, decreased in six, and remained unchanged in two. The $250,000-$499,999 and $750,000-$999,999 price ranges were the two parts of the market that saw increases in inventory. The most significant decreases in active condo listings occurred between $1,500,000 and $1,999,999, and between $500,000 and $749,999.
Pending condo sales increased in two price ranges, decreased in four, and remained unchanged in two. The $2,000,000-$2,999,999 price range experienced the most notable increase in pending sales. The $1,000,000-$1,499,999 price range experienced the largest decrease in pending sales.
Looking at active condo listings by community, they increased in three communities, decreased in six, and remained unchanged in one. The increase in active listings was nominal, with Kapalua seeing the biggest increase, with just two more listings. Kihei, Wailea, and Wailuku had the biggest decrease in pending listings.
Pending condo listings increased in four communities, decreased in four communities, and remained unchanged in two. Wailea and Wailuku saw the most notable increase in pending listings. Kihei, Ma’alaea, and Kapalua saw the most substantial decrease in pending listings.
Thoughts on the Market
Market conditions remain largely unchanged from the past few months. The pool of buyers is smaller compared to the supply of homes and condos.
After a big bump in April, condo inventory did shrink this month, but it was not a reflection of increased buyer demand. May proved to be a big month for cancelled and expired listings. The 107 expired and cancelled condo listings were 20.2% higher than the next closest May, going back to 2017.
We don’t know the reason for all of the cancelled listings. It is possible that sellers are withdrawing from the market due to limited demand, or they may be doing so in anticipation of the county council’s review of the Mayor’s Minatoya Legislation, scheduled for June. It could be a combination of both or other factors could be in play.
The home market saw modest growth in inventory. One part of the market that will bear close watching moving forward is the $1,000,000-$1,499,999 price range, which has seen a significant increase in active listings and a corresponding drop in pending listings. This could just be a month-to-month blip. One month does not make a trend. That said, this is a part of the market that attracts many buyers purchasing their primary residences or relocating to the area. With our economy continuing to struggle after the fires, it wouldn’t shock me if that part of the market slows.
Looking forward, we mentioned the short-term rental bill above. The county council’s decision on the bill could have a significant impact on the market. The market uncertainty the bill has created over the last 13 months caused prices to adjust by as much as 30% in potentially affected condos. The debate over the bill is expected to be contentious.
A wrinkle to the debate was introduced last week when one council member submitted amendments to the bill, including one that would delay the ban until 2030. The county director of Communications and Government Affairs indicated that the delayed implementation could allow impacted condos to pursue a change to hotel zoning, although that is not explicitly stated in the bill.
While we thought we might get some resolution on the bill this month, this amendment could drag out the uncertainty if condos are, in fact, able to pursue rezoning. We will continue to keep you posted on this legislation and market conditions on this blog.
A Little Maui Beauty to Brighten This Post
