September 2026 Maui Statistics and Market Update

September is a transitional month on Maui. Summer visitor numbers decline, and subtle seasonal shifts begin. After a summer lull, North Shore beaches may start to see the first signs of winter surf. Upcountry, the morning air starts to feel crisp. This September also brought some transitions in the Maui Real Estate Market. Some of it is seasonal, and some is driven by factors beyond our shores. The September 2026 Maui Statistics and Market Update includes our market observations, along with data on new listings, new pending sales, closed transactions, and end-of-month inventory. Without further ado…

What We Are Seeing In The Market

Maui Single-Family Home Market

Buyer activity in the single-family home market exceeded last September, but overall activity remains almost 30% lower than in a “normal” market before COVID. Headwinds increased throughout September (and into early October) as rising mortgage rates increased affordability challenges for buyers.

Elevated mortgage rates threaten to further soften the market. One other thing to watch going forward is inventory. Will we see fewer new listings now that rates are higher? Over the last four years, periods of higher interest rates often meant fewer sellers, as owners were less willing to give up their low rates. The percentage of owners with rates below 3.5% has decreased over the last couple of years, so the impact is hard to predict.

Maui Condo Market

After four months of improved buyer activity, the condo market reverted to levels more typical of the previous couple of years. New pending sales in September matched last September and were only two better than September 2024.

The decrease in demand likely reflects interest rates, but we also saw slower activity in the luxury condo market, which tends to be less interest-rate sensitive (more on that below). We may also be seeing some increased caution among buyers interested in apartment-zoned vacation rentals. We saw an uptick in activity in some Bill 9 condos around the time Bill 88 passed. That continued through the summer.

July saw positive momentum for H3/H4 rezoning. That momentum diminished in August and September as resolutions to rezone condos impacted by flooding and sea level rise progressed, but with fewer county council members supporting the efforts. Meanwhile, the planning commission recommended rezoning only a handful of condos from previous resolutions. While the commission’s vote does not prevent any condos from rezoning, it does mean the final county council vote to rezone any condos will require a 6-3 rather than a 5-4 vote.

November elections add another variable, with a potential change in the council’s composition. We should know a lot more about rezoning efforts in the coming months.

Maui Luxury Property Market

We saw limited activity in the Maui Luxury Property market in September. Four homes priced over $3,000,000 went under contract. The sales were geographically diverse, with one pending sale in Ka’anapali, Kula, Maui Meadows, and Wailea. Year-to-date, luxury home buyer activity continues to lag behind last year. The 38 homes that went under contract in the first nine months of the year are well behind the 56 that went under contract in the same period last year.

No condos priced at $2,000,000 or higher went under contract in September. Last September, 4 condos priced $2,000,000 and above went under contract. The luxury condo market has been strange over the past three months, with no new pending sales in July, 12 new pending sales in August (the highest monthly total to date for 2026), and another goose egg in September. Year to date, buyers have put 48 condos priced at $2,000,000 or above under contract. That is off the pace of last year, when 59 condos priced at $2,000,000 or above went under contract during the first nine months of the year.

Slower luxury activity in 2026 isn’t happening in every community on Maui. West Maui has seen much slower luxury home buyer activity than last year, while Wailea and Makena are seeing similar levels to last year. Condos have been slower in Wailea and Kapalua this year, while buyer activity is higher in Makena.

What It Means For Buyers and Sellers

The recent increase in mortgage rates is something for both buyers and sellers to note. For buyers, if you haven’t talked to a mortgage professional lately, it’s worth checking in to see how rising rates affect your budget. Higher rates are contributing to softer market conditions and may reduce competition. While not all sellers are motivated, some are, which is creating opportunities.

That said, well-priced, quality properties can still attract strong interest. I’ve seen a couple of multiple-offer situations in the last few weeks. It’s far from common, but it’s worth keeping in mind when formulating an offer strategy on a particularly appealing property.

For sellers, rising rates may be shrinking your pool of buyers. While buyers are still in the market, you may need to adjust your price to reach them. The higher rates are contributing to overall market conditions that favor buyers. If you are thinking of listing, this is a time to sharpen your pencil on your go-to-market price. Market conditions are not conducive to reaching for the stars on pricing.

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September 2026 Maui Market Activity

If you’re new to our statistics, note that our numbers differ slightly from those used by the Realtors Association of Maui. Our stats focus exclusively on properties on Maui, while RAM includes data from the neighboring islands of Lanai and Molokai. We also include data from the previous three years, the 2021 boom year, and a three-year average of 2017-2019 for additional context.

New Listings

New home listings in September were 2.4% below last September and 27.8% below the September average between 2017 and 2019. New condo listings were 22.8% below last September and 29.5% below the September average between 2017 and 2019.

New Pending Sales

New pending home sales rose 7.4% from September 2025 but were 22.6% below the September average between 2017 and 2019. New pending condo sales matched September 2025, but were 58.5% below the September average between 2017 and 2019.

Closed Transactions

Homes sold in September were 3/9% below last September and 46.2% below the September average between 2017 and 2019. September condo sales rose 61.4% from last September but were still 40.8% below the September average between 2017 and 2019.

End of September Maui Home Inventory

Notable Numbers About the End of September Home Inventory

Active homes for sale decreased by 3.9% (17 homes) between the end of August and the end of September. Some of that is because sellers pulled their homes off the market during the shoulder season. Pending home sales rose 5.5% (5 homes) from the end of August to the end of September.

Looking at active inventory by price point, I mentioned the streak of declining inventory in the $2,000,000-$3,000,000 price range in last month’s update. End-of-month actives in that price range decreased again this month. I looked more closely at this price range, and year-to-date, 38% more homes went under contract than last year. I also surmise you are seeing a fair number of properties starting in the low $2,000,000 range drop into the high $1,000,000s.

We are seeing significant month-to-month fluctuation in pending sales by price point. The one price point that stood out was the $750,000-$900,000 price range. Pending sales are 44% lower than they were at the end of July. Some of this could be variability, but I suspect we may also be seeing some impact from the recent jump in interest rates.

Looking at community inventory, active listings in Haiku continue to fall after peaking at over 50 at the end of May. Some of this is due to increased buyer activity, with canceled listings playing a smaller role. Makawao is a community where inventory is trending the opposite direction. Active listings are up 128% since the end of May. That number deserves something of an asterisk, though. Four of the current listings classified as Makawao on our MLS are in locations that are typically classified as Pukalani.

Looking at pending sales by community, again Haiku stands out. The 15 pending sales at the end of September were the highest end-of-month pending sales total since at least 2023. Kapalua’s 0 month-end pending sales also stand out. The resort community started the first three months of the year with no pending sales, then saw an uptick in spring and summer.

End of September Maui Condo Inventory

Notable Numbers From the End of September Maui Condo Inventory

Active condo listings fell 2.1% between August 31st and September 30th. Again, some of that may be because sellers pulled their condos off the market during shoulder season. Pending condo sales fell 20.4% (23 condos) between August 31st and September 30th.

Active listings in the $750,000-$999,999 range stand out. After peaking at 190 listings on April 30th, active listings are down 28.9%. Condos for sale in the $3,000,000-$4,999,999 price range are down 26.7% since the end of June. I don’t believe either decrease is driven solely by increased buyer activity. September is also a popular time to pull condos off the market for a refresh, as off-island visitor numbers decrease in the fall.

Pending sales between $750,000-$999,999 declined for the third consecutive month. This lends some credence to the idea that the recent inventory decrease also reflects listings being canceled or withdrawn from the market. Most other price ranges are seeing month-to-month fluctuations in pending sales. Activity remains quiet at the highest price points, with no end-of-month pending sales in the $10,000,000+ range since the end of February.

Active condo listings in South Maui continue to decline, with both Kihei and Wailea showing consecutive month-to-month decreases dating back to April. Ka’anapali saw its third consecutive month of decreased inventory.

Only Kahului and Ma’alaea have seen pending sales increase in consecutive months. In both cases, the increase has been modest. Kahului’s increase is driven by activity at Harbor Lights, the island’s least expensive fee-simple condos. The community has had excess inventory and limited buyers, but motivated sellers are starting to find buyers through price adjustments.

>> Contact The Maui Real Estate Team with questions, comments, or for assistance with buying or selling Maui property. Our team of brokers and agents is experienced in all market conditions. We look forward to meeting you and learning about your needs.