Parties, last-minute shopping, and trying to post a Maui Market Update. The holidays can be a busy time of the year. The Maui Real Estate Market Update Q4 2024 Vol. 2 looks at real estate market activity during the month of November on Maui. Our stats include new listings, pending sales, closed deals, and end-of-the-month inventory levels. Our numbers differ from the Realtor’s Association of Maui Stats in that we focus exclusively on Maui and do not include the neighboring islands Molokai and Lanai. Keep reading for all of the November numbers.
November Market Activity
November New Listings
| November 2024 | November 2023 | November 2022 | November 2021 | November 2020 | Avg. November 2017-2019 | |
| Homes | 89 | 63 | 82 | 114 | 97 | 136 |
| Condos | 139 | 139 | 114 | 188 | 157 | 184 |
November new home listings increased 41.3% over November 2023. That said, they still came in 34.6% lower than the average November between 2017 and 2019. New condo listings for this November were the same as last November. This November (and last November) came in 24.5% below the average number of new condo listings for November 2017-2019.
November New Pending Sales
| November 2024 | November 2023 | November 2022 | November 2021 | November 2020 | November 2017-2019 Avg. | |
| Homes | 65 | 58 | 64 | 91 | 82 | 81 |
| Condos | 46 | 64 | 66 | 177 | 146 | 126 |
New pending home sales increased 12.1% over November 2023. However, they were 19.8% below the average number of new pending home sales during November 2017, 2018, and 2019. New pending condo sales were 28% lower than in November 2023. This November was a whopping 63.5% lower than the average number of November new pending condo sales between 2017 and 2019.
November Closed Transactions
| November 2024 | November 2023 | November 2022 | November 2021 | November 2020 | November 2017-2019 Avg. | |
| Homes | 61 | 42 | 59 | 100 | 98 | 73 |
| Condos | 50 | 50 | 71 | 151 | 131 | 127 |
November 2024 home sales increased 45.2% over November 2023. However, they were 16.4% below the average number of November home sales between 2017 and 2019. Condo closed transactions were the same this November as last November. That said, November’s condo sales were 60.6% below the average number of November condo sales between 2017 and 2019.
End of November Maui Home Inventory
The tables below show active and pending inventory by price point and community on the last day of November. Inventory from the last days of September and October are provided for context and to illustrate recent trends. Makawao and Wailuku’s pending sales continue to be boosted by longer-term developer contracts in Hoku’ula and Anuhea at Kehalani. Those developments also boost pending sales in the $1,000,000 to $1,999,999 price ranges.
| September 30, 2024 | October 31, 2024 | November 30, 2024 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| <$750,000 | 3 | 7 | 4 | 7 | 8 (+4) | 11 (+4) |
| $750,000-$999,999 | 28 | 11 | 29 | 19 | 28 (-1) | 17 (-2) |
| $1,000,000-$1,499,999 | 63 | 51 | 60 | 50 | 60 | 45 (-5) |
| $1,500,000-$2,000,000 | 61 | 30 | 56 | 23 | 64 (+8) | 23 |
| $2,000,000-$2,999,999 | 48 | 7 | 47 | 12 | 52 (+5) | 11 (-1) |
| $3,000,000-$4,999,999 | 45 | 9 | 45 | 9 | 51 (+6) | 6 (-3) |
| $5,000,000-$9,999,999 | 45 | 5 | 47 | 4 | 48 (+1) | 5 (+1) |
| $10,000,000-$19,999,999 | 19 | 0 | 20 | 0 | 21 (+1) | 0 |
| $20,000,000+ | 4 | 1 | 3 | 0 | 3 | 0 |
| Totals | 316 | 121 | 311 | 124 | 335 (+24) | 118 (-6) |
| September 30, 2024 | October 31, 2024 | November 30, 2024 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| Haiku | 26 | 9 | 26 | 9 | 30 (+4) | 10 (+1) |
| Hana | 19 | 0 | 19 | 1 | 19 | 3 (+2) |
| Ka’anapali | 18 | 3 | 19 | 4 | 17 (-2) | 2 (-2) |
| Kahului | 12 | 11 | 15 | 14 | 21 (+6) | 10 (-4) |
| Kapalua | 9 | 2 | 10 | 1 | 11 (+1) | 1 |
| Kihei | 56 | 12 | 47 | 10 | 52 (+5) | 10 |
| Kula | 25 | 14 | 28 | 12 | 31 (+3) | 8 (-4) |
| Lahaina | 18 | 1 | 17 | 3 | 25 (+8) | 4 (+1) |
| Makawao | 11 | 15 | 8 | 18 | 12 (+4) | 18 |
| Napili/Kahana/Hono… | 21 | 3 | 17 | 3 | 19 (+2) | 0 (-3) |
| Pukalani | 8 | 4 | 5 | 5 | 7 (+2) | 2 (-3) |
| Spreckelsville/Paia | 12 | 1 | 14 | 0 | 13 (-1) | 2 (+2) |
| Wailea/Makena | 19 | 4 | 22 | 3 | 20 (-2) | 4 (+1) |
| Wailuku | 51 | 42 | 48 | 41 | 46 (-2) | 39 (-2) |
Five Notable Things About The End of November Home Inventory
Between Halloween and the end of November, the inventory of active home listings increased by 7.7%. However, the number of pending home listings on Maui decreased by 4.8%.
Looking at active listings by price point, active listings increased at six price points, remained unchanged at two, and decreased at one. The price points between $1,500,000 and $5,000,000 saw the most significant increase in active listings. While $750,000-$999,999 was the only price range where active listings decreased, it was a modest change of one fewer listing.
When you look at the inventory of pending listings by price point, two price points experienced an increase between the end of October and the end of November; two remained unchanged, and four decreased. Pending home sales increased the most below $750,000. The most substantial decrease in pending sales occurred between $1,000,000 and $1,499,999 and between $3,000,000 and $4,999,999.
When looking at inventory by community, the number of active listings increased in nine communities, decreased in four, and remained unchanged in one. Kahului and Lahaina saw the most notable increase in active listings. Wailea, Wailuku, Spreckelsville/Paia, and Ka’anapali were the four communities that saw a decline in active listings. Any decrease in active inventory tended to be modest.
Pending listings increased in five communities, decreased in six, and remained unchanged in two. Hana and Spreckelsville/Paia saw the biggest increase in pending sales, with two each. Pukalani, Kahului, Kula, and the Napili/Kahana/Honokowai areas experienced the most significant decrease in pending sales.
End of November Maui Condo Inventory
The tables below show active and pending condo sales by price point and community on the last days of September, October, and November.
| September, 30, 2024 | October 31, 2024 | November 30, 2024 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| <$250,000 | 8 | 3 | 11 | 4 | 10 (-1) | 2 (-2) |
| $250,000-$499,999 | 55 | 8 | 47 | 9 | 57 (+10) | 10 (-1) |
| $500,000-$749,999 | 171 | 13 | 173 | 23 | 170 (-3) | 17 (-6) |
| $750,000-$999,999 | 139 | 17 | 132 | 13 | 142 (+10) | 16 (+3) |
| $1,000,000-$1,499,999 | 127 | 17 | 124 | 13 | 135 (+11) | 9 (-4) |
| $1,500,000-$1,999,999 | 60 | 6 | 47 | 6 | 53 (+6) | 2 (-4) |
| $2,000,000-$2,999,999 | 47 | 7 | 50 | 8 | 52 (+2) | 8 |
| $3,000,000-$4,999,999 | 33 | 1 | 32 | 2 | 33 (+1) | 3 (+1) |
| $5,000,000-$9,999,999 | 18 | 1 | 18 | 0 | 18 | 0 |
| $10,000,000+ | 6 | 0 | 6 | 0 | 8 (+2) | 0 |
| Totals | 664 | 73 | 640 | 78 | 678 (+38) | 67 (-11) |
| September 30, 2024 | October 31, 2024 | November 30, 2024 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| Ka’anapali | 89 | 9 | 86 | 6 | 93 (+7) | 5 (-1) |
| Kahului | 12 | 3 | 14 | 4 | 15 (+1) | 3 (-1) |
| Kapalua | 35 | 3 | 34 | 0 | 38 (-4) | 2 (+2) |
| Kihei | 242 | 29 | 227 | 32 | 224 (-3) | 32 |
| Lahaina | 8 | 0 | 12 | 1 | 12 | 0 (-1) |
| Ma’alaea | 22 | 1 | 19 | 4 | 21 (+2) | 2 (-2) |
| Napili/Kahana/Hono… | 163 | 11 | 153 | 10 | 167 (+14) | 9 (-1) |
| Pukalani | 1 | 1 | 0 | 1 | 0 | 0 |
| Wailea | 63 | 10 | 60 | 12 | 66 (-6) | 7 (-5) |
| Wailuku | 27 | 6 | 33 | 8 | 39 (+6) | 7 (-1) |
Five Notable Things From The End of November Condo Inventory
Between Halloween and the last day of November, active condo inventory increased by 5.9%. However, pending condo listings fell 14.1%. The 67 pending sales are the lowest number since we started tracking monthly pending inventory on this blog.
Looking at inventory by price point, active listings increased in seven price ranges, decreased in two, and remained unchanged in one. Condos priced between $250,000 and $499,999 had the most significant percentage increase in new listings. The price ranges between $750,000 and $1,999,999 also experienced notable increases. Active inventory declined modestly below $250,000 and between $500,000 and $749,999.
Pending condo inventory increased in two price ranges, decreased in five, and remained unchanged in three. The two price ranges where pending sales increased were between $750,000 and $999,999 and between $3,000,000 and $4,999,999. Again, the increase in these ranges was modest.
Looking at the active listings by community, listings increased in five communities, decreased in three, and remained unchanged in two. Wailuku, Ma’alaea, Ka’anapali, and Napili/Kahana/Honokowai were the communities with the biggest increase in inventory. Wailea, Kapalua, and Kihei saw the biggest decrease in active listings.
Pending inventory increased in one community, decreased in seven, and remained unchanged in two. Kapalua was the lone community where pending sales increased, while Wailea had the most significant decrease.
Market Observations
After a couple of months of decreased active listings and increased pending listings, the Maui market reverted to the trends we saw during the summer.
September and October buyer activity increased due to a brief window of lower interest rates in late September and early October. While the modest increase in buyer activity help to reduce inventory, there were also quite a few sellers who decided to withdraw from the market during what is traditionally a quieter time of the year.
November brought higher rates and, of course, the uncertainty associated with the Presidential election. The condo market saw slower activity in November, and inventory began to increase. Later in the month, more sellers also opted to enter the market, with the Thanksgiving holiday marking the start of increased snowbird arrivals for the winter.
Buyer activity in the home market wasn’t too bad despite the shift in inventory trends. The 65 homes that went under contract that month were better than November 2022 and 2023. While below pre-covid levels of buyer activity, the difference isn’t nearly as drastic as it is with the condo market. Earlier in the year, it seemed like many buyers were waiting to time their purchase based on projected decreases in interest rates. Now, with mortgage rates looking less likely to adjust significantly downward, some of those buyers are opting to move forward.
Looking ahead, December marks the start of winter visitor season. While the weeks before Christmas typically see reduced buyer activity, some increased second-home buyer activity may start right after Christmas. Some years, it’s busy; some years, it’s not. We will see what happens. Hopefully, the new year will bring some resolution to the proposed legislation on Minatoya List condos. That has had a significant dampening impact on the condo market over the last eight months.
We will check back in shortly after the start of the year with the December numbers. Please stay tuned for more market insights on this blog. Happy holidays to all!
A Little Maui Beauty to Brighten This Post
