August 2025 Maui Housing Market Update

Variety is the spice of life. With that in mind, we have tweaked the formatting of our Maui Market Updates over the last few months. This month, I decided to tweak our title. Quarter and volume just felt a little too corporate speak to me. It’s been over twenty-two years since I held a corporate job, but for some reason, the language was still imprinted in my brain. The new title is a little more descriptive and to the point.

While the title is a little different, the content and the market conditions remain similar. The August update includes thoughts on the market as well as numbers from all of the August market activity on Maui, including new pending sales, new listings, closed transactions, and end-of-the-month inventory.

What We Are Seeing In The Market

We didn’t see any substantive changes in market conditions during the month of August. The general dynamic remains a high inventory of homes and condos for sale relative to buyer demand.

The Home Market

The home market continues to see modest increases in inventory. The current inventory of active home listings is creeping closer to February 2020 levels, right before the start of the COVID-19 pandemic. However, the number of homes going under contract is still well below pre-COVID activity levels.

That said, the increase in inventory is not the same across the board. Some price ranges and communities have seen a significant growth in home listings over the last 12 months, while others remain largely unchanged.

As I have noted in other recent market updates, while home prices have been relatively resilient, we are seeing prices soften at the price points and in the communities with substantial inventories. Kihei is one community where price decreases are readily apparent.

There is also a significant difference in the market response to well-priced, updated homes and homes that are dated or have deferred maintenance. Buyers are picky right now, and they don’t have a lot of extra cash to fund updates or to address repairs.

The Condo Market

The condo market continues its recent trend of decreasing inventory. That said, this is a classic case of why statistics need context. The decrease in inventory is driven by sellers taking their condos off the market rather than increased buyer demand, and the overall inventory remains very high

Some sellers are opting to give their listing a pause until there is greater clarity on the proposed legislation that would phase out short-term rentals in apartment districts. Maui’s county council was scheduled to review the legislation this month after it advanced from a committee vote. They delayed this discussion to allow a new subcommittee to continue to explore questions about and potential impacts from the legislation. As it stands now, the next review of the bill is scheduled for October 13th.

While all of the condos that may see rentals phased out are seeing price adjustments and lower sales volumes, the malaise is not confined to Minatoya list condos. Condos across the island are seeing price adjustments with significant variability in the percentage of price reductions depending on the development.

The Luxury Market

Through the end of August, the number of luxury homes ($3,000,000 and above) sold is just one fewer than over the same period last year. That said, there are some significant differences in where the luxury homes have been selling on the island.

The North Shore and Upcountry markets have both seen a 50% decrease in sales over $3,000,000. South Maui has seen a smaller 22% dip, but there was a notable shift in where the $3,000,000 + sales were located. Sales in Wailea and Makena slipped by 50% while Kihei sales increased. West Maui has had the strongest market for luxury home sales for the year to date. Sales in West Maui are higher than all other areas of the island combined, and 80% higher than over the same period of 2024.

The difference in the number of luxury condos sold year to date this year compared to the same period last year is pretty dramatic. There were 59 sold this year between January 1st and August 31st, and 120 sold last year between New Year’s Day and the last day of August. That said, this is another stat that needs some context. Fifty-five of the sales last year were new developer offerings that closed on long-term contracts in the La’i Loa development in Wailea. If you compare just resales, it is 59 condos sold for $2,000,000 and above this year, compared to 65 last year.

Buyers geographic preferences for condos was different that it was for homes. While South Maui luxury condo activity dropped by one sale. West Maui sales fell 25%.

A Little Maui Beauty Before The Deeper Dive into the Data

August 2025 Market Activity

New Listings

The number of new home listings in August was 24% higher than in August 2024, but still 24.4% below the August average between 2017 and 2019. The number of new condo listings in August was 7.3% below last August and 14.7% below the August average between 2017 and 2019.

New Pending Sales

The number of homes that went under contract in August was 25.6% above last August, but still 38.6% below the average number of new pending home sales for the three Augusts between 2017 and 2019. The number of new pending condo sales in August increased by 1 compared to last year, but this August’s buyer activity was still 62.2% below typical activity during 20

Closed Transactions

The number of homes that sold in August was 6.45% below last August and 40.2% below the August average between 2017 and 2019. The number of condos sold in August was 15.6% below last August and 56.8% below the August average between 2017 and 2019.

End of August Maui Home Inventory

Notable Numbers from the End of August Inventory

The number of active home listings increased a modest 1% (four homes) between the end of July and the last day of August. Listing inventory has fluctuated between 400 and 410 homes since the end of May, when it first crossed the 400 active listing barrier.

The number of pending home sales fell 5.6% (6 homes) between the last day of July and the end of August. That drop of six homes looks a lot bigger since there are fewer homes pending. Overall, pending home sales have been bouncing between 110 and 99 since the end of April.

Looking at active inventory by price range, active listings increased in three price ranges, decreased in five, and remained unchanged in one since the end of July. The most significant increase in active listings occurred between $1,000,000 and $1,500,000. This is the continuation of a trend through 2025. Active listings in this price range increased 100% between December 31, 2024, and August 31, 2025.

Pending listings decreased in five price ranges, remained unchanged in two, and increased in two. The two price ranges where pending listings increased were at opposite ends of the market, with two new pending listings on properties priced over $20,000,000 and two more pending listings on properties priced below $750,000.

Looking at active inventory by community, inventory increased in three communities, remained unchanged in five, and decreased in six. While Kula, Makawao, and Kahului also had pretty large jumps in inventory, these increases weren’t a continuation of recent trends. Makwao and Kahului have both seen fluctuations in active listings, while Kula has recently seen a trend of decreasing inventory spanning over a few months.

While recently active community inventory levels have fluctuated, overall active home inventory has increased 25.5% over the last 12 months. You can see this when comparing the August 31st community inventory levels to the community inventory on August 31, 2024. Inventory is up in ten communities, unchanged in two, and down in two. The most significant increases occurred in Kahului, Makawao, and Kihei.

End of the month pending inventory increased in four communities, remained unchanged in five, and decreased in four. Makawao and Kula were both notable for decreased pending sales, while Wailuku had an increase in pending sales. As with the active listings, the changes this month appear to reflect general fluctuations in these communities vs. any sustained trends.

End of August Maui Condo Inventory

Notable Numbers From the End of August Condo Inventory

The number of active condo listings fell 1.5% between July 31st and August 31st. This is the fourth straight month of declining inventory in the condo market. This drop in inventory is due to sellers withdrawing from the market, either temporarily or for an extended period. Between May 1st and August 31st, there were 353 listings that cancelled, expired, or were withdrawn from the market. By comparison, there were 209 over the same period of 2024 and 135 over the same period of 2019.

The number of pending condo listings fell 5% between July 31, 2025, and August 31, 2025. This was the fifth straight month where pending sales decreased.

Active listings decreased in six price points, remained unchanged in two, and increased in two. The $250,000-$499,999 price range saw the most significant increase in inventory. Inventory in this price range has increased every month since October 2024. Active listings in that price range are up 129.8% over that time. While some of this is due to the combination of increased listings and higher demand, some of it reflects declining values. Some of the properties valued at $500,000 or above in the fall are now down in the $400,000s.

Pending listings decreased in seven price ranges, remained unchanged in one, and increased in two. The $250,000-$499,999 price range had the most considerable increase in new pending sales, and the $1,500,000-$1,999,999 price range experienced the most significant decrease in pending sales.

The number of active listings increased in three communities, decreased in six, and remained unchanged in one. Kihei active condo listings increased the most last month. Wailea and Napili, Kahana, and Honokowai listings decreased the most over the last month.

Pending condo sales decreased in four communities, increased in two, and remained unchanged in four. In general, the changes in pending sales were modest, with Kahului’s decrease to zero pending sales the only change of note. Kahului has experienced significant fluctuations in pending sales as sellers struggle to find their footing in the market. There are just two condo developments in the community, and the bulk of the active listings are priced above the recent sales.

>> Contact The Maui Real Estate Team if you have any questions, comments, or need assistance with buying or selling. Please let us know if there’s anything else you’d like us to cover in these posts. We appreciate feedback!