December 2025 Maui Statistics and Market Update

It’s hard to fathom that we are already in the second half of January. With that in mind, I’d better get our December 2025 Maui Statistics and Market Update posted for you to read. While it may literally be last year’s news, our stats focus on numbers that may give a better indication of current market conditions than past sales alone. Inventory levels at the end of the month and the number of new pending sales help give a sense of the current supply and demand in the Maui market.

We start it off with some general commentary on what we are seeing in the market.

What We Are Seeing In The Market

The Single Family Home Market

The year ended much as it began for the single-family home market on Maui. Slowly increasing inventory as supply exceeds demand. This gradual increase in inventory and diminished demand is leading to softening prices. The downward price pressure, which was initially confined to one community, is now spreading across the island.

To be clear, softening prices are not impacting all properties equally. Some exceptional homes appear to be holding value. The downward price pressure is greater in communities with the highest inventory and with homes that require updating, have deferred maintenance, or have any other significant flaws. The market was forgiving of those features during periods of higher demand, but it is much less so when there are more options and less competition from other buyers.

The Maui Condo Market

The Maui condo market began the year under a cloud of uncertainty. The mayor’s proposal to phase out vacation rentals in apartment districts caused considerable uncertainty. Add in rising HOAs due to increased insurance costs, and there was downward price pressure throughout the condo market.

In December, the county signed Bill 9 into law. As it stands, that means short-term rentals will be phased out in condos with apartment zoning. That said, uncertainty remains, and the question lingers: What happens next? With two legal challenges filed and legislation being reviewed by the County Planning Commission that would enable some apartment-zoned condos to convert to Hotel Zoning, we may not see this issue fully resolved for some time.

In the interim, we have high inventory, and demand is still well below pre-COVID levels. The question I have is whether we may see some increased demand for hotel-zoned condos due to less uncertainty. Will we see more sellers adjust their prices in developments where the phase out of short-term rentals seems more likely? I learned a while ago that prognostication is a fool’s errand.

That said, we will be monitoring this winter’s condo market activity and passing along our observations. Similarly, we will be watching the Maui Planning Commission’s discussions on new zoning and reporting on any court decisions regarding Bill 9.

The Maui Luxury Home Market

December was a decent month for activity in the luxury home market in Maui, with five properties priced over $3,000,000 going under contract. That compares to three during December 2024. It was a geographically diverse group of properties with two homes in Kihei, two West Maui properties, and one property in Paia.

For the year, there were 71 homes sold for $3,000,000 or above on Maui. In 2024, 70 homes were sold in that price range. For the year, 74 homes went pending over $3,000,000 (and stayed under contract) in 2025. In 2024, 66 homes went under contract.

There was the same amount of activity in the luxury condo market this December as last December, with eight pending sales priced $2,000,000 or above. The overall number of luxury condos that went pending in 2025 (74) was well below that of 2024 (96).

What it All Means for Buyers and Sellers

Buyers will find more options and more leverage to negotiate in the current market, with both home and condo inventory hovering near recent highs. While we are still below pre-COVID levels of activity, it feels like there has been an uptick as we round into the new year. Since this post is coming a little later in January, I can say the new year feels a little bit busier. Anecdotally, I received three offers on one listing this week. We shall see if the end of month numbers support my feelings.

Sellers, it is getting harder to justify reach for the stars pricing. It is worth looking closely at recent sales and current inventory when determining your list price. This is particularly important in the softest parts of the market. Realistic assessments of your home’s condition and its flaws are important. If you have the means to address deferred maintenance, it will help your cause, as many buyers are still stretched on affordability in this market. If you can’t afford to address deferred maintenance, consider offering a buyer credit, accounting for it in your price, or showing flexibility in negotiations.

A Beautiful Maui Home Before We Get to The Numbers

December 2025 Maui Market Activity

New Listings

New home listings in December 2025 were 1.1% higher than in December 2024, but 29.1% lower than the December average between 2017 and 2019. New condo listings for December were 12.2% below last December and the December Average between 2017 and 2019.

New Pending Sales

The 56 homes that went under contract this December were 47.3% higher than December 2024 (a really slow month), but 25.3% below the December average between 2017 and 2019. Just one more condo went under contract in December 2025 compared to December 2024, an increase of 1.6%. However, the December 2025 condo activity was still 43.6% below the December average between 2017 and 2019.

Closed Transactions

Sixty-three homes sold on Maui in December. That was a 21.2% increase over last year, but it was still 30.8% below the average December sales volume from 2017 to 2019. The number of condos sold in December 2025 was 42.3% above last December but still 42.1% below the December average from 2017 to 2019.

December End of Month Home Inventory

Notable Numbers and Observations from the End of December Home Inventory

The end-of-December active home inventory increased by 3 homes from November 30th, up less than 1%. Pending home sales dropped by 12 properties or 12% between the last day of November and December 31st.

Looking at active listings by price point, the three price ranges below $1,500,000 saw a decrease in active home inventory between the end of November and the end of December. All the price ranges above $1,500,000 saw an increase in inventory.

This appears to be seasonal. The price range below $1,500,000 has a higher percentage of owner-occupied homes. You tend to see fewer owner-occupants list their properties during the December holiday season. Some with existing listings will withdraw from the market. Meanwhile, the higher price points, with a greater share of second-home owners, saw increased inventory as more sellers entered the market in anticipation of the winter buyer season.

Looking at pending listings by price point, the one number that stood out was the number of homes under contract in the $1,000,000-$1,499,999 price range. The 29 listings under contract at the end of the month were the lowest end of month total of the year for that price range.

There was a pretty substantial shift in Kihei’s inventory between November 30th and December 31st. Active listings declined by 15 homes, and pending sales increased by 9. With higher inventory levels, Kihei sellers have been adjusting their prices to find the market. It appears as if buyers are responding to the reduced prices.

Kapalua and Ka’anapali both saw increases in inventory as sellers came to market in anticipation of the winter buyer season. Lahaina also saw an increase, with more inventory coming to market in the Launiupoko area, another higher-priced community.

End of December Maui Condo Inventory

Notable Numbers from the End of December Condo Inventory

Active condo listings increased by 31 units (3.7%) between November 30th and New Year’s Eve. This marks the second straight month of increases. The 878 active listings were the highest total for the year and the highest number since we started tracking end-of-month inventory on this blog.

Pending condo listings dipped by 11 units (13.5%) between the last day of November and the last day of December. The 70 pending listings were the lowest end-of-the-month total for the year.

Looking at active listings by price point, all but three price ranges saw month-over-month increases. One of the three remained unchanged, and another decreased by only one. The $250,000-$499,999 price range decreased by 5 after 6 straight months of rising active listings.

Similarly, pending listings by price point either decreased or remained unchanged in all but one price range. Just the $2,000,000-$2,999,999 price range saw an increase in pending sales from the end of November.

Looking at active inventory by community, most communities saw an increase in active listings, with the resort markets and Kihei seeing the largest increases. The Napili, Kahana, and Honokowai area was the only community to see a decrease of more than a nominal amount in active listings. That coincided with an increase in pending sales in the same area. Kapalua stands out with two straight months of no pending sales.

>> Contact The Maui Real Estate Team if you have any questions, comments, or need assistance with buying or selling. We welcome feedback on these posts and any suggestions on topics you would like us to cover!