It’s hard to believe we are more than a quarter of the way through 2025. The Maui Real Estate Market Update Q1 2025 Vol. 3 looks at the activity in March, our last whole month of visitor season. This marks the tail end of a significantly quieter winter season for real estate activity. We have the latest numbers and some thoughts on current market conditions below.
March Market Activity
If you are a first-time reader of our monthly market updates, some things about our numbers are worth noting. These are numbers just for the island of Maui. Our local Realtor association’s monthly stats include the neighboring islands of Molokai and Lanai. We try to provide context for our new listings, new pending sales, and sales numbers by including the same month over the last four years, but also an average of the last three months of March prior to Covid, when market conditions were more “normal.”
March New Listings
| March 2025 | March 2024 | March 2023 | March 2022 | March 2021 | Avg. March 2017-19 | |
| Homes | 101 | 99 | 75 | 120 | 159 | 149 |
| Condos | 143 | 163 | 106 | 188 | 191 | 167 |
March new home listings increased 2% over March 2024 but were still 32.2% below the average number of new listings during March 2017, 2018, and 2019. March’s new condo listings decreased by 12.3% compared to last March. They were 14.4% below the average number of March new condo listings between 2017 and 2019.
March New Pending Sales
| March 2025 | March 2024 | March 2023 | March 2022 | March 2021 | Avg. March 2017-19 | |
| Homes | 60 | 64 | 67 | 101 | 144 | 114 |
| Condo | 70 | 78 | 82 | 169 | 285 | 164 |
March’s new pending home sales decreased 6.3% compared to last March. However, they were 47.4% below the average number of pending sales for March 2017, 2018, and 2019. The number of condos that went pending this March was 10.3% below last March, and 57.3% below the average number of condos that went pending in March between 2017 and 2019.
March Closed Transaction
| March 2025 | March 2024 | March 2023 | March 2022 | March 2021 | Avg. March 2017-19 | |
| Homes | 48 | 69 | 73 | 98 | 118 | 96 |
| Condos | 59 | 91 | 116 | 183 | 228 | 136 |
February’s home sales were 30.4% below last March’s, and 50% below the average sales for the three Marches between 2017 and 2019. March’s condo sales were 35.2% below last March and 56.6% below the average for March 2017, 2018, and 2019.
End of March Maui Home Inventory
| January 31, 2025 | February 28, 2025 | March 31, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| <$750,000 | 3 | 7 | 4 | 9 | 6 (+2) | 8 (-1) |
| $750,000-$999,999 | 23 | 10 | 21 | 15 | 23 (+2) | 19 (+4) |
| $1,000,000-$1,499,999 | 67 | 41 | 78 | 39 | 80 (+2) | 43 (+4) |
| $1,500,000-$1,999,999 | 65 | 22 | 67 | 23 | 74 (+7) | 30 (+7) |
| $2,000,000-$2,999,999 | 73 | 8 | 80 | 11 | 77 (-3) | 16 (+5) |
| $3,000,000-$4,999,999 | 57 | 5 | 54 | 4 | 56 (+2) | 4 |
| $5,000,000-$9,999,999 | 50 | 8 | 47 | 9 | 46 (-1) | 6 (-3) |
| $10,000,000-$19,999,999 | 21 | 0 | 21 | 0 | 22 (+1) | 0 |
| $20,000,000+ | 7 | 0 | 7 | 0 | 9 (+2) | 0 |
| Total | 366 | 101 | 379 | 110 | 393 (+14) | 126 (+16) |
| January 31, 2025 | February 28, 2025 | March 31, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| Haiku | 23 | 7 | 25 | 5 | 28 (+3) | 9 (+4) |
| Hana | 16 | 0 | 16 | 2 | 14 (-2) | 4 (+2) |
| Ka’anapali | 18 | 4 | 19 | 2 | 22 (+3) | 1 (-1) |
| Kahului | 21 | 9 | 20 | 12 | 21 (+1) | 15 (+3) |
| Kapalua | 13 | 2 | 13 | 3 | 10 (-3) | 2 (-1) |
| Kihei | 61 | 12 | 68 | 12 | 76 (+8) | 17 (+5) |
| Kula | 29 | 11 | 31 | 10 | 29 (-2) | 12 (+2) |
| Lahaina | 22 | 2 | 21 | 3 | 21 | 2 (-1) |
| Makawao | 13 | 18 | 15 | 15 | 15 | 14 (-1) |
| Napili/Kahana/Hono… | 28 | 3 | 24 | 3 | 33 (+9) | 2 (-1) |
| Pukalani | 7 | 2 | 10 | 3 | 5 (-5) | 6 (+3) |
| Sprecks/Paia | 20 | 1 | 16 | 3 | 17 (+1) | 3 |
| Wailea | 28 | 2 | 28 | 3 | 27 (-1) | 3 |
| Wailuku | 46 | 24 | 50 | 29 | 54 (+4) | 29 |
Five Notable Things About the End of March Maui Home Inventory
Between February 28th and March 31st, the number of active home listings on Maui increased by 3.7%, and the number of pending listings increased by 14.5%. It is worth noting that the actual number of pending and active listings increased by similar amounts, but the number of active listings was much higher than the number of pending sales at the end of February.
Looking at active listings by price point, they increased in seven price ranges and decreased in two. The most significant increase was in the $1,500,000-$1,999,999 price range. The number of active listings under $750,000 increased the most on a percentage basis. The $2,000,000-$2,999,999 price range had the most substantial decrease in active listings.
For pending listings by price point, pending listings increased in four price ranges, decreased in two, and remained in three. The most significant increase in pending sales occurred between $1,500,000 and $1,999,999. The $2,000,000-$2,999,999 price range had the most substantial percentage increase. Pending sales dropped the most in the $5,000,000-$9,999,999 price range.
Looking at active inventory by community, listings increased in six, decreased in five, and remained unchanged in two. The Napili, Kahana, and Honokowai area had the largest increase in active listings, followed by Kihei. Pukalani had the sharpest decline in active listings.
Pending listings increased in six communities, decreased in five, and remained unchanged in two. Kihei and Haiku had the most significant increase in pending sales, with Pukalani seeing the most significant percentage increase. All communities where pending sales decreased only saw one fewer pending sale than at the end of February.
End of March Maui Condo Inventory
| January 31, 2025 | February 28, 2025 | March 31, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| <$250,000 | 8 | 0 | 6 | 2 | 10 (+4) | 1 (-1) |
| $250,000-$499,999 | 72 | 7 | 74 | 13 | 79 (+5) | 15 (+2) |
| $500,000-$749,999 | 182 | 29 | 200 | 25 | 199 (-1) | 36 (+11) |
| $750,000-$999,999 | 160 | 13 | 172 | 14 | 166 (-6) | 14 |
| $1,000,000-$1,499,999 | 132 | 20 | 136 | 13 | 130 (-6) | 13 |
| $1,500,000-$1,999,999 | 73 | 5 | 76 | 5 | 83 (+7) | 10 (+5) |
| $2,000,000-$2,999,999 | 56 | 5 | 57 | 4 | 52 (-5) | 5 (+1) |
| $3,000,000-$4,999,999 | 39 | 4 | 43 | 1 | 43 | 6 (+5) |
| $5,000,000-$9,999,999 | 19 | 3 | 17 | 4 | 17 | 1 (-3) |
| $10,000,000+ | 6 | 1 | 7 | 1 | 7 | 0 (-1) |
| Totals | 747 | 87 | 788 | 82 | 786 (-2) | 101 (+19) |
| January 31, 2025 | February 28, 2025 | March 31, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| Ka’anapali | 95 | 12 | 99 | 8 | 104 (+5) | 12 (+4) |
| Kahului | 13 | 0 | 13 | 2 | 21 (+8) | 0 (-2) |
| Kapalua | 39 | 4 | 45 | 5 | 43 (-2) | 5 |
| Kihei | 262 | 32 | 286 | 24 | 286 | 31 (+7) |
| Lahaina | 15 | 3 | 16 | 4 | 18 (+2) | 5 (+1) |
| Ma’alaea | 20 | 0 | 18 | 2 | 14 (-4) | 4 (+2) |
| Napili/Kahana/Hono… | 179 | 14 | 183 | 16 | 177 (-6) | 23 (+7) |
| Pukalani | 1 | 0 | 3 | 0 | 4 (+1) | 0 |
| Wailea | 83 | 13 | 86 | 10 | 87 (+1) | 10 |
| Wailuku | 35 | 8 | 35 | 10 | 30 (-5) | 11 (+1) |
Five Notable Things About the End of March Maui Condo Inventory
Between the last day of February and the last day of March, the inventory of active condo listings fell negligibly by .3%. The number of pending sales increased by 23.2%. As with the home inventory, the percentage comparisons are a little misleading. The much lower number of overall pending sales makes increases appear far more substantial.
Looking at active listings by price point, inventory increased in three price ranges, decreased in four, and remained unchanged in three. The most substantial increase occurred between $1,500,000 and $1,999,999, followed by $250,000-$499,999. The biggest percentage increase in inventory occurred below $250,000.
End of the month, pending sales increased in five price ranges, decreased in three, and remained unchanged in two. Inventory increased between $1,500,000 and $1,999,999, and in the price ranges below $500,000. The most significant decreases in inventory occurred in the price ranges between $750,000 and $1,500,000, and between $2,000,000 and $2,999,999.
Shifting to active listings by community, inventory increased in the five communities, decreased in four, and remained unchanged in two. Kahului’s inventory of active listings increased the most in sheer numbers and by percentage. Ka’anapali also had a notable bump in active listings. The Napili, Kahana, and Honokowai area and Wailuku saw the most significant decrease in active listings. Ma’alaea had the most substantial percentage decrease.
End of the month pending listings increased in six communities, decreased in one community, and remained unchanged in three. Kihei and the Napili, Kahana, and Honokowai area had the most significant increase in pending sales. Kahului is the community where pending sales decreased compared to the end of February.
Market Thoughts
March was an okay month for real estate activity in Maui. Pending home and condo sales both increased compared to the end of February. This would be expected as March is usually a busier month for transactions on Maui. That said, new pending sales are still well below the level of activity we saw in the Covid boom years or even the pre-COVID-19 “normal” years.
As I write this post, our peak visitor season has come to a close. It proved to be a slower winter real estate season for Maui. The combination of a decreased demand and a steady supply of new listings meant a winter of growing inventory.
For the condo market, this is a continuation of trends that started in the aftermath of the Lahaina fire, and accelerated last spring with the Mayor of Maui’s proposal to eliminate short-term rentals in condos on the Minatoya list. The mayor’s proposal remains in limbo with the county council, and the resulting uncertainty has been a drag on condo sales and tourism in general.
That is not the only thing adversely impacting the condo market; higher association fees due to increased insurance costs also play a role. Affordability is a factor, and growing economic uncertainty (more on that below) plays a part.
Decreased demand and growing inventory in the condo market continue to have a negative effect on values. Most condo developments are seeing price decreases, with higher-priced non-vacation rental condos showing the most resiliency to date.
Thus far, pricing in the home market remains more resilient than the condo market. The balance between supply and demand over the last year is such that prices remained stable. That said, it will be worth keeping tabs on inventory in the home market moving forward. The number of active home listings continues to increase. While we still haven’t hit pre-Covid numbers, we also don’t have pre-Covid demand.
Looking forward, the Maui condo market may get some resolution on the questions about Minatoya condos in the next couple of months. However, economic headwinds appear to be increasing. Economic news is looking more bearish, with the actual impact of tariffs yet to be felt by consumers.
What does this all mean for buyers and sellers? Buyers will find a greater variety of inventory and softer pricing. This is particularly true in the condo market. For sellers, market conditions are a far cry from 2021 or 2022. You are highly unlikely to be rewarded for reaching on your asking price. Sellers having the most success are the ones who are pricing well out of the gate, and adjusting their prices quickly to market feedback.
If you are a buyer or seller seeking representation in the current market, please feel free to contact us with questions or for additional assistance. We are happy to provide insights on any part of the market that may interest you.
A Little Maui Beauty to Brighten This Post
