It’s time to look back at market activity in April. April is a time of transition. The last of the whales are heading north towards Alaska for the summer. The jacarandas are blooming Upcountry. The first mangos of the season are ripening on the trees in drier areas of the island. It also marks the end of the Ho’olio (wet season) and the start of Kau (dry season). Fortunately, after a much drier than normal winter, April and May have been a little wetter than usual.
While we may have had a wetter-than-normal April, April showers did not bring increased market activity. Our pattern of quieter buyer activity continues. Find out last month’s numbers and thoughts on current market conditions below.
April Maui Market Activity
The tables below show market activity in April, with previous months of April provided for comparison. We include an average for April over the three years before COVID-19 to give some context for “normal” market activity.
New Listings
| April 2025 | April 2024 | April 2023 | April 2022 | April 2021 | Avg. April 2017-2019 | |
| Homes | 86 | 93 | 78 | 95 | 122 | 120 |
| Condos | 186 | 144 | 98 | 155 | 184 | 162 |
April new home listings decreased 7.5% compared to April 2024. This April’s new listings were 28.3% below the average number of new listings in the months of April 2017-2019. The number of new condo listings increased 29.2% compared to last April and 14.8% higher than the 2017-2019 average. This is the only time I can remember over the last few years when this year’s monthly new listings exceeded the 2017-2019 average.
April New Pending Sales
| April 2025 | April 2024 | April 2023 | April 2022 | April 2021 | April 2017-2019 | |
| Homes | 56 | 71 | 64 | 87 | 119 | 97 |
| Condos | 59 | 62 | 90 | 141 | 218 | 143 |
April New Pending home sales decreased 21.1% compared to last April, and fell 42.3% below the average number of new April pending home sales between 2017 and 2019. April’s new pending condo sales were 4.8% below April 2024 and 58.7% below the average number of new pending sales for the three Aprils between 2017 and 2019.
April Closed Transactions
| April 2025 | April 2024 | April 2023 | April 2022 | April 2021 | April 2017-2019 | |
| Homes | 67 | 65 | 56 | 105 | 129 | 86 |
| Condos | 64 | 105 | 85 | 168 | 262 | 143 |
April home sales exceeded last April’s by 3%, but they were 22.1% below the average for April 2017, 2018, and 2019. April condo sales decreased 39% compared to last April and 55.2% below the average April between 2017 and 2019.
End of April Maui Home Inventory
| February 28, 2025 | March 31, 2025 | April 30, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| <$750,000 | 4 | 9 | 6 | 8 | 5 (-1) | 8 |
| $750,000-$999,999 | 21 | 15 | 23 | 19 | 28 (+5) | 14 (-5) |
| $1,000,000-$1,499,999 | 78 | 39 | 80 | 43 | 85 (+5) | 38 (-5) |
| $1,500,000-$1,999,999 | 67 | 23 | 74 | 30 | 82 (+8) | 30 |
| $2,000,000-$2,999,999 | 80 | 11 | 77 | 16 | 77 | 10 (-6) |
| $3,000,000-$4,999,999 | 54 | 4 | 56 | 4 | 53 (-3) | 4 |
| $5,000,000-$9,999,999 | 47 | 9 | 46 | 6 | 37 (-9) | 5 (-1) |
| $10,000,000-$19,999,999 | 21 | 0 | 22 | 0 | 23 (+1) | 0 |
| $20,000,000+ | 7 | 0 | 9 | 0 | 8 (-1) | 0 |
| Totals | 379 | 110 | 393 | 126 | 398 (+5) | 109 (-17) |
| February 28, 2025 | March 31, 2025 | April 30, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| Haiku | 25 | 5 | 28 | 9 | 34 (+6) | 7 (-2) |
| Hana | 16 | 2 | 14 | 4 | 13 (-1) | 3 (-1) |
| Ka’anapali | 19 | 2 | 22 | 1 | 14 (-8) | 3 (+2) |
| Kahului | 20 | 12 | 21 | 15 | 19 (-2) | 17 (+2) |
| Kapalua | 13 | 3 | 10 | 2 | 11 (+1) | 2 |
| Kihei | 68 | 12 | 76 | 17 | 87 (+11) | 14 (-3) |
| Kula | 31 | 10 | 29 | 12 | 35 (+6) | 11 (-1) |
| Lahaina | 21 | 3 | 21 | 2 | 17 (-4) | 3 (+1) |
| Makawao | 15 | 15 | 15 | 14 | 12 (-3) | 14 |
| Napili/Kahana/Hono… | 24 | 3 | 33 | 2 | 28 (-5) | 2 |
| Pukalani | 10 | 3 | 5 | 6 | 7 (+2) | 1 (-5) |
| Sprecks/Paia | 16 | 3 | 17 | 3 | 16 (-1) | 1 (-2) |
| Wailea | 28 | 3 | 27 | 3 | 27 | 2 (-1) |
| Wailuku | 50 | 29 | 54 | 29 | 58 (+4) | 27 (-2) |
Five Notable Things About the End of April Maui Home Inventory
Between March 31st and April 30th, active home listings increased 1.3%, and pending listings decreased 13.5%.
Looking at active homes by price point, they increased in four price ranges, decreased in four, and remained unchanged in one. The most significant increase in inventory occurred with the three price ranges between $750,000 and $1,999,999. The most substantial decrease in active listings occurred between $5,000,000 and $9,999,999.
With pending listings by price point, the listings decreased in four price points, remained unchanged in five, and increased in none. The $750,000-$999,999, $1,000,000-$1,499,999, and $2,000,000-$2,999,999 price ranges all had notable decreases in pending sales.
Looking at active home listings by community, they increased at six communities, decreased at five, and remained unchanged in one. Kihei, Haiku, and Kula were the communities with the biggest increase in inventory. West Maui saw declining inventory with Ka’anapali, Lahaina, and the Napili, Kahana, and Honokowai areas seeing notable drops in active listings.
Pending listings increased in three communities, decreased in eight, and remained unchanged in two. The increase in pending sales wasn’t particularly substantial. Ka’anapali and Kahului led the way with two more pending sales each. Pukalani had the most significant decrease in pending sales, with five fewer than at the end of March.
End of April Maui Condo Inventory
| February 28, 2025 | March 31, 2025 | April 30, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| <$250,000 | 6 | 2 | 10 | 1 | 12 (+2) | 1 |
| $250,000-$499,999 | 74 | 13 | 79 | 15 | 83 (+4) | 19 (+4) |
| $500,000-$749,999 | 200 | 25 | 199 | 36 | 215 (+6) | 32 (-4) |
| $750,000-$999,999 | 172 | 14 | 166 | 14 | 178 (+12) | 13 (-1) |
| $1,000,000-$1,499,999 | 136 | 13 | 130 | 13 | 158 (+28) | 10 (-3) |
| $1,500,000-$1,999,999 | 76 | 5 | 83 | 10 | 78 (-5) | 6 (-4) |
| $2,000,000-$2,999,999 | 57 | 4 | 52 | 5 | 54 (+2) | 3 (-2) |
| $3,000,000-$4,999,999 | 43 | 1 | 43 | 6 | 47 (+4) | 4 (-2) |
| $5,000,000-$9,999,999 | 17 | 4 | 17 | 1 | 16 (-1) | 0 (-1) |
| $10,000,000+ | 7 | 1 | 7 | 0 | 5 (-2) | 0 |
| Totals | 788 | 82 | 786 | 101 | 846 (+60) | 88 (-13) |
| February 28, 2025 | March 31, 2025 | April 30, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| Ka’anapali | 99 | 8 | 104 | 12 | 114 (+10) | 6 (-6) |
| Kahului | 13 | 2 | 21 | 0 | 27 (+6) | 1 (+1) |
| Kapalua | 45 | 5 | 43 | 5 | 49 (+6) | 3 (-2) |
| Kihei | 286 | 24 | 286 | 31 | 288 (+2) | 39 (+8) |
| Lahaina | 16 | 4 | 18 | 5 | 16 (-2) | 4 (-1) |
| Ma’alaea | 18 | 2 | 14 | 4 | 17 (+3) | 5 (+1) |
| Napili/Kahana/Hono… | 183 | 16 | 177 | 23 | 194 (+17) | 15 (-8) |
| Pukalani | 3 | 0 | 4 | 0 | 3 (-1) | 1 (+1) |
| Wailea | 86 | 10 | 87 | 10 | 94 (+7) | 5 (-5) |
| Wailuku | 35 | 10 | 30 | 11 | 42 (+12) | 9 (-2) |
Five Notable Things About the End of April Maui Condo Inventory
Between the end of March and the end of April, Maui condo inventory increased 7.6%, and pending condo inventory fell 12.87%. The percentage numbers for condos can be a little deceptive, considering the high number of active listings and the comparatively low number of pending. Taking the percentages out of the discussion, it was a good-sized bump in active listings.
Looking at active listings by price point, they increased in seven price ranges and decreased in three. The number of active listings in the $1,000,000 to $1,499,999 price range increased substantially, with the $750,000-$999,999 price range also seeing a solid increase in active listings. The $1,500,000 to $1,999,999 price range is the only range with a notable decrease in active listings.
For pending listings by price point, end-of-the-month pending sales increased in one price range, decreased in seven, and remained unchanged in two. The $250,000-$499,999 price range was the one price range where pending sales increased. The $500,000-$749,999 and $1,500,000-$1,999,999 price ranges had the most notable decrease in pending sales.
Looking at the change in the end-of-the-month active listings by community, listings increased in eight communities and decreased in two. The Napili, Kahana, and Honokowai area had the biggest increase in active listings by numbers, and Wailuku had the most substantial percentage increase. Lahaina and Pukalani were the only communities where condo inventory decreased.
Pending listings increased in four price points and decreased in six. Kihei had the largest increase in pending sales. All other communities with an increase in pending sales only increased by one. Napili, Kahana, and Honokowai had the most significant decrease in pending sales, followed by Ka’anapali and Wailea.
Current Thoughts on the Market
The thing that stood out the most with this month’s numbers was the condo inventory. Condo inventory started to grow in the aftermath of the Lahaina fire. It grew that much more after the mayor proposed restricting vacation rentals in condos with apartment zoning. It took another notable jump upwards this month.
Prior to this month, most of the inventory growth stemmed from limited demand. While monthly new listings may have exceeded the doldrums of the second half of 2022 and the first half of 2023, the number of condos hitting the market was still well below what we would see on a monthly basis “Pre-COVID”. This month, we saw continued lower demand but this was also the first month in some time where the number of new listings exceeded what was typical of this month prior to COVID.
This isn’t just due to the continued uncertainty over vacation rentals. Both Kahului and Wailuku saw significant inventory growth this month despite a complete absence of vacation rentals.
We expect the county council to vote on short-term rentals sometime in June. Barring any new legislation proposals, that uncertainty could go away soon. That will cast light on how much other factors are weighing on the market, such as AOAO costs, lower rental returns, and broader economic and socio-political issues.
The balance of high supply and lower demand continues to impact condo values. We are seeing values decrease at most, if not all, condos around the island. The amount of decrease differs substantially between complexes. In general, Minatoya condos have adjusted the most to date.
The single-family home market also experienced growing inventory, but the dynamics are slightly different. The monthly supply is still well below normal, but the overall supply exceeds demand, allowing the inventory to inch upwards slowly. Prices have remained stable, but you occasionally see some motivated sellers accepting offers below recent sales. Thus far, that is more of an exception than the rule. Continued inventory growth may eventually lead to softer pricing.
What does this all mean for buyers and sellers? For buyers, there is more inventory and more leverage in the market. This is particularly true if you are looking at condos. It is worth noting that market conditions vary by price point and geography. It is also worth mentioning that not all sellers are equally motivated. Some sellers continue to stick to their guns on pricing.
For sellers, this is a very different market from the boom years. The pool of buyers remains limited, and competition is growing. We are seeing sellers take different approaches to the market. The ones willing to adjust their pricing based on market feedback, or better yet, price well when they list, are having significantly more success attracting buyers.
A Little Maui Beauty to Brighten This Post
