May 2026 Maui Statistics and Market Update

Yikes! Where did the month go? It is the last week of June, but it is still worth reviewing the May 2026 Maui Statistics and Market Update before we hit July. May was an interesting month for activity, with the condo market taking center stage. New legislation was proposed that could provide relief to condo owners affected by Bill 9, and there was a bump in condo buyer activity, likely related. Find out more about what we are seeing in the market, along with statistics on new listings, new pending sales, closed transactions, and end-of-the-month inventory below.

What We Are Seeing In The Market

Maui Single Family Home Market

It was a quieter May for buyer activity in the Maui single-family home market. Fewer homes went under contract compared to April and May 2025. While I can’t provide definitive reasons for the slower buyer activity, it didn’t help that mortgage rates increased modestly throughout the month. Continued uncertainty in the Middle East and increased inflation may have also had a dampening effect.

Pricing remains soft, with demand low relative to inventory. Again, there is a lot of variability in how soft prices are, depending on the price point and the community.

Maui Condo Market

If you were focused on closed transactions, you may have the impression that May was a slower month for condo activity. However, new pending sales came in strong by recent standards in May. In fact, this was the busiest month for new pending sales since March 2024, just before the mayor proposed Bill 9.

Some of the increased buyer activity may be due to growing anticipation of a compromise on Bill 9. Bill 88 began to gain momentum throughout May before receiving county council approval in the last week. This bill creates H3/H4 zoning, a class of zoning that mirrors A1/A2 zoning, except that condos with H3/H4 zoning may offer short-term rentals. Condo developments with A1/A2 zoning that are facing a sunset on short-term rentals now have a path to continue offering them by applying for H3/H4.

Maui Luxury Market

May activity in the luxury property market was the opposite of the broader single-family home and condo market. It was a pretty good month for activity in the Maui luxury home market, but it was a slower month for luxury condo buyers.

In May, seven homes priced over $5,000,000 went under contract. That is up from the five homes that went under contract during May 2025. The seven homes that went under contract last month were well distributed geographically. The recent pending sales included two homes in Wailea, two in the Launiupoko subdivision just South of Lahaina, and one home each in Kapalua, Ka’anapali, and Paia. For the year to date, twenty homes have gone under contract for over $3,000,000. That is well below the thirty-four that went under contract through May 30th, 2025.

The quieter year-to-date activity is due largely to a much quieter year for luxury home sales in Ka’anapali and Kapalua. April and May have offered a glimmer of hope for luxury home sellers in the two West Maui resort communities, with a few properties under contract.

While the overall condo market had a better month, luxury condo buyers weren’t as active in May, with just two condos priced over $2,000,000 going under contract. The limited activity was confined to the Makena area, with one condo going under contract at Polo Beach and at Makena Surf. Makena Surf stands out in the quieter condo market with the highest number of condos under contract through May 30th and the highest-priced condo sale year-to-date.

Overall, 27 condos priced over $2,000,000 went under contract through May 30th. That compares to 40 during the same period of 2025. Most of the difference in activity is due to slower years in Wailea and Kapalua.

Thoughts for Buyers and Sellers

Maui home buyers will find that market conditions remain pretty similar to what they have been throughout the year. Demand remains low relative to supply, creating softer pricing. That said, seller motivation continues to vary widely. There are still quite a few sellers stuck at higher prices or lacking urgency. While some sellers are willing to negotiate, you may need to search before you find a motivated seller.

Home sellers, we are well past the market conditions of 2021/2022. You have more competition, meaning buyers have more leverage. If you want to sell quickly, it pays to look closely at recent comparable sales and pending sales when determining your go-to-market pricing. Buyers remain picky. If you have the means to address deferred maintenance, it is in your interest to do so. If not, the cost and effort to address those issues should be reflected in your price.

Maui condo buyers, I offer some words of caution. The passing of Bill 88 is a positive step for the condo market, but it does not mean buying a Bill 9 affected condo is without risk. We still don’t have a clear sense of how the application process will proceed for the condo developments seeking H3/H4 zoning. We don’t know how long applications will take. We suspect that condos on the TIG report will have a better chance of obtaining the new zoning, but until we start to see zoning changes approved, risk remains even for those condos. Buyers will want to do careful due diligence when evaluating that risk.

Overall, the Maui condo market continues to favor buyers with inventory levels still high compared to demand. Soft pricing, even among hotel-zoned condos and those that never offered vacation rentals, points to challenges beyond Bill 9. Condo sellers, it is particularly important to price well if you need to sell. There is more competition for a larger pool of buyers than before, but it is still well below pre-Bill 9 levels. We will continue to watch the condo market and the Bill 88 rezoning process closely.

Contact The Maui Real Estate Team if you are thinking of buying or selling Maui property. Quality representation is especially important in periods of market uncertainty. Our agents and brokers bring experience in all market conditions. We look forward to hearing from you and discussing your needs.

A Quick Plug of One of Our Listings Before Moving On to the Numbers

A tranquil sunset soak at 191 Alohilani St. in Pukalani. This two-bedroom, two-bathroom house and two bedroom, one-and-a-half bathroom cottage are brand new to the market. The cottage offers welcome mortgage help or potential for multi-generational living.

April 2026 Maui Market Activity

New Listings

The number of homes that came to market in May 2026 was 25.9% below last May and 32.2% below the May average between 2107 and 2019. The number of condos that came to market in May was 6.3% below last May and 20.8% below the May average between 2017 and 2019.

New Pending Sales

The number of homes that went under contract in May was 5.7% below last May and 50% below the May average from 2017 to 2019. The number of condos that went under contract in May was 35.1% above last May but 43.8% below the May average from 2017 to 2019.

Closed Transactions

The number of homes sold in May was 3.8% higher than last May, but 49.5% below the May average from 2017 to 2019. The number of condos sold in May was 26.6% below last May and 67.6% below the May average for 2017-2019.

End of May Maui Home Inventory

Notable Numbers From the End of May Maui Home Inventory

The number of active home listings increased by less than one percent (3 homes) between the end of April and the end of May. Pending sales dropped 9.8% (11 homes) between the last day of April and the last day of May.

Looking at active listings by price point, a few price ranges saw pretty big shifts between April 30th and May 31st. There were nine additional active listings between $1,500,000 and $1,999,999, and six fewer listings between $3,000,000 and $4,999,999. However, at this point, this looks more like a month-to-month fluctuation than a trend.

Looking at pending listings by price point, the $1,000,000-$1,499,999 price range stands out with nine fewer pending sales at the end of May. That said, the prior month, pending sales increased within that range. There has been a modest increase in pending sales in the price ranges between $5,000,000 and $19,999,999 over the last couple of months.

Shifting our focus to active listings by community, Haiku stands out for both a significant increase since the end of last month and for being the fourth consecutive month that inventory levels have increased. Ka’anapali is a community going in the other direction. Active listings dropped by 5 homes, marking the second consecutive month of decreased inventory.

Looking at pending sales, Kihei pending sales dropped for a third consecutive month. Most of the remaining communities on the island are seeing month-to-month fluctuations in pending sales.

End of May Maui Condo Inventory

Notable Numbers from the End of May Maui Condo Inventory

The number of condo listings declined 3.2% (29 condos) between April 30th and March 31st. The number of pending sales increased by 24.5% (23 condos).

Looking at active listings by price point, the number of active condo listings under $250,000 increased for the fourth straight month. The increase in this price range between the end of April and the end of May was small but still noteworthy, continuing the recent trend. A few other price ranges saw consecutive months of decreases in active listings. The $1,500,000-$1,999,999, $3,000,000-$4,999,999, and $5,000,000-$9,999,999 ranges all saw modest declines for the second straight month.

Reviewing pending sales by price point, no single price range strung together consecutive increases or decreases in pending sales. The $250,000-$499,999 and $750,000-$999,999 price ranges saw the biggest month-to-month increases in pending sales.

Shifting our focus to active listings by community, it is a tale of two trajectories for two West Maui Resort communities. The number of active listings fell in Ka’anapali for the third straight month, while Kapalua saw its third straight month of increased listings. Overall, far more communities saw a decrease in active listings.

Pending sales increased in more communities than they decreased, with the Napili/Kahana/Honokowai area showing the biggest increase. Most communities are seeing month-to-month fluctuations in pending sales, with only Kapalua seeing a three-month streak of decreased pending sales.

>> Contact The Maui Real Estate Team with questions, comments, or for assistance with buying or selling Maui property. We look forward to the conversation and learning more about your needs.