November 2025 Maui Statistics and Market Update

‘Tis the season to be busy. That’s my mea culpa for a later than usual look back at the November 2025 Maui Statistics and Market Update. It is also the reason for a more abbreviated update. Without further ado, here is what we are seeing in the market and the November numbers.

What We Are Seeing in The Market

The Single Family Home Market

There were no big shifts in buyer activity in the home market, with new buyer activity and pending sales fairly close to October numbers. That was surprising because anecdotally, it seemed like we were getting more showings after a quieter October during the government shutdown.

One thing I did see this month was additional signs of a softening market across more communities. We have mentioned a softer market in Kihei for some time, but we are also seeing some lower sales in Wailea, Wailuku, and the North Shore. That said, the shift in market dynamics can be overstated. Our broker Billy was talking to a homeowner recently who noted the lower sales prices in her neighborhood this year compared to last year. When he crunched the numbers, the lower sales price were driven by smaller homes and homes in poor condition.

Contact us, and we would be happy to crunch numbers for the communities and neighborhoods that interest you to get a better sense of the dynamics in those areas.

The Maui Condo Market

November was a slower month for condo buyer activity. Combined with new listings, we saw a healthy increase in overall inventory. While this post is focused on November activity, I would be remiss if I didn’t discuss the biggest news in the condo market. That, of course, was the signing of Bill 9 into law. This new legislation will phase out short-term rentals in apartment-zoned condominiums over the next three to five years, depending on location.

While the legislation has passed, the fight is likely to continue. The county council began deliberations on a council committee’s recommendation to create two new hotel zoning types. The zoning would be allow selected condo developments to convert from apartment zoning and continue short-term rental operations. Based on the initial meeting, it looks like that will be a bumpy process.

We will also need to keep our eyes on the court system as litigation challenging the new law commences. Ka’anapali Royal is the first condo association to file a lawsuit against the county challenging the new law. It is safe to say, there may be many more to come.

It’s too early to tell what the exact impact will be on near-term market conditions. It seems like uncertainty will prevail for some time, but some sellers may not have the patience or staying power to wait out new legislation or litigation.

The Maui Luxury Property Market

November was a pretty good month for buyer activity in the luxury market, with eight pending sales. That compares to five pending sales last year. It was a geographically diverse group of properties with three properties in Wailea, one Upcountry, one on the North Shore, and three in West Maui. Two of the homes were Luxury auction properties.

Year-to-date sales through November 30, 2025 (62) are one behind last year’s (63) over the same period. However, more luxury homes went under contract for the year to date through November 30th (68), which is ahead of the number that went under contract during the same period of 2024 (61).

Luxury condo activity was quiet in November, with three new pending sales compared to eight last November. The number of pending condo sales through November is down 23.5% compared to last year. This year’s sales of condos over $2,000,000 are 47.8% below last year’s, largely due to new developer sales at La’i Loa that closed in 2024.

What it all means for buyers and sellers

This is a more favorable market for buyers than it is for sellers overall. Buyers will be able to find more inventory to choose from and should have more negotiating power.

For homes, market dynamics vary widely by price point and community. While we are seeing softer prices in some parts of the market, some segments are more resilient. We are even still seeing a smattering of homes close for above asking price. Well-priced homes in good condition can still attract stronger buyer activity.

The condo market is slower than the home market and is seeing far greater downward pressure on pricing. That said, you will find a wide range of motivation among sellers. Prices are softest among condos impacted by Bill 9. Again, even among those condos, sellers’ motivations vary. Some are very motivated to move on after the recent Bill 9 vote, others are waiting and seeing what happens with litigation, and efforts to create new types of zoning.

For sellers, while it may not be 2009 market conditions, it is a far cry from 2021 market conditions. It really helps to have your agent research recent prices and current market activity in your specific neighborhood, community, or price point. You want up to date data when determining a go-to-market strategy for price. Overpriced properties tend to sit in this market.

If you have the means, it makes sense to address deferred maintenance. Buyers are pickier right now and looking for reasons to move on to the next property or to negotiate. If you are unable to address deferred maintenance, it may be worth considering offering a buyer credit for upgrades or closing costs.

Some Maui Real Estate Eye Candy before You Get Your Statisfaction

The beautiful pool area and indoor/outdoor living space of 55 Kai Place in Paia.

November 2025 Market Activity

New Listings

New home listings in November were 11% higher than last November but remained 26.4% below the November average during 2017-2019. New condo listings in November were 14.9% above last November, but 12% below the November 2017-2019 average.

New Pending Sales

New pending home sales were 5.1% lower than in November 2024 but 30.9% below the November average from 2017 to 2019. New pending condo sales were 4.2% lower than last November but 63.5% below the November average from 2017-2019.

Closed Transactions

November’s home sales were 21.3% below last November and 34.2% below the November average between 2017 and 2019. November condo sales were 11.8% below last year and 67.6% below the November Average between 2017 and 2019.

November End of Month Home Inventory

Notable Numbers from the End of November Maui Home Inventory

Active home inventory increased 1.2% (five homes) between the end of October and the end of November. This is a new high for the year, and without looking at the numbers, I would imagine it is the highest inventory since 2022. We still haven’t quite reached pre-Pandemic inventory levels.

Pending sales increased by 5.2% between the end of October and the end of November. After dipping to under 100, we are now back in triple digits.

Looking at active inventory by price point, the most notable change was in the $1,000,000 to $1,499,999 price range. It wasn’t a big change, but this is the first month since October of 2024 that this price range has seen active listings decrease from one month to the next.

Looking at pending listings by price point, there was a healthy jump in the $2,000,000 to $2,999,999 price range. Pending sales jumped by 87.5% (7 homes). The 15 homes under contract in this range are the highest since April.

Looking at active listings by community, Kihei stands out with a 17.9% increase since the end of October. It stands out even more since most communities saw inventory drop month over month.

I can’t say anything stood out when looking at the end of November pending sales by community. Most of the increases were smaller.

End of November Maui Condo Inventory

Notable Numbers from the end of November Maui Condo Inventory

The number of active condo listings increased 5.8% (47 condos) between Halloween and November 30th. This comes after several months of fairly steady inventory. This also marks the high water mark for inventory since we started tracking these numbers on our blog.

Pending listings were close to unchanged between the end of October and November 30th, with just one fewer listing.

Looking at active inventory by price point, two things stand out to me. This is the tenth of eleven months in the year when inventory increased in the $250,000-$499,999 price range. Price reductions and new inventory are fueling the increase in listings. The condos in this range include some of the lower-priced short-term rentals affected by the Bill 9 decision, as well as entry-level condos geared towards owner-occupants and long-term rentals.

There was also a bump in higher-priced condo inventory. I suspect that is being driven by new listings or listings returning to market after a break in anticipation of the winter buyer season.

Looking at active listings by community, the resorts and popular second-home communities all saw an increase in inventory. Again, some of this may be inventory coming on the market for the buyer season.

Looking at pending sales by community, Kapalua has no condos under contract, which is somewhat notable. It has been a quiet fall for buyer activity in the resort.

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