September 2025 Maui Statistics and Market Update

Fall is in the air on Maui. While that doesn’t mean fall colors, it means bigger surf breaking along the North Shore, a crispness to the air in the morning Upcountry, and some much-needed rainfall. For the Maui Real Estate market, it is typically a quieter time of the year. Was this a typical September?

Our September 2025 Maui Statistics and Market Update takes a look at all that happened in the real estate market. We include data on new listings, new pending sales, closed transactions, and end-of-the-month inventory. If you just want to know the general vibes of the market, we have that too in the section below. Without further ado, here is our market update.

What We Are Seeing In The Market

Market activity in September followed recent trends of comparatively low buyer demand and high inventory. However, if you look a little bit closer, there were some modest shifts in the market.

September’s new pending home and condo sales were slightly higher than in August. That is notable in part because September is typically a quieter month than August for buyer activity. With summer vacation season over, there are fewer visitors on island. Fewer visitors translates to fewer potential buyers. The modest increase in activity may be a reaction to lower interest rates. By mid-September, interest rates were the lowest they had been since September 2024.

In addition to the lower interest rates, we are seeing continued price adjustments by sellers. This is particularly true in the condo market and at some price points of the home market. The combination of better rates and lower prices was enough to provide the modest boost in sales. While there was a small boost in sales activity, it wasn’t enough to shift the overall dynamics of the market.

The Single Family Home Market

The inventory of active home listings was essentially unchanged from the month before. The number of new listings coming to market is still well below what was typical for this time of year pre-COVID. However, demand is similarly below pre-COVID numbers. The result, at least for this month, is a nominal change in inventory.

As mentioned in last month’s update, while home prices have been resilient overall, we are seeing some price adjustments in certain communities and price points. Kihei homes are seeing downward pressure on prices. We are also seeing some signs of lower pricing in Wailea. The $1,000,000-$1,500,000 price range, in general, is also showing varying signs of downward price pressure. Finally, as buyers become more selective, homes with significant deferred maintenance and or dated finishing are also decreasing in value.

The Maui Condo Market

The condo market saw a modest increase in inventory after several months of decline. The number of condos listed is below the peak earlier this year, but still way above pre-COVID levels. Maui’s County Council is still deliberating a phase-out of short-term rentals in apartment-zoned condos. The uncertainty continues to weigh on condos potentially impacted by the proposed legislation. It looks like we are getting closer to a resolution, but no date has been set for a final vote on the pending legislation.

High supply and limited demand continue to put downward pressure on pricing. We are seeing values decrease at almost all condos on the island, albeit by varying amounts. Condo developments with high inventory and threatened by the loss of short-term rentals have experienced the most significant decrease in value. However, depreciation in non-vacation rental condos and hotel-zoned vacation rentals indicates that uncertainty over Bill 9 isn’t the only thing weighing on the market.

The Luxury Property Market

There was decent activity in the luxury home market in September, with eight homes over $3,000,000 going under contract. That is a modest increase above the seven that went under contract during September 2024. For additional context, five went under contract in September 2019.

West Maui continues to have the most luxury home activity, with five of the eight homes going under contract during September, located on that side of the island. Haiku had two pending home sales over $3,000,000, and Wailea had one.

Through the first nine months of the year, there have been 54 homes that have sold for more than $3,000,000. That is one more than the first nine months of 2024. By comparison, 26 homes were priced over $3,000,000 through the end of September 2019. Granted, home values were quite a bit lower in 2019.

The luxury condo market had a slower month in September, with only 3 condos priced over $2,000,000 going under contract. Last September, 6 condos went under contract. For context, 2 went under contract during September of 2019. Again, the caveat is that condo prices were significantly lower in 2019.

Through September 30th, 63 condos have sold for more than $2,000,000. That is well below the 125 sold last year, although that number was juiced by 58 new developer sales in La’i Loa. Those sales were from pre-construction contracts written during 2020 and 2021.

Thoughts for Buyers and Sellers Considering Entering the Market

For buyers, there is less competition, and more sellers are adjusting to the current market conditions. There are some genuinely motivated sellers in the Maui Real Estate market.

That being said, the motivations and temperament of sellers are not monolithic. While some are highly motivated, other sellers are sticking to their guns on pricing. You never know what a seller will say unless you make an offer.

It is also worth noting that market conditions vary throughout the island depending on property type, location, and price point. The state of the condo market is far different than the luxury home market. Your leverage as a buyer may vary depending on the inventory of properties available in that particular part of the market.

Sellers, to be blunt, this isn’t 2021-2022 anymore. Sellers reaching for the stars on price just aren’t getting many showings. As mentioned above, inventory is higher, and motivated sellers in the market may be competing against your listing. Smart pricing is going to improve your odds for a faster sale.

If you have the means, it is also worth addressing deferred maintenance on your property. With more inventory to choose from, buyers are pickier. They are gravitating towards more move-in-ready homes. If you don’t have the means to address repairs or other issues prior to listing, you will need to account for those issues when pricing the property.

A Little Maui Beauty to Soothe You Before the Deeper Data Dive

September 2025 Market Activity

New Listings

The number of new home listings in September was the same as in September 2025. The 83 new home listings this September are 27.8% below the average during the three Septembers between 2017 and 2019. The 133 new condo listings in September are 33% more than last year, but 10.7% below the average of the three Septembers between 2017 and 2019.

New Pending Sales

The fifty-nine homes that went under contract in September were 2.3% below last September and 21.3% below the average for September from 2017 to 2019. The number of condos that went under contract in September increased by 9.6% over last September. However, it was 54.8% lower than the average number of new pending condo sales for the three Septembers between 2017 and 2019.

September Sales

The number of homes sold in September was 6% higher than in September 2024, but 42.9% below the September average between 2017 and 2019. The number of condos sold in September was 6.4% below last year and 63.3% below the September average between 2017 and 2019.

End of September Maui Home Inventory

Notable Numbers from the End of September Home Inventory

The number of active home listings was largely unchanged between the end of August and the last day of September, with just one fewer active listing. After steady growth in inventory during the first half of the year, home inventory has experienced more limited growth through the summer and into early fall.

The number of pending home sales saw minor changes between the end of August and the end of September, with just two additional pending sales. The number of pending sales at the end of the month has ranged from 99 to 126 since the start of the year, with all but the highest and lowest months for inventory ranging from 100 to 110 pending sales.

Looking at inventory by price point, active inventory has been relatively steady over the last few months, with a couple of exceptions. Inventory in the $1,000,000-$1,499,999 price range continues to grow. It has gone up eleven out of the last twelve months and increased 102% since September 30, 2024. The inventory of active home listings in the $1,500,000 to $1,999,999 price range decreased for the third straight month. The contrasting trajectories of the two price ranges are interrelated. Twenty-three of the active listings between $1,000,000 and $1,499,999 were initially priced at $1,500,000 or above.

Glancing at pending sales by price point, the $1,000,000-$1,499,999 price range has seen a modest increase over the past few months. Buyers are responding to some of the price reductions in this range. Otherwise, pending sales at the various price points are fluctuating from month to month.

While the number of active listings has fluctuated from month to month in most communities, we can discern some trends. While Kihei’s inventory of active listings remains high, this is the sixth month in a row where active listings have decreased. Kahului inventory increased for the fourth month straight, while Kula inventory increased for the second month in a row. The Kula increase comes on the heels of three straight months of decreasing inventory.

Looking at pending sales by community, it stood out that three communities had no pending sales at the end of the month. Hana, Kapalua, and the Napili, Kahana, and Honokowai area all had zero sales. Hana has not had a pending sale since April. This secluded community can have longer periods without activity. Kapalua has had two or fewer pending sales at the end of each month of the year. The Napili, Kahana, and Honokowai area has had a quieter year for sales, but this is the first time this year that it ended a month with no pending sales.

End of September Maui Condo Inventory

Notable Numbers from the End of September Maui Condo Inventory

The inventory of active Maui condo listings on the last day of September increased a modest 1.1% (9 condos)compared to August 30th. This comes on the heels of four straight months of decreased inventory.

Pending sales increased 8% (6 condos) compared to the last day of August. The percentage increase in actives vs. the percentage increase in pendings is asterisk worthy. While the increase in actual numbers was smaller for pendings, the percentage increase was larger because we were dealing with much smaller numbers.

Looking at active listings by price point, all but two price ranges we track saw increased inventory. The only decrease in active listings occurred between $2,000,000-$2,999,999 and between $3,000,000-$4,999,999. The $250,000-$499,999 price range has seen three straight months of growing inventory. That is being driven in part by existing condo listings dropping their price under $500,000.

Looking at the end of the month pending listings by price point, it was a mixed bag overall with four price ranges showing increased pendings, three showing decreases, and three unchanged.

We are also seeing a lot of fluctuation in both active and pending condo sales by community. That’s been true for most of the year. The two communities that have seen the most growth in active listings since the start of the year are Ka’anapali and Kahului. The 117 active listings in Ka’anapali on September 30th were the highest end-of-the-month total for the year to date. The 27 condo listings in Kahului were the second-highest end-of-month total, more than double the 13 active listings on December 31, 2024.

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