The median sales price of a condominium in Maui County has fallen to $675,000, the lowest level in two years. Meanwhile, condo resales volume has been down, mostly the double-digit percentage points, for eight of the last nine months.
And that has been since May 2, 2024, when Mayor Richard Bissen announced that his administration would submit a bill to the Maui County planning commissions and Maui County Council to phase-out approximately 7,000 vacation rental units in apartment-zoned districts.
The bill is pending before the Maui County Council, and a study of the phase-out’s economic impacts by the University of Hawaii Economic Research Organization is expected in the first quarter of this year. In December, University of Hawaiʻi economics professor Carl Bonham said he expects the report to show a mixed-bag of impacts. However, he said at that time, that “it’s not rocket science to know that if you take in 2025, 30% of the visitor plant off of Maui, it’s going to have a negative impact on the number of visitors who are on island and the amount that they will spend. And that will then impact the recovery of Maui employment, of jobs, particularly in areas like food service and retail, in restaurants.”
The Maui County Council had plans to have its own study done on the bill’s impacts.
For condo resales, the downward sales volume trend first became evident in August 2024 after three months of declines in May, June and July of that year. Condo median sales prices have held steady for awhile.
However, median condo sales prices fell 19.7% from $890,000 to $715,000 in November 2024 and slid 15.6% from $800,000 to $675,000 in January 2025. The last time condo median prices were in the mid-$600,000 range was in January 2023 when the median price was $657,500. Before that median condo prices in Maui County ranged from $556,990 to $695,000 during the worldwide COVID-19 pandemic.
Here’s how condo sales volume has played out since May 2024, according to association market statistics:
If the decline in resales prices continues, many investors could be left “under water,” meaning that the property they own is worth less than the outstanding mortgage they owe on it. So, if they were to resell the property at current market values, they would not have enough to repay their mortgage debt.
Meanwhile, for single-family homes in Maui County, the number of units sold in January was 58, up 1.8% compared with the same month last year. The median sales price in January was $1,187,500, down 11.6% from 2024, according to the association.
“Maui’s housing market is experiencing some fluctuations,” said association President Lynette Pendergast. “While shifting prices present opportunities for buyers, long-term stability will depend on increasing inventory, addressing affordability, and supporting smart growth initiatives that align with Maui’s unique character. By fostering collaboration among developers, policymakers, and the community, we can create housing opportunities that benefit both current residents and future generations while preserving the balance that makes Maui such a special place to call home.”
To see the association’s full report for January, visit here.
