What the Numbers Show

• Single-family closed sales: 49 · down 30.0% from April 2025
• Single-family median price: $1,290,000 · down 6.4% year-over-year
• Single-family average price: $1,506,684 · down 18.1%
• Single-family days on market: 138 · up 8.7%
• Single-family inventory: 442 active · 7.7 months supply (+1.3%)
• Single-family new listings: 92 · up 3.4%
• Single-family pending sales: 64 · up 1.6%
• Single-family list price received: 95.6%
• Condo closed sales: 70 · up 4.5% from April 2025
• Condo median price: $651,250 · down 8.9% year-over-year
• Condo average price: $971,614 · down 21.0%
• Condo days on market: 169 · up 17.4%
• Condo inventory: 944 active · 15.4 months supply (-6.1%)
• Condo new listings: 155 · down 21.3%
• Condo list price received: 95.4%
• Land closed sales: 13 · median $698,750
• All properties combined: 132 closed (-14.3%) · median $975,000 · 12.3 months supply

What Is Moving

April was a correction month. March posted 78 single-family closings with a 57% surge. April gave back much of that with only 49. But the year-to-date number tells the truer story: 226 closings through April, identical to the same point in 2025. The pace has not slowed — it redistributed across months. Condo closings rose 4.5% to 70, continuing a quiet recovery that has now produced 254 YTD closings, up 8.5% from 2025. Pending sales rose in both segments — single-family up 1.6%, condos up 9.7% — which signals May and June closings are building. Kihei led single-family volume with 13 closings at a $1,300,000 median. Kahului posted 5 at $1,010,000. Kihei also led condos with 27 closings at a $552,000 median. Ka‘anapali contributed 10 condo closings at $1,150,000.

What Is Sitting

The single-family median at $1,290,000 marks the ninth consecutive month below the $1,377,500 recorded in April 2025. But the YTD median tells a calmer story: $1,297,500, down just 0.8% from 2025. This is price stability, not collapse. The condo side continues to slide — the April median of $651,250 is down 8.9%, and the YTD median of $699,000 is down 8.8%. Average prices are falling faster than medians in both segments, which indicates fewer ultra-high-end closings rather than broad-based price weakness. List price received held at 95.6% for single-family and actually improved to 95.4% for condos, up from 94.4% a year ago. Sellers are not in distress. They are adjusting.

Inventory and Absorption

Single-family inventory rose modestly to 442 homes, up 3.0% year-over-year. After a period of rapid inventory growth in 2024 and early 2025, the pace of increase has slowed to near-flat. Months supply at 7.7 is essentially unchanged. The single-family market is settling into balance — not a seller’s market, not a buyer’s market, but a negotiation market. Condo inventory at 944 units is up just 2.5%, with months supply actually declining to 15.4 from 16.4. Fewer new condo listings (-21.3%) are entering the market while closings increased. The condo side may be beginning a slow absorption of the surplus that built through 2025.

Wailea & Mākena

Single-family: 2 closings in April at a $3,250,000 median, $6,500,000 in volume. Year-to-date: 11 closings, up from 5 at the same point in 2025 — a 120% increase in transaction count. The YTD median is $2,780,000, down from $6,900,000, which reflects the mix shifting from estate-level sales to the $2M–$4M core range. Condominium: 5 closings at a $1,975,000 median, $10,950,000 in volume. Year-to-date: 33 closings at a $1,975,000 median, with $93.5 million in total volume. Wailea/Mākena continues to carry more dollar volume than any other sub-market on the island.

National Context

U.S. existing-home sales fell 3.6% month-over-month and 1.0% year-over-year to a seasonally adjusted annual rate of 3.98 million, according to NAR. Tight supply and ongoing affordability challenges constrained activity. The national median rose 1.4% to $408,800, marking the 33rd consecutive month of year-over-year price increases. National inventory stood at 1.36 million homes, a 4.1-month supply. Maui operates in a different market from the mainland — island supply constraints, resort demand cycles, and the Bill 9 regulatory environment create dynamics that national trends do not fully explain.

Jolanta’s Feedback

April’s single-family number looks dramatic at -30%, but context matters. March was unusually strong. The four-month average tells the real story, and it shows a market that is absorbing inventory at a healthy pace with stable year-to-date pricing. The condo side is the more interesting watch right now — new listings dropped significantly while closings rose, and months supply actually declined. If that pattern continues through summer, the condo narrative will start to shift. Buyers who are waiting for further condo price declines may find the window narrower than they expect. Every market correction has a floor, and the data is starting to show where the condo floor may be forming.