What the Numbers Show

• Single-family closed sales: 58 · up 3.6% from May 2025
• Single-family median price: $1,174,500 · down 9.0% year-over-year
• Single-family average price: $1,480,682 · down 3.7%
• Single-family days on market: 132 · down 8.3%
• Single-family inventory: 449 active · 7.9 months supply (-1.3%)
• Single-family new listings: 87 · down 23.7%
• Single-family pending sales: 52 · down 5.5%
• Single-family list price received: 94.8%
• Condo closed sales: 51 · down 20.3% from May 2025
• Condo median price: $597,000 · down 21.7% year-over-year
• Condo average price: $890,144 · down 18.3%
• Condo days on market: 153 · up 10.9%
• Condo inventory: 914 active · 14.6 months supply (-8.2%)
• Condo new listings: 140 · down 5.4%
• Condo pending sales: 75 · up 31.6%
• Condo list price received: 95.0%
• Land closed sales: 11 · median $495,000
• All properties combined: 120 closed (-11.1%) · median $854,950 · 12.0 months supply

What Is Moving

Single-family closings rose 3.6% to 58 — a modest gain, but it confirms what April’s pending
numbers signaled: the pipeline delivered. Year-to-date now stands at 285 closings, up 1.1%
from 282 at this point in 2025. The pace continues to hold. The real movement is in condo
contracts. Seventy-five condo pending sales is a 31.6% jump, the largest of the year, and it
follows April’s 8.1% gain — two consecutive months of building pipeline that point toward
summer closings. Wailuku led single-family volume with 12 closings at a $1,005,000 median.
Kihei and Kahului posted 9 each, at $1,255,079 and $1,130,000. Kihei led condos with 19
closings at a $590,000 median — more than a third of the island’s total.
Napili/Kahana/Honokowai added 8 at $600,000, and Ka‘anapali contributed 6 at $2,285,000.

What Is Sitting

The condo median of $597,000 is the headline, and it needs context. Nineteen of the month’s
51 condo closings came from Kihei at a $590,000 median — when volume concentrates at
the entry level, the island-wide median follows it down. Ka‘anapali’s six closings at $2,285,000
show the resort segment still transacting. The YTD condo median of $670,000, down 12.1%, is the steadier read. On the single-family side, the May median of $1,174,500 looks soft, but
the YTD median of $1,250,000 is down just 3.8% — price stability, not collapse. List price
received came in at 94.8% for single-family and 95.0% for condos. Sellers are not in distress.
They are adjusting. And the affordability index tells the quiet other half of the story: the condo
reading of 70 is up 32.1% year-over-year, the highest in the trailing twelve months of RAM
data. Softer prices are translating directly into improved affordability.

Inventory and Absorption

Single-family months supply declined 1.3% to 7.9 — the first year-over-year decline in the
trailing twelve months of RAM data, after a long stretch of increases. Condo months supply
fell 8.2% to 14.6, its second consecutive decline. Inventory itself is essentially flat: 449 singlefamily homes (+1.4%) and 914 condos (+1.9%). Meanwhile new listings dropped sharply —
single-family down 23.7%, condos down 5.4%. Less new supply entering, steady absorption,
and pending sales rising: the surplus that built through 2024 and 2025 has stopped growing
and has begun, slowly, to work itself down. This remains a negotiation market in both
segments, but the direction of the supply data has turned.

Wailea & Mākena

A quiet month for closings: 2 single-family sales at a $2,427,750 median with $4,855,500 in
volume, and 2 condo sales at a $4,357,500 median with $8,715,000 in volume. The year-todate picture carries the story. Single-family: 13 closings, more than double the 6 recorded at
this point in 2025, at a $2,780,000 YTD median. The lower median against last year’s
$5,795,000 reflects the mix — activity has shifted from estate-level sales into the $2M–$4M
core range, not a repricing of the neighborhood. Condominium: 35 YTD closings at a
$1,995,000 median and $102.2 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 edged up 0.2% month-over-month to a seasonally adjusted annual
rate of 4.02 million, unchanged year-over-year, according to NAR. National inventory climbed
to approximately 1.47 million homes, a 4.4-month supply, and the median existing-home price
rose 0.9% to $417,700. Homes nationally spent a median of 32 days on the market. Maui
operates on its own rhythm — 12.0 months of combined supply here against 4.4 nationally —
shaped by island supply constraints, resort demand cycles, and the Bill 9 regulatory
environment that national trends do not fully explain.

Jolanta’s Feedback

Last month I wrote that the condo side was the more interesting watch, and May delivered. A
31.6% surge in condo pending sales is not noise — it is buyers responding to the most
accessible condo pricing this island has offered in years, with an affordability index reading
we have not seen in the trailing twelve months. At the same time, months supply declined in
both segments for the first time together, and new listings pulled back sharply. Fewer sellers
entering, more buyers stepping in — the data is starting to show a market finding its balance
point. I am watching whether the pending surge converts into June and July closings. That
will tell us whether May was a moment or the beginning of a pattern.

Source: RAM MLS Resale Data. Monthly snapshot. Statistics are approximate and not guaranteed.