The Number That Tells the Story
12.3 months supply of condominiums at year-end — up from 4.9 months in 2024, a 151% increase. Condo inventory reached 772 active listings by December, the highest in a decade. Displacement, insurance disruption, STR restructuring, and the retreat of short-term rental income reshaped the segment in ways that will take years to fully resolve.
What Happened
2024 was Maui's first full calendar year after the August 2023 Lahaina fires. The SF segment showed surprising resilience: 754 sales, up 3.1%, with median rising 8.5% to $1,301,900. SF inventory, while up 63.2% to 377 homes, was still being absorbed by housing-scarce island demand. Days on market stretched to 124 days as buyers weighed insurance availability and rebuilding timelines. The condo market told a more complicated story. Unit sales fell 12.3% to 851, yet median prices still rose to $900,000 (up 8.3%) — sellers maintained pricing even as buyers gained leverage from the inventory surge. The average condo sales price jumped 14.9% to $1,420,341, driven by strength in higher-priced condominium sales. Condo months supply climbed from 4.9 to 12.3 — well into buyer's market territory.
The land market staged a notable recovery: 187 parcels sold, up 14.7%, with total volume surging 56.5% to $341.4 million. Lahaina-area land activity reflected rebuilding intent, with property owners beginning the long permitting and planning process.
Wailea & Mākena
South Maui luxury was 2024's standout story. SF: 27 sales, median $4,700,000, total volume $189 million. Condos: 151 units sold (up 34.8%), median $2,500,000, total volume $520.6 million — a single submarket generating over half a billion in transactions. Buyers continued to view Wailea/Mākena as a durable part of the Maui market, geographically separate from the West Maui recovery zone.
What It Meant for Buyers
Condo buyers found more inventory and more negotiating room than in years. SF buyers faced a competitive environment at lower price points. Insurance due diligence added a new layer of complexity for all segments — coverage gaps, non-renewals, and surcharges required careful underwriting before any offer.
What It Meant for Sellers
SF sellers retained meaningful leverage — prices up, days manageable. Condo sellers faced a doubling of competition and buyers who knew it. Pricing correctly from day one was essential. West Maui sellers navigated additional buyer hesitancy around insurance and long-term area viability.
December Snapshot
- Single-family: 56 sales · median $1,374,238 · 129 days on market
- Condominiums: 53 sales · median $860,000 · 117 days on market
- Land: 16 sales · median $630,000
Jolanta's Reflection
This was the year I watched Maui do what it always does when tested: adapt, endure, and keep moving. I had clients still waiting on insurance decisions, still in temporary housing, still unsure whether to rebuild or start fresh. Those conversations were the hardest of my real estate career. They reminded me that the numbers are always telling someone's story. In 2024, that story was about resilience under pressure — and what it means to put down roots on an island that asks a lot of you.
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