Aloha, this is Lahaina Lee with the May 2026 edition of the Maui Real Estate Advisor.

This month I'm splitting my update into two pieces. Last week I covered the market data: condos, homes, inventory, prices. This week: Lahaina and tourism. My Bill 9 and H3/H4 deep-dive is a separate piece, because that topic deserves its own space and its own audience. If you own or are considering an apartment-zoned condo on Maui, that one's required reading.

But let's start here. Lahaina.

Lahaina Recovery Update – May 2026

Almost three years out from the fire, and Lahaina is still the most important story in Maui real estate. Not because the market data demands it, but because what happens in Lahaina shapes the economic character of this entire island, and the pace of that recovery affects real estate values, tourism, and investor confidence in ways that don't always show up in the MLS numbers. 

I want to be direct about where things actually stand, because the summary numbers can sound more encouraging than the reality on the ground.

Residential Rebuild – The Numbers

The MauiRecovers.org dashboard as of early May 2026 shows:

That residential progress is real, and I don't want to minimize it. The county implemented a fast-track permitting process, and the average time to receive a building permit approval is now 44 days. There are neighborhoods in Lahaina where you can hear hammers and heavy equipment: and that matters of course. And, yet I have clients who have been in the process for over a year. 

And the fire destroyed roughly 2,200 structures. On the residential side alone, we're about a quarter of the way through. More than 1,100 property owners haven't started, can't start, or – and this is the part that really worries me – may have already given up. The properties along the shoreline in particular are stalled. Owners there face additional layers of coastal regulations, historic district requirements, and financing complexity that is genuinely crippling for some.

Front Street and Commercial Rebuild – The Harder Truth

If the residential picture is cautiously encouraging, the commercial picture is not. Nobody on Front Street has opened a new building yet. Not one.

As of early May 2026, the county has issued 25 non-residential permits, mostly tenant improvements, with 163 more in process. No commercial submittals were filed in 2026 at the time of the May community meeting. Let that sink in: two and a half years after the fire, and the queue for new commercial construction in the heart of Lahaina is still essentially empty.

The reasons are real and they're complicated. Front Street sits within Lahaina's National Historic Landmark District, the Special Management Area, and the shoreline zone — any structure near the water must navigate overlapping requirements from the state, county, and federal government simultaneously. One architect working on four commercial projects filed for a building permit in June 2025 and received a letter in April 2026, ten months later, telling him he needs an archaeological inventory survey before they can proceed. His response: 'I am beyond frustrated by all of this, but to be fair to the county... it's just much more complicated than anybody ever visualized.'

A fourth-generation owner of the historic Pioneer Inn told a reporter he fully intends to rebuild,  "We're literally starting the process today" and described the challenge as getting all the approving authorities on the same page. Every property has its own path. There's no blanket process. There's no checklist.

One architect estimated the full rebuild of Front Street could run $300 million, and said a realistic timeline for Lahaina to 'start to look like it used to look' is 10 years from the fire — meaning 2033.

The Voluntary Buyout Program – A New Option for Makai (Oceanfront) Owners

One of the most significant developments out of the May 6 Maui Recovers community meeting was the county's announcement of a voluntary buyout program targeted at the makai side of Front Street and properties within Historic Districts 1 and 2.

The county will offer to purchase these parcels at post-disaster fair market value, subject to a HUD-required award cap. The funding, $50 million reallocated from federal CDBG-DR disaster recovery funds, is in place. Applications expected to open July 2026.

Acquired properties become permanent open space. Deeds would include recorded restrictions prohibiting redevelopment except for limited public uses, beach access, parks, restrooms. No hotels, no commercial redevelopment.

This is "entirely" voluntary. Property owners who want to rebuild can still pursue permits. But for owners who have been through two and a half years of regulatory complexity and concluded that they simply cannot get there, this is a viable, some might say forced, exit ramp.

Cultural Recovery – The Story Behind the Story

The fire created an opening, painful as it was, for restoration efforts stalled for generations. The Lahaina Royal Complex project, including the restoration of Mokuula, a sacred island once home to King Kamehameha III that had been buried under a baseball field for over a century, is now moving forward with active county and state support. Organizations like Lahaina Strong have described it as something that 'felt like a far-off dream' now becoming real.

The Lahaina Restoration Foundation is working to rebuild eight historic structures, including the Old Lahaina Courthouse. Estimated cost: approximately $40 million. Construction on the courthouse is scheduled to begin in 2028 and finish in 2029. Artifacts recovered from the fire sites                             , Native Hawaiian stone, Chinese jade, plantation-era cast iron, missionary-era silver, survived in ways that surprised everyone. The cultural recovery is real, even if it's moving on a timeline measured in years, not months.

Maui Tourism Update – May 2026

The tourism data is genuinely better than it was a year ago. But 'better' and 'back' are two different things, and for anyone running the numbers on a vacation rental investment, that distinction matters a lot.

The February 2026 Numbers

The most recent official data from DBEDT and HTA: February 2026 Maui visitor arrivals up 11.5% year-over-year to approximately 223,000 visitors. Visitor spending rose 6.8% to about $571.5 million. Hotel occupancy improved to 78%, with the Lahaina/Ka'anapali/Kapalua corridor at 76.3%.

Those are real numbers. But context matters: February is peak season, and the comparison year was still a recovery year. Against 2019, the last clean baseline, Maui is still running well below peak visitor volume.

Patterns Worth Watching

Fewer visitors, higher spending per visitor. The defining pattern of Maui's tourism recovery. The visitor profile has shifted toward higher-income travelers. For properties that appeal to that demographic, revenue can hold even when occupancy dips. Budget-oriented vacation rentals in apartment complexes are feeling more pressure, not less.

Canada is soft. Political and economic uncertainty north of the border is keeping Canadian visitors on the sidelines. U.S. West, U.S. East, Japan, and Korea are showing stronger recovery. If you own a property that historically attracted Canadian guests, factor this into your projections.

West Maui is active but noticeably less crowded. Restaurants are busy. The harbor is running tours. But one of the pools at a large resort, which I drove by last week and counted, had five people in it. That is not a full resort.

Shoulder season is soft. May is historically one of Maui's slower months, and this May feels slower than average. This is seasonal, not structural, but a reminder that recovery is not even across all months of the year.

'Iao Valley State Monument remains temporarily closed through late June for bridge safety upgrades, a real revenue drag heading into summer season.

What This Means for Maui Real Estate

The honest summary: tourism recovery is real but uneven. Occupancy is improving but hasn't returned to 2019 levels. Operating costs, insurance, HOA fees, property management, have risen meaningfully since pre-fire years, compressing net returns even when gross revenue holds.

For buyers considering a vacation rental condo: run your numbers conservatively. Use current occupancy data, not 2021 peak-year data. Account for higher insurance and HOA costs. And be honest with yourself about what zoning your target property is in. Speaking of which, that's exactly what my Bill 9 piece covers. Find it at AlohaGroupMaui.com.

Our Take

Lahaina is still the story. The pace of commercial recovery on Front Street directly affects property values, tourism demand, and the character of West Maui for everyone who lives, works, or owns there.

Tourism is improving — just not uniformly, and not fast enough to fill the gap created by three years of fire recovery and regulatory uncertainty. The people who understand what's actually happening on the ground will be best positioned for what comes next.

Questions? Reach out directly: Lee@AlohaPotts.com — I answer every one.

From the greatest island on earth — this is Lahaina Lee saying aloha.

Frequently Asked Questions — Lahaina Recovery & Maui Tourism

The questions we hear most from buyers, sellers, and investors right now.

What is the current status of Lahaina's rebuild in 2026?

As of May 2026, the MauiRecovers.org dashboard shows 562 residential permits issued, 206 homes completed, 310 homes under construction, and 357 permits in processing. Commercial rebuilding on Front Street is in early stages — 25 non-residential permits issued, 163 in process. No new commercial buildings have opened on Front Street. Realistically, meaningful sections won't be open to visitors for another one to three years.

When will Front Street in Lahaina reopen?

There is no set timeline. County infrastructure work — seawall repairs, sidewalks, railings — is targeted for completion by July 2026. But full commercial reopening is likely still several years away. One architect working on multiple projects described the process as 'much more complicated than anybody ever visualized' and said a 10-year rebuild timeline from the fire — meaning 2033 — is realistic.

Is Maui tourism recovering?

Yes, with caveats. February 2026 visitor arrivals rose 11.5% year-over-year to about 223,000 visitors, with spending up 6.8% to approximately $571.5 million. Hotel occupancy improved to 78%. However, visitor volume remains below 2019 levels, Canada is soft, and shoulder seasons are noticeably slower than pre-fire years. The visitor profile is skewing toward higher spenders — good for revenue, but not a rising tide that lifts all boats.

How does the Lahaina recovery affect Maui real estate values?

Lahaina's recovery pace directly affects West Maui property values, tourism demand, and investor confidence across the island. A slower commercial rebuild means fewer visitors in the West Maui corridor, which suppresses rental demand and makes the economic recovery case harder for investors. When Front Street commercial activity does return — even partially — it will be a meaningful positive signal for West Maui real estate.

What is the voluntary buyout program for Front Street property owners?

The county is launching a voluntary buyout program for parcels on the makai side of Front Street and within Historic Districts 1 and 2. Funded with $50 million in federal CDBG-DR funds, it allows owners to sell at post-disaster fair market value. Acquired parcels become permanent open space. Applications open July 2026. Participation is entirely voluntary.

About Lahaina Lee & The Maui Real Estate Advisor

Lahaina Lee is a licensed real estate broker on Maui, Hawaii, and the publisher of the Maui Real Estate Advisor — a monthly market report covering Maui condo and single-family home trends, luxury real estate, short-term rental regulations, the Lahaina rebuild, and Maui's broader economic picture.

Contact: Lee@AlohaPotts.com  |  AlohaGroupMaui.com

Market Snapshot

This was a week with more positive activity than recent ones. Two closings, three new pendings, and two meaningful condo price reductions signal that the market is moving, even if selectively. No new listings entered the market — a notable absence that reflects the inventory dynamic we’ve been tracking. Also worth noting: the $13.9M Haiku architectural estate that went under contract April 24 is back on the market after its escrow was cancelled just four days in. See the Failed Escrow section below.

One trend worth noting: the Pineapple Hill closing was financed with owner/seller financing (purchase money mortgage). We’ve been seeing this a little more frequently in the luxury market and the general market. When conventional financing is expensive or unavailable for buyers at this level, seller financing can bridge the gap and get deals done. It’s a signal that some sellers are flexible and motivated enough to help facilitate their own transaction.

Closed Sales

Single-Family Homes

Pineapple Hill | Kapalua | 100 Woodrose Pl

3 bd | 4.5 ba | 3,812 sf | 0.31 ac | ocean view

List Price: $5,900,000 | Sold Price: $5,500,000 | DOM: 77 | Owner Financing (PMM 1st)

Listed February 27, under contract April 9, closed May 15 at $5,500,000 — a $400,000 discount from list. Notably, the deal was structured with owner/seller financing rather than cash or conventional. At 77 days on market, this was a quick run for Pineapple Hill. Single-level, 3,812 sf, Wolf and Fisher & Paykel appliances, heated pool, solar. The seller financing structure is the real story here — a sign that motivated sellers are willing to carry paper to close.

Condominiums

Wailea Elua II | Wailea | 3600 Wailea Alanui Dr, Unit 1603

2 bd | 2 ba | 1,363 sf | beachfront | ocean view | STR eligible

List Price: $5,990,000 | Sold Price: $5,990,000 | DOM: 80 | Cash | Sold prior to listing

This one tells its own story: sold prior to listing. The likely story was that one party was looking for a specific property in a specific complex, but couldn’t find exactly what they were looking for among the active listings. So, they hired a good broker to go find what they wanted — off market. This was a private, off-market deal that was recorded through the MLS after the fact. The buyer paid $5,990,000 for a 1,363 sf beachfront unit at Wailea Elua — the only residential property on Wailea Beach with hotel zoning and STR eligibility. No discount, no open market competition. Someone knew exactly what they wanted.

Pending Sales

Single-Family Homes

The Ridge at Wailea | Wailea/Makena | 14 Halapa Pl

4 bd | 4.5 ba | 5,126 sf | 0.51 ac | ocean view

List Price: $11,998,000 | Original: $11,998,000 | DOM: 317 | Contract: 5/13/2026

Persistence and eventually realism finally helped get this home under contract for the second time in 317 days on market. It went under contract the first time back in February, but that buyer cancelled after about two weeks. Now it’s back in contract, and we’re hoping for a better outcome. But the story of this sale began in 2023 with an asking price of $15M. After 367 days, the listing expired and the same broker brought it back at $13.5M later in 2024. It was relisted in 2025 with the same broker. Third time is the charm. The Ridge at Wailea is one of Maui’s most exclusive gated enclaves. This 2023-built estate was designed by Guy Dreier Designs and built by Trend Builders — 5,126 sf, black magma stone entry courtyard, steel and stone spiral staircase, floor-to-ceiling glass, two master wings. The listing broker holds a recorded interest in the property. We’ll see what the final closed price looks like.

Mahana Estates | Kapalua | 715 Laulama Pl

3 bd | 3.5 ba | 2,867 sf | 2.36 ac | ocean view

List Price: $5,825,000 | Original: $5,825,000 | DOM: 130 | Contract: 5/11/2026

This is the second time on the market for this home, which was previously listed in May 2025 at $6.5M. It came back at $5,825,000 and at 130 days on market it is under contract. A 2022 custom-built modern home in Mahana Estates at Kapalua: dark exterior, expansive glass, soaring wood ceilings, hardwood floors, accordion glass doors opening to pool and valley views toward Molokaʻi. 2.36 acres within Kapalua Resort. Solar. The listing agent is related to the seller, which is disclosed. A clean result for a well-priced new construction in West Maui.

Condominiums

Polo Beach Club | Makena | 4400 Makena Rd, Unit 107

2 bd | 2 ba | 1,186 sf | beachfront | ocean view | hotel zoned | STR eligible

List Price: $3,999,999 | Original: $3,999,999 | DOM: 76 | Contract: 5/12/2026

Under contract in 76 days — likely means it was priced right. Ground-floor walk-out at Polo Beach Club; step directly from the lanai onto an expansive greenbelt leading to Polo Beach. 1981 construction, remodeled 2009. Beachfront, hotel zoned, and STR allowed with active rental history. Polo Beach Club sits at the quieter southern end of Wailea, and units here don’t trade often. At $3,999,999 this was priced to move, and it did.

Failed Escrow — Back on Market

Single-Family Homes

West Kuiaha | Haiku | 1642 W Kuiaha Rd

4 bd | 3.5 ba | 5,493 sf | 18.06 ac | mountain/ocean view | + 2/2 cottage

List Price: $13,900,000 | DOM: 298 (continuing) | Escrow cancelled

This award-winning SEE Architecture estate in Haiku went under contract after 8 months with no price reductions. Four days later, escrow was cancelled. The DOM counter continues running — now at 298 days — without resetting. At $13.9M, a failed escrow at this level is significant. We don’t know whether the breakdown was financing, due diligence, or a buyer who got cold feet, but the result is the same: the seller is back to square one after a three-week deal. Precision steel BONE construction, 18 acres, licensed TVR cottage. The property is genuinely exceptional. The question is whether the next buyer holds.

Price Reductions

Condominiums

Andaz Residences | Wailea | 3550 Wailea Alanui Dr, Unit 801 (F2)

3 bd | 4 ba | 2,814 sf | oceanfront | ocean view | STR eligible

Current Price: $11,995,000 | Original: $12,495,000 | DOM: 40

A $500,000 reduction after 40 days on this private villa at the Andaz Maui Wailea Resort. This is a rare asset: ownership combines the privacy of a beachfront home with full Andaz Hotel amenity access — pools, spa, beach service, concierge, and award-winning dining. 3bd/4ba, 2,814 sf, Miele throughout, butler’s pantry, Sonos, fully furnished turnkey. STR eligible though not previously in a rental program. At $11,995,000 and just 40 days in, the seller is being proactive rather than reactive. Worth watching to see if this early adjustment generates traction.

Wailea Beach Villas | Wailea | 3800 Wailea Alanui Blvd, Unit PH503

3 bd | 3 ba | 1,961 sf | beachfront | ocean view | hotel zoned | STR eligible

Current Price: $5,900,000 | Original: $6,895,000 | DOM: 148

A $995,000 reduction — nearly $1M off — after 148 days on this top-floor penthouse at Wailea Beach Villas. Hotel zoned, STR eligible with an active rental program through CBIV, 2025 remodel, Studio Becker cabinetry, Gaggenau/SubZero/Thermador kitchen. The only residential property on Wailea Beach with hotel zoning. The cancelled PH405 listing at $8,600,000 (545 DOM, see below) provides useful context: the Wailea Beach Villas market has been resistant to high prices. PH503 is now at $5,900,000 — almost $1M lower than where PH405 gave up. Different units, different floors, but the same building and the same buyer pool.

Cancelled / Expired

Condominiums

Wailea Beach Villas | Wailea | 3800 Wailea Alanui Blvd, Unit PH405

3 bd | 3 ba | 1,961 sf | beachfront | ocean view | STR eligible

List Price: $8,600,000 | Original: $8,600,000 | DOM: 545 | Cancelled

545 days on market, zero price reductions, cancelled. A penthouse at Wailea Beach Villas — the only residential property on Wailea Beach — with panoramic views of Wailea Beach, Molokini, Kahoʻolawe, Lanaʻi, West Maui, and Haleakala. Fully upgraded, Studio Becker kitchen with Sub-Zero and Gaggenau, STR eligible with active rentals. The asset is real. But $8,600,000 for 1,961 sf never found a taker in nearly a year and a half. PH503 in the same building is now listed at $5,900,000 ($3,009/sf). That gap tells the story.

Our Take

Inventory is dropping week by week. We now have 93 luxury homes for sale and 70 luxury condos, and there were no new listings this week. Lower inventory seems like good news, but at a pace of 1 sale per week in each category, buyers still have lots to choose from and are solidly in a position of leverage.

May is typically a slow season. Temperatures are warming on the mainland, the school year is wrapping up, graduations and weddings take precedence over travel to amazing locations like Maui. This is a good time for sellers to take stock of their positions. I expect to see both new listings and relistings of properties that failed to sell.

High net worth buyers are likely also taking stock of their positions, the economy and world events. It’s been more than a decade since buyers were in such a strong position. We will see if the summer market can finally bring more of the willing Maui sellers together with buyers who have been biding their time.

Weekly Luxury Market Snapshot

Maui Luxury Market Snapshot — Week of May 9

There was quite a bit of activity in the Maui luxury home market this week, but the condo segment was only hearing crickets. No closings, two pendings — one of which went under contract the same day it listed, at least according to the MLS — and four cancellations across homes and condos. The single price reduction and two new listings round out a week that reflects a market in transition as we move deeper into the shoulder season.

The Paia Bay cancellation carries an unusual wrinkle worth noting: the property is subject to bankruptcy court approval, a reminder that not all cancellations are straightforward seller decisions.

Pending Sales — Maui Luxury Homes Under Contract

Single-Family Homes

Maui Luxury Price Reductions

Single-Family Homes

Cancelled & Expired — Maui Luxury Listings

Single-Family Homes

Condominiums

New Maui Luxury Listings — Week of May 9

Single-Family Homes

Our Take — Maui Luxury Market Perspective

May is typically a slow month on Maui in terms of both visitors and real estate. The beginning of this month seems uncommonly so. Last week when I was out looking at property, I pulled into a covered parking lot on the first floor and it was virtually empty. When I walked out to the normally bustling pool area, I had to stop and count the people. The fact that I could count them tells the story — five people in a large resort pool.

The homes and condos we review in this report are sometimes primary residences, but they are primarily second homes and vacation rental investment properties. Off-island buyers who visit Maui and contribute significantly to the health of our economy account for about 85% of the ownership of these properties. Geopolitical uncertainty, inflation, and volatile equity markets all play a role in keeping some of those buyers on the sidelines right now.

That said, Maui is still Maui. Two new pendings in the first week of May is encouraging, and as we move into the summer buying season, sellers are clearly getting more serious about pricing to meet the Maui luxury market. We'll be keeping an eye on the new listings — some of them may turn out to be old listings with fresh prices and zero days on market.

From the greatest island on earth — this is Lahaina Lee saying aloha.

Frequently Asked Questions — Maui Luxury Real Estate

Common questions from buyers and investors about the Maui luxury market.

How is the Maui luxury real estate market performing in 2026?

The Maui luxury market in early 2026 is showing selective activity. Well-priced properties at all tiers continue to find buyers — sometimes quickly — but overpriced listings are sitting for extended periods. The week of May 9, 2026 saw two new pendings (both going under contract quickly), four cancellations/expirations, and two fresh listings entering the market.

What is the price threshold for Maui luxury real estate?

The Maui Weekly Luxury Report tracks single-family homes priced at $4 million and above, and condominiums priced at $3 million and above. This covers the top tier of Maui's real estate market across all neighborhoods — from Kapalua and Ka'anapali on the West Side to Wailea, Makena, Kihei, and Upcountry.

Which Maui neighborhoods have the most luxury real estate?

The primary luxury home markets on Maui are Kapalua, Ka'anapali Golf Estates, Wailea/Makena, Launiupoko, and Upcountry Kula. For luxury condos, the top markets are Wailea (Wailea Point, Ho'olei), Ka'anapali (Honua Kai, Ka'anapali Alii), and Kapalua (Kapalua Bay Villas, Kapalua Ironwoods).

Are Maui luxury homes selling or sitting on the market?

As of May 2026, the pattern is clear: correctly priced luxury properties in compelling locations sell. Overpriced properties accumulate days on market and eventually see significant reductions or cancellations. The luxury segment has compressed from peak pricing, and sellers who accept current market values transact; those who don't are sitting.

Are Maui luxury condos good investments in 2026?

Maui luxury condos — particularly hotel-zoned properties eligible for short-term rentals — remain attractive for investors who have run the current numbers. Bill 9 regulatory uncertainty affects apartment-zoned STR properties. Hotel-zoned properties like those at Honua Kai and Kapalua Bay Villas are not subject to the same risk. Buyers should verify zoning and rental eligibility before proceeding.

What is happening with Maui beachfront real estate?

Maui beachfront homes at the luxury level have seen some high-profile cancellations and expirations in recent months — reflecting the challenging combination of premium pricing and a selective buyer pool. That said, correctly priced beachfront properties do transact. South Maui and West Maui beachfront remain among the most coveted real estate in Hawaii.

About the Maui Weekly Luxury Report

The Maui Weekly Luxury Report is published every week by Lahaina Lee, a licensed real estate broker on Maui. It tracks all activity in the Maui luxury real estate market — single-family homes priced at $4 million and above, and condominiums at $3 million and above — including new listings, pending sales, closed sales, price reductions, and cancellations/expirations.

The report is part of the Maui Real Estate Advisor, Lahaina Lee's broader market coverage platform covering all segments of Maui real estate, short-term rental regulations, Lahaina rebuild updates, tourism trends, and Maui's economic picture.

Contact: Lee@AlohaPotts.com  |  AlohaGroupMaui.com

This month we're keeping the focus squarely on the market data — condos and single-family homes — and letting the numbers do the talking. April closings are in, and there's more going on beneath the surface than the headline figures suggest.

Aloha, this is Lahaina Lee with the May edition of the Maui Real Estate Advisor.

This month I’m going to keep things focused on what the numbers are actually telling us. We’ll cover tourism, Lahaina, and the latest on Bill 9 in a separate piece coming later this week — there’s enough happening on all three fronts to give them the space they deserve.

For now, let’s look at April’s closings, what the inventory is doing, and where I think this market is actually headed.

Condos

Seventy condo sales in April. That’s a respectable number — not spectacular, but solid. It keeps us in a range we’ve been working with since the market started finding its footing earlier this year.

Here’s the context though. We now have 931 condos for sale. That’s the highest inventory number we’ve seen in this 12-month window, and it gives us just under 13 months of supply. Let me say that again: nearly 13 months of inventory. We are deep in buyer’s market territory — and that hasn’t changed.

Pending sales came in at 100 heading into May. That’s down from 107 last month and 118 in February, which was our recent high. The trend in pendings is worth watching — it’s been slowly softening since that February peak, and pending sales are our most reliable preview of next month’s closings. We’re not alarmed yet, but 100 is not a number that points to acceleration.

On price: the median selling price landed at $651,000 in April. That’s a step back from the $675,000 we saw in March, and it puts us back in the middle of the 12-month range. The average selling price was $972,000 — a meaningful drop from $1.19 million in March. That kind of month-to-month variation in the average tells you the upper end of the condo market was quiet in April. When the big-ticket units aren’t moving, the average drops fast.

Asking prices came in lower too: the average asking price for active listings is down to $1.27 million from $1.31 million last month, and the median asking price is at $799,000 — the lowest we’ve seen in the last seven months. That tells me some sellers are starting to adjust. Whether it’s Bill 9 anxiety, carrying costs, or just a read on the market — there’s downward pressure on the ask side.

Days on Market — A Closer Look

One number I want to highlight this month is days on market. Active condo listings are sitting at an average of 170 days before going under contract. That’s essentially flat from last month, but look at the trend: we were at 140 days back in May 2025 and have climbed steadily since. Buyers are not in a hurry. They’re browsing, comparing, waiting.

For sold condos, the average days on market was 168 in April — up from 148 in March. That means the properties that did close in April spent the better part of six months on the market before finding a buyer.

For sellers, that’s the reality of this market right now. The buyers are out there — but they’re deliberate. Pricing well from day one matters more than ever.

Listing Withdrawals

53 condo listings were withdrawn from the market in April — up from 47 in March and the highest count in several months. To be clear, these are not escrows falling apart. These are sellers choosing to pull their listings entirely. That’s a meaningfully different signal. When a seller cancels a listing, they’re not walking away from a deal — they’re stepping back from the market altogether. Whether it’s Bill 9 uncertainty making the value proposition harder to underwrite, carrying cost fatigue, or a decision to wait and see how the regulatory picture resolves — 53 withdrawals in one month tells me a meaningful number of condo sellers have decided that this is not their moment.

Bottom line on condos: steady sales, rising inventory, softening prices, and a listing withdrawal number that tells its own story. The buyer’s leverage in this market is real — and it isn’t going away anytime soon.

* Data collected on the 1st of the following month. April figures collected May 1, 2026.

* Asking price data unavailable prior to August 2025.

* Listing withdrawals: number of active listings canceled/withdrawn from the market during the month. Does not include escrow cancellations.

Single-Family Homes

Forty-nine home sales in April. That’s a real pullback from March’s 76 — the best month in two years. And I’ll be honest, the contrast is stark enough that I want to be careful about how I read it.

My strong suspicion is that March pulled forward some demand that would otherwise have closed in April. When you have an unusually strong month, the one that follows often looks weak by comparison — not because the market has changed direction, but because some of the deals that would have been April closings got done a little early. Forty-nine sales is low. But it’s not a collapse.

The number I’m actually more focused on is pending sales. One hundred and nineteen homes are currently under contract heading into May. That is a strong number — the second-highest pending total in our 12-month window, behind only February’s 134. If those deals close as expected, May should look considerably better.

Inventory is essentially unchanged at 437 homes. We were at 436 last month. Supply is stable and we’re still sitting right around 9 months of inventory — which keeps us on the buyer-favorable side of a balanced market, though not as dramatically as the condo side.

Price

The median selling price for homes bounced back to $1,290,000 in April — recovering most of March’s dip to $1.20 million. That’s closer to where we spent most of 2025, which ran consistently around $1.28 to $1.34 million. So, the March number may have been the outlier, not the new baseline.

The average selling price came in at $1,506,000 — a modest uptick from March’s $1,494,000. The average has held in a fairly tight band between $1.37 and $1.51 million for the last five months, which suggests the market is finding some price stability in the mid-range.

On the ask side, the median asking price for active home listings came in at $1,850,000 — down from $1,950,000 last month. The average asking price dropped from $3.71 million to $3.48 million. As with condos, some sellers are starting to move their expectations closer to where deals are actually getting done. That gap is narrowing, but it’s still wide.

Days on Market

Active home listings are averaging 153 days on market — up from 147 last month, and the highest in this 12-month window. We were at 135 days back in September. That steady climb tells us that homes are sitting longer before finding buyers, even as the sales pace has been reasonably active.

For sold homes, the average days on market was 160 in April — up from 142 in March. One caveat: March’s 142-day sold average was notably low, likely because the high volume of closings included some properties that had been sitting and finally found buyers when prices adjusted. The April number is more in line with the 6-month trend.

Listing Withdrawals

Home listing withdrawals dropped to 25 in April, down from 41 in March. That’s a positive sign. Fewer sellers pulling back in a slower sales month suggests conviction on both sides — the sellers who stayed in the market were committed to transacting, and the buyers who went to contract in a quiet month tend to follow through. Those are the kinds of deals that close.

March was the outlier — in the best possible way. April is the market finding its level. And with 119 homes pending heading into May, the foundation looks solid.

Bottom line on homes: April was soft on sales but strong on pendings. The median price recovered. Days on market are creeping up — but so is buyer intent, based on what’s under contract right now.

* Data collected on the 1st of the following month. April figures collected May 1, 2026.

* Asking price data unavailable prior to August 2025.

* The April drop in home sales from March’s 76 to 49 is likely partly attributable to demand pull-forward. 119 pending sales heading into May supports this interpretation.

Our Take

Two months ago, March looked like a turning point. And in the home market, I still think it was — just not in the ‘straight-line acceleration’ kind of way that one big month can suggest. Markets don’t move like that. They move in waves.

What April is telling me is that both markets have found a rhythm. Condos are selling at a pace that keeps the market from stalling, but inventory is growing and sellers are starting to feel the pressure. Homes had a soft month on closings but a strong month on pendings — which is actually the more forward-looking number. May should tell us a lot.

The days-on-market trend is the one I keep coming back to. Both homes and condos are taking longer to sell than they were a year ago. That’s not a crisis — but it’s a reminder that we are not in a market where good properties sell themselves. Presentation, pricing, and strategy matter more right now than they have in a while.

For buyers: the conditions are still favorable, especially on the condo side. Inventory is high, sellers are adjusting, and there’s no urgency driving prices up. If you’re doing your homework, this is still a market worth being patient in.

For sellers: the data says price it right from day one. Properties that sit collect days on market and attract lower offers. The buyers who are out there are informed and deliberate. Meeting them where the market actually is — not where you wish it was — is what gets deals done.

For buyers: patience and information are your best tools. For sellers: price right from day one. The market will meet you — but only if you meet it first.

We’ll be back next week with updates on Lahaina, tourism, and Bill 9. A lot has been happening on all three fronts, and those topics deserve their own space.

In the meantime, if you have questions about anything in this report, or if you’d just like to talk story about what this market means for your situation — reach out. Lee@AlohaPotts.com. I answer every one.

From the greatest island on earth — this is Lahaina Lee saying aloha.

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Market Snapshot

The week ending May 2 delivered a genuinely mixed picture. One cash closing in Maui Meadows and two strong pendings — one at the entry of our price range and one well into the ultra-luxury tier — provided encouraging signs. Four strong new listings entered the market across condos and homes. But six cancellations and expirations, spanning from $3.9M to $33M, continued the pattern of sellers who have yet to find their market. The week’s data reflects a market in transition: buyers are active but selective, and the properties that move are the ones priced to meet the market where it is.

Home inventory is down from the winter season, dropping to 93 for sale. Condo inventory held steady with 74 for sale.

Closed Sales

Single-Family Homes

Maui Meadows | Kihei | 3387 Kuaua Pl

3 bd | 2.5 ba | 3,146 sf | 0.55 ac | ocean view | + 2/1.5 cottage

List Price: $4,000,000 | Sold Price: $3,850,000 | DOM: 133 | Cash

After 133 days on market, this Maui Meadows single-level home with ocean views from nearly every room closed in cash at $3,850,000 — a $150,000 discount from list. Infinity-edge pool, chef’s kitchen, outdoor kitchen, showcase garage with workshop, and a fully detached two-bedroom cottage. A clean and practical comp for the South Maui hillside market. One note worth flagging: the contract date was February 13 and the closing didn’t occur until April 27 — an unusually long escrow for a cash transaction. Cash purchases typically close in 3–4 weeks. Extended timelines like this sometimes indicate title issues, property condition discoveries during due diligence, or simply a buyer who negotiated a delayed closing. Worth keeping in mind as a comp.

Pending Sales

Single-Family Homes

Pinnacle | Ka’anapali Golf Estates | 26 E Mahi Pua Pl

4 bd | 4.5 ba | 4,415 sf | 0.48 ac | ocean view

List Price: $3,995,000 | Original: $5,950,000 | DOM: 397 | Contract: 4/30/2026

397 days on market and a $1,955,000 reduction from the original ask — and it finally found a buyer. Perched atop the Pinnacle subdivision with panoramic Pacific views, Lana’i and Moloka’i as backdrop. This Bali-style home built in 2003 appears ready for some significant updating. The lesson here is clear: the market eventually responds to the right price. A property this well-positioned needed to come down nearly $2M before a buyer engaged. That’s a meaningful data point for other sellers still searching.

Makila Plantation | Launiupoko | 300 Punakea Loop

8 bd | 10 ba | 9,392 sf | 12.27 ac | mountain/ocean view

List Price: $14,990,000 | DOM: 4 | Contract: 5/2/2026

Listed April 28 and under contract by May 2 — four days on market. This 9,392 sq ft architectural masterpiece in Makila Plantation at Launiupoko features three integrated living environments, a resort-caliber infinity pool with fire bowls, private theater, wine cellar, gym, billiards room, equestrian facility, pitch & putt, lighted pickleball court, and a 6-car garage. Solar, Blue Ion battery storage, a diesel generator, and a private well round out the infrastructure. When a property of this scale and quality is priced correctly from day one, the market responds immediately. A striking data point in an otherwise deliberate market.

Price Reductions

Single-Family Homes

Wailea Pualani | Wailea/Makena | 3378 E Lani Ikena Way

4 bd | 4.5 ba | 3,328 sf | 0.25 ac | mountain/ocean view

Current Price: $4,195,000 | Original: $4,799,000 | DOM: 99

Another reduction on this newly completed 2025 Wailea estate — now at $4,195,000, down $604,000 from its original ask over 99 days. Contemporary design, lap pool, solar, and smart home systems in a prime Wailea location. This is the third price adjustment this property has seen since January, and the seller still appears to be under-responding to market feedback. Worth noting that this is the property’s second broker and third time listed since 2022 — the previous two listings expired without a sale at lower prices than the current ask. At this price level it’s becoming increasingly competitive relative to the broader Wailea inventory.

Old Spreckelsville | 462 Laulea Pl

2 bd | 2 ba | 1,165 sf | 0.23 ac | ocean view | + 1/1 cottage

Current Price: $4,600,000 | Original: $4,888,000 | DOM: 92

A $288,000 reduction on this rare Old Spreckelsville property — Tahitian-style elevated dwellings on a private gated quarter-acre in Maui’s premier water-sports corridor. Main home plus a detached cottage, cathedral ceilings, and world-class gear storage. Homes on Laulea are genuinely scarce and generationally held. The reduced price signals the seller wants to transact, not just list. A unique offering for the serious North Shore buyer.

Condominiums

Kapalua Ironwoods | Kapalua | 71 Ironwood Ln, Unit 71

2 bd | 3 ba | 1,750 sf | oceanfront | ocean view

Current Price: $4,700,000 | Original: $4,900,000 | DOM: 180

Six months on market and a $200,000 reduction on this prime oceanfront unit at Kapalua Ironwoods, positioned directly on the 17th green of the world-famous Bay Course. Original condition and priced accordingly — however, Kapalua renovations can be disproportionately expensive, and most buyers at this price point want turnkey. The location is unmatched: ocean, golf course, and Moloka’i views, steps from the pool and two private tennis courts, walking distance to Kapalua Bay and the Montage. Sold unfurnished. For a buyer willing to renovate, this could be exceptional value.

Cancelled / Expired

Single-Family Homes

Plantation Estates | Kapalua | 203 Plantation Club Dr

6 bd | 7.5 ba | 8,252 sf | 3.83 ac | ocean view | + 2/1 ohana

List Price: $15,600,000 | Original: $15,600,000 | DOM: 129 | Cancelled

Cancelled after 129 days — actually a relatively short timeframe at this price point — at unchanged list price. A stunning 8,252 sq ft Koa-finished estate on nearly 4 acres in Plantation Estates with a saltwater pool, home gym, media room, and detached ohana. The unchanged pricing over four-plus months says something: the seller held firm and the market didn’t meet them. Worth watching to see if it returns at a more aggressive price point.

Lanikeha | Ka’anapali Golf Estates | 1015 Anapuni Pl

4 bd | 4.5 ba | 4,012 sf | 0.48 ac | ocean view | + 1/1 ohana

List Price: $7,500,000 | Original: $7,500,000 | DOM: 463 | Expired

463 days on market and expired at the same $7.5M it started at. A brand-new 2025 home in the double-gated Lanikeha subdivision, designed by Atom Kasprzycki and built by Thad Henry Design Group. Exceptional craftsmanship, and claims panoramic ocean views — however, view planes in this development are tricky, and listing photos show something different than “panoramic,” with rooftops interrupting the sightlines. The market sent a clear signal: the price wasn’t where buyers were willing to engage, regardless of quality. A reset will be needed if it returns.

Honolua Ridge | Kapalua | 114 Keoawa St

4 bd | 4.5 ba | 4,698 sf | 4.07 ac | mountain/ocean view | + 2/2 ohana

List Price: $12,250,000 | Original: $12,250,000 | DOM: 85 | Expired

After 85 days at full original price, this one expired without a single price adjustment — a short run for a $12.25M property that suggests the seller may have been testing the market rather than committed to transacting. A private estate in Kapalua’s coveted Honolua Ridge with top-flight finishes, acacia wood floors, chef’s kitchen with prep kitchen, resort-style pool, and a detached two-bedroom ohana. The Honolua Ridge and Plantation Estates neighborhoods are among West Maui’s most prestigious addresses, but the upper end of that market is proving particularly slow to transact right now.

Makena | 7505 Makena Rd

7 bd | 8 ba | 10,500 sf | 1.03 ac | ocean view

List Price: $33,000,000 | Original: $33,000,000 | DOM: 288 | Expired

The week’s most dramatic exit: $33M expired after 288 days at unchanged list price — and this was the third time out for this property at the same asking price. This 10,500 sq ft Makena estate features the largest residential Tesla Solar Roof in the United States, 24/7 Global Guardian security, seven ensuite bedrooms, and an acre of meticulously curated grounds on Maui’s most coveted coastline. At this price tier, the buyer pool is global and thin. Nine months without a transaction — three times over — suggests the market for this property simply hasn’t materialized at this ask.

Condominiums

Ho’olei | Wailea | 63 Hoolei Cir, Unit B2

3 bd | 3.5 ba | 2,426 sf | ocean view | STR eligible

List Price: $5,500,000 | Original: $6,250,000 | DOM: 447 | Cancelled

447 days on market and cancelled at $5,500,000 after starting at $6,250,000. This is the fourth time out for this unit since 2022. The Maile floor plan at Ho’olei is one of the most desirable layouts in the community — 180-degree ocean views, Fleetwood glass doors that retract fully into the wall, dual Sub-Zero refrigerators, Wolf appliances, a private elevator, and an attached garage. Hotel zoned with short-term rental allowed, and STRs in this complex typically perform well. The property is genuinely exceptional — the 447 DOM is a pricing story, not an asset story. A comparable unit sold in 2024 for $5.75M, but the market is down roughly 25% since then. The math is not working at this ask.

La’i Loa | Wailea Hills | 30 Kai Malu Dr, Unit 201

3 bd | 3 ba | 1,742 sf | mountain/ocean view

List Price: $3,895,000 | Original: $3,999,000 | DOM: 212 | Expired

Seven months on market and expired at $3,895,000 after a modest reduction from the original ask. The unit was purchased in 2024 for $2.3M — pricing expectations in this market were extremely ambitious, and the market never agreed. Not short-term rental eligible, which limits the buyer profile. If it returns, pricing will need to be more realistic to generate traction.

New Listings

Single-Family Homes

Kapalua Place | Kapalua | 8 Kapalua Pl

5 bd | 7.5 ba | 10,152 sf | 1.06 ac | ocean view

List Price: $12,900,000

Brand new to market in the prestigious Kapalua Place enclave — over 10,000 square feet of refined Hawaiian living on more than an acre, with walls of glass framing panoramic ocean views. Five ensuite bedroom suites, an elevator, resort-style pool with cascading waterfall, and seamless indoor-outdoor flow throughout. Just five days on market. One of the larger offerings to enter the West Maui market in recent weeks.

Kahana | 4025 Lower Honoapiilani Rd

2 bd | 1 ba | 816 sf cottage | 85.6 ac | oceanfront

List Price: $6,900,000

A rare and genuinely unusual offering — a gated oceanfront estate between Ka’anapali and Kapalua featuring a charming updated cottage, terraced lawns, seaside trails, and direct ocean access with dramatic year-round sunset and outer island views. As the listing agent notes, “the real value is the land: 85.6 acres total with A-1 apartment zoning that may offer significant development potential.” A land play for a developer or visionary buyer rather than a conventional residential purchase. Just listed.

Condominiums

Wailea Point | Wailea/Makena | 4000 Wailea Alanui Dr, Units 802 & 804

5 bd | 6 ba | 4,913 sf | oceanfront | garden view

List Price: $8,740,000

A rare double-unit combination at Wailea Point — two elegant residences thoughtfully merged into a single 4,913 sq ft oceanfront home. Four ocean-view lanais, dual mitered glass bay ‘aquarium’ windows, 4-zone central A/C, a large double garage with built-in storage and three wine refrigerators, and fully furnished turnkey. The listing notes this represents the best price per square foot currently available at Wailea Point (under $1,780/sf). The seller has agreed to cover all roof assessment costs through 2026 — an important concession given the complex’s pending special assessment. No short-term rental allowed.

The Resort at Kapalua Bay | Kapalua | 1 Bay Dr, Unit 5102

3 bd | 3.5 ba | 2,789 sf | oceanfront | ocean view

List Price: $5,795,000

Just listed at The Resort at Kapalua Bay — a branded luxury residential enclave set on 20.7 oceanfront acres within the Kapalua Resort. Ground-floor villa with ocean views, seamless indoor-outdoor living, tandem garage parking, and full resort services including concierge, pools, spa, and on-site dining. Short-term rental allowed. Photography and video still pending at time of listing. One of the most amenity-rich addresses on Maui’s northwest shore.

Our Take

As we transition from our traditional winter buying season into a slower shoulder season, condo inventory remains stable with 74 condos at $3M+. However, home inventory dropped even with new listings, down to 93 for sale. A couple of new pendings is an encouraging sign that there may be some consistency — hopefully momentum — as we ramp up for the summer buying season.

The macro environment continues to shape buyer behavior. Tariff uncertainty and volatility in the equity markets have made some high net worth buyers more cautious and analytical in their due diligence — and this week’s cluster of cancellations and expirations reflects that hesitation at the upper end of the market. At the same time, some of those same buyers are beginning to view well-positioned Maui real estate as a store of value in uncertain times, which bodes well for the right properties at the right price.

The takeaway: sellers who found their market this week did so by pricing with discipline. Those still searching after significant reductions may need to recalibrate further. There are still buyers to be found — they’re just doing their homework.

Weekly Luxury Market Snapshot

Market Snapshot

The week ending April 25 was defined more by exits than entries. Four cancellations and expirations — including two South Maui beachfront homes and a long-running Makena estate — removed over $37 million in combined asking price from the active market. Against that backdrop, two new pendings provided some encouragement, spanning a Honua Kai condo and a striking architectural estate in Haiku. New inventory was light, with just two new condo listings. The market continues its post-spring-break recalibration.

Closed Sales

None this week.

Pending Sales

Single-Family Homes

West Kuiaha | Haiku | 1642 W Kuiaha Rd

4 bd | 3.5 ba | 5,493 sf | 18.06 ac | mountain/ocean view | + 2/2 cottage

List Price: $13,900,000 | Original: $13,900,000 | DOM: 280 | Contract: 4/24/2026

After 280 days on market, with no price changes, this property found a buyer.  The agent remarks say, “property is a genuine architectural statement — precision steel BONE construction, vein-cut silver travertine, Henrybuilt custom millwork, Heath Ceramics tile, and a bronzed Honduran mahogany pivot door entry. Eighteen acres of sweeping green slope with panoramic ocean and mountain views, a heated pool, and a licensed TVR cottage.” This is the largest pending in the luxury market in weeks.

This is the first time on the market for this property. Built in 2022. An important note is that the TVR does not transfer with the property.

Condominiums

Honua Kai - Hoku Lani | Ka'anapali | 130 Kai Malina Pkwy, Unit SR 741

2 bd | 2 ba | 1,320 sf | beachfront | ocean view

List Price: $3,175,000 | Original: $3,175,000 | DOM: 127 | Contract: 4/21/2026

127 days on market and now under contract at list price in the Hoku Lani tower at Honua Kai. Seventh-floor unit with Kalohi Channel and Lana’i views, a 340 sq ft wrap-around lanai, hotel zoning, and short-term rental eligibility. The A/C replacement project slated for July-August 2026 likely contributed to the extended market time — but a buyer found their way through it. Honua Kai continues to attract investment-minded buyers even in a softer market.

This unit was previously listed with the same agent in 2024 at $3.4M. 

Price Reductions

Condominiums

Ho'olei | Wailea | 99 Hoolei Cir, Unit E5

3 bd | 3.5 ba | 2,426 sf | ocean view

Current Price: $4,495,770 | Original: $4,999,000 | DOM: 116

A $503,230 reduction after 116 days on this top-row Ho’olei townhome with 180-degree ocean views over the Grand Wailea and Four Seasons. Private elevator, Studio Snaidero kitchen with Wolf and Sub-Zero appliances, three ensuite bedrooms, and daily rental options through the Grand Wailea. The odd price point — $4,495,770 — suggests a strategic calculation rather than a round number. 

At $4,795,000, this unit now looks well priced as the lowest priced ocean view unit.It was previously listed in 2025 with the same agent for $5.295M. The last sale in this complex was in August of 2025 when a “mountain view” condo closed for $4.8M. 

Cancelled / Expired

Single-Family Homes

Kihei Beachfront | 860 S Kihei Rd

5 bd | 5.5 ba | 4,201 sf | 0.43 ac | beachfront | + 1/1 cottage

List Price: $7,250,000 | Original: $8,850,000 | DOM: 189

Cancelled after 189 days, having already absorbed a $1.6M reduction from its original ask. A 2017-built South Maui beachfront estate with 21 feet of bi-folding floor-to-ceiling glass, 14-foot ceilings, and a saltwater pool — a genuinely exceptional property that simply couldn’t find its buyer at any price tried so far. Worth watching to see how it re-enters the market.

Halama Street | Kihei | 1536 Halama St

5 bd | 5.5 ba | 4,654 sf | 0.40 ac | beachfront | + 1/1 ohana

List Price: $13,900,000 | Original: $13,900,000 | DOM: 189

Also cancelled after 189 days, at unchanged list price. A Smith Builders Maui beachfront home on the sandy end of Halama Street — Craftsman-style interiors rich with Douglas fir wainscoting and Rocky Mountain hardware, five ensuite bedrooms, a 3-car garage with ohana above. Two South Maui beachfront cancellations in a single week is a notable signal. The top tier of the South Maui market is struggling to close.

One Palau'ea Bay | Makena | 34 Ualei Pl

4 bd | 5 ba | 6,754 sf | 1.0 ac | mountain/ocean view

List Price: $15,999,000 | Original: $19,850,000 | DOM: 358

Nearly a full year on the market — 358 days — and now expired at $15,999,000, having started at $19,850,000. A grotto-style pool with cascading waterfalls, a one-acre lot adjacent to a 21-acre protected reserve, and the prestige of the One Palau’ea Bay community couldn’t get it done. The gap between original ask and current price tells the story: $3.85M in reductions and still no buyer. If it returns, expect a more aggressive repositioning.

Condominiums

Honua Kai - Konea | Ka'anapali | 130 Kai Malina Pkwy, Unit 329

3 bd | 3 ba | 1,610 sf | beachfront | ocean view

List Price: $3,799,000 | Original: $4,175,000 | DOM: 364

A full year on the market — 364 days — and expired without a sale. The Konea building at Honua Kai, 3rd floor, hotel zoned with strong rental history. The pricing arc from $4,175,000 to $3,799,000 never quite found the market. With the Hoku Lani unit just going pending at $3,175,000, this expiration raises the question of whether $3.8M for a 1,610 sq ft Honua Kai unit was simply too far above where buyers are transacting.

New Listings

Condominiums

Wailea Point | Wailea/Makena | 4000 Wailea Alanui Dr, Unit 2101

2 bd | 3 ba | 1,584 sf | mountain/ocean view

List Price: $3,300,000

Fresh to market at Wailea Point, this single-level no-stair-entry unit features an already-completed open-concept kitchen remodel — one of the most sought-after upgrades in the complex — plus custom primary bedroom cabinetry and a spacious lanai opening onto manicured gardens. Includes garage apartment 2101-G. Note that Wailea Point’s minimum rental period has changed from 30 days to one year, and a roof special assessment is pending. At $3.3M, it enters a complex with several units already in various stages of repositioning.

Kapalua Ironwoods | Kapalua | 81 Ironwood Ln, Unit 81

3 bd | 4 ba | 2,400 sf | oceanfront | ocean view

List Price: $4,295,000

A rare oceanfront position at Kapalua Ironwoods with commanding views of Oneloa Bay and Honolua Bay. Ground-floor, single-level, with a den and a 2010 remodel. The Kapalua Ironwoods enclave sits within the Kapalua Resort with access to championship golf, coastal trails, tennis, pickleball, and some of the island’s best snorkeling and surfing on the northwest coast. Vacant and easy to show — a practical advantage in this bracket. Not short-term rental eligible, which narrows the buyer profile to owner-users and long-term investors.

Our Take

As we transition from our traditional winter buying season into a slower shoulder season, inventory remains stable with 96 homes priced at $4M+ and 74 condos at $3M+. A couple of new pendings is an encouraging sign that there may be some consistency — hopefully momentum — as we ramp up for the summer buying season.

The macro environment continues to shape buyer behavior. Tariff uncertainty and volatility in the equity markets have made some high net worth buyers more cautious and analytical in their due diligence — and this week's cluster of cancellations and expirations reflects that hesitation at the upper end of the market. At the same time, some of those same buyers are beginning to view well-positioned Maui real estate as a store of value in uncertain times, which bodes well for the right properties at the right price.

The takeaway: sellers who found their market this week did so by pricing with discipline. Those still searching after significant reductions may need to recalibrate further. There are still buyers to be found — they're just doing their homework.

Maui Real Estate Advisor

April 2026

The Maui real estate market in April 2026 is sending mixed but meaningful signals: condo inventory is at historic highs and firmly in buyer’s market territory, while single-family home sales just posted their strongest month in two years and supply is tightening. Against that backdrop, the Lahaina rebuild remains frustratingly slow, Bill 9 continues to cast uncertainty over the short-term rental condo market, and tourism — though not fully recovered to 2019 levels — is attracting a higher-spending visitor than ever before. Here is what the data shows, what it means, and what we’re watching.

I think maybe Madame Pele must be a little cranky with us.

After the fires of 2023 and the political and financial fallout from Bill 9, our visitors were cautiously returning. That was the good news. Then March decided to throw two Kona Lows at us back to back. A Kona Low is a slow-moving storm system that brings heavy rain and high surf — and if you’ve never heard of one, you’re not alone. The county, the hotels, the condos, and the residents recovered and were back to full operations fairly quickly. It wasn’t a great stretch for our visitor industry, but most of our guests stayed in good spirits and showed real aloha. We need them right now, and they showed up for us.

We’ll look at how tourism is tracking a little further down in the report. But first, I want to start where I always start these days — Lahaina.

Lahaina Rebuild Update

Lahaina is still the story. And I’ll be honest — I’m a little afraid it’s starting to feel like an old story, even to some of our government officials who may be growing tired of hearing about it.

We are now well over two years removed from the fires. From a distance, things can look like they’re moving along — and to be fair, there is visible progress. Homes are going up. Some families are coming back. Every month there’s a county meeting where we hear about how much is being accomplished.

But for those of us on the ground — people who used to live in Lahaina, or West Siders who love that town — the pace feels stupid slow. Especially when it comes to commercial rebuilding and Front Street.

Californians are loudly frustrated about how long Pacific Palisades and Altadena are taking to rebuild. California’s governor cut through the red tape and told people to get going. Meanwhile, our property owners — some of them local families whose entire livelihood depended on commercial tenant rent — are still stuck in the permitting process. After community meetings on rebuilding the Lahaina commercial corridor, the county and their consultants came back and told us: you can’t build on the ocean side. Even though plenty of property owners are willing to take that risk.

Where are our leaders?

Where We Actually Stand

Just a reminder of the scale of what happened: we lost 2,200 properties in the burn zone.

As of April 6th, 181 structures have been completed, 568 permits have been issued, and 352 are currently being processed. That’s roughly 1,100 properties somewhere in the pipeline — which means there are still more than 1,100 property owners who haven’t started, can’t start, or — and this is the part that keeps me up at night — may have already given up.

For those of you considering Maui real estate, this matters beyond the human dimension. The pace of Lahaina’s commercial recovery directly affects property values, short-term rental demand, and the character of the island you’re buying into. A revitalized Front Street changes the investment calculus. The longer that rebuild stalls, the longer that upside stays off the table.

Lahaina is still the story. We can’t afford to let it become background noise.

Tourism Update: Better… But Not Back

Let’s shift to tourism, because this ties directly into real estate — especially condos and anything short-term rental related. And this is one where the headlines can mislead you if you don’t look closely.

Maui Tourism: Then vs. Now

The top-line numbers are encouraging. Maui welcomed about 2.5 million visitors in 2025, up roughly 7% from 2024. Visitor spending came in at just under $6 billion, up more than 12%. Hotel occupancy climbed to around 71% in early 2026, a meaningful improvement from the year prior. On the surface, that sounds pretty good — and compared to where we were right after the fires, it is.

But we always come back to 2019, because that’s the last normal year. And when you hold today’s numbers up against that baseline, the picture changes. Through mid-2025, Maui was still running roughly 23 to 25 percent below pre-pandemic visitor volume. Daily counts remain well short of what we were used to before everything happened.

So yes — we’re improving. We’re not fully recovered.

Compared to the rest of the state, Maui is actually growing faster than Oahu, Kauai, and the Big Island — but that’s partly because we’re coming off a lower base. The recovery phase makes the growth numbers look stronger than they might otherwise. Context matters.

The most important trend in the data — the one I want you to pay attention to — is this: fewer visitors, but significantly more spending per visitor. Statewide, total visitor spending has held up or grown even when arrivals are down. The traveler coming to Maui right now skews wealthier, spends more per day, and stays a similar length of time. We have a higher-end visitor.

What This Means If You Own or Are Considering a Condo

For those of you running the numbers on a vacation rental, this is directly relevant to your assumptions. The guest profile coming to Maui right now tends to support higher nightly rates and stronger revenue per booking — even if total visitor volume hasn’t fully bounced back. Fewer guests doesn’t necessarily mean less income. It can mean better guests.

Bill 9 Update: Uncertainty Is Still the Story

This is where everything starts to connect.

Take a condo market that already has lower occupancy than 2019, higher operating costs, and more variability in rental income. Now layer in unresolved policy risk. That combination — soft fundamentals plus an unclear regulatory future — is precisely why the condo market has been so sluggish, and why it’s likely to stay that way until there’s more clarity.

Where Things Stand

Bill 9 is still working its way through the process, and the intent hasn’t changed: to phase out short-term rental use in all apartment-zoned condo complexes over time. Not some. All.

What has changed — or at least evolved — is the conversation around implementation. There’s been movement on proposed hotel zoning categories, H3 and H4, which could potentially allow certain properties to continue operating as short-term rentals. But the Planning Commission did not recommend approval, the County Council is still working through it, and legal challenges are widely expected. As of today, there is no clear final outcome. There is only uncertainty, and uncertainty has a cost.

What the Market Is Reacting To

From a real estate standpoint, this is what actually matters to buyers and sellers right now: no clear timeline, no clear resolution, and real litigation risk on the horizon. That combination is enough to slow decision-making on its own — even before you factor in cap rates, financing, or rental income projections.

Buyers who are looking at condos as investment properties — which is most of our audience — are understandably cautious. Income projections are more conservative than they were two years ago. Some buyers are sitting on the sidelines entirely, waiting to see how this resolves before committing.

On the seller side, the picture is mixed. Some have adjusted their expectations and are pricing to reflect the uncertainty. Others are still holding out for a different outcome — hoping the H3/H4 pathway opens up, or that litigation shifts the landscape. That gap in expectations between buyers and sellers is part of what’s keeping transaction volume depressed.

Bill 9 isn’t just about what ultimately happens. It’s about when — and how clearly — it happens. Right now, neither of those questions has an answer.

Maui Real Estate Market Update — April 2026

Condos

Condo sales have been in a slump for roughly two years — April 2024 was the last time we saw monthly closings above 100. Since then, the market has been grinding along at a discouraging pace. January of this year hit the floor at just 44 sales. The two months that followed showed a genuine, if modest, recovery: 64 closings in February, 74 in March. That’s real progress, and we’ll take it.

But context matters. Even with that improvement, we’re sitting at over 12 months of inventory — firmly in buyer’s market territory. For anyone who has been watching from the mainland, that number should get your attention. If you’ve been considering a vacation rental condo on Maui, you have negotiating leverage right now that hasn’t existed in years.

Inventory tells the other side of the story. Back in April 2024, there were 518 condos on the market. We haven’t seen a number in the 500s since. From December 2025 onward, inventory has been locked above 900 units, closing March at 911. Supply is not the problem for buyers.

Pending sales — our leading indicator — slipped from 118 in February to 107 in March. We don’t love seeing that move, but 107 is still the second-highest pending total over the past 12 months, so we’re inclined to read it as a mild caution rather than a red flag. That said, it does suggest that the actual number of closings could soften over the next month or two.

On price: after a notable spike in median selling price in February, March came back to earth at $675,000. That’s essentially the 12-month median, which tells us that — for now — properties are holding their value at this level. The average selling price rose to $1,185,000, maintaining a position above $1 million for three of the last four months. Asking prices remain well above that, with the median asking price at $825,000 and the average above $1.3 million.

What the data is showing us right now looks like momentary stability. Prices are holding, but the structural imbalance hasn’t changed. With over 12 months of supply still on the market, sellers are competing hard for a limited pool of buyers. For buyers, that’s exactly the environment worth acting in.

Bottom line on condos: it’s a buyer’s market with a capital B — and for those of you looking at vacation rental opportunities, the selection has never been better.

* Data collected on the 1st of the following month. March figures were collected April 1, 2026.

* Asking price data unavailable prior to August 2025.

Single-Family Homes

Let’s lead with the headline: 76 homes closed in March — the highest single-month total in over two years. To put that in perspective, the average has been roughly 60 closings per month over the past 24 months. February was paltry at 46. March was a significant rebound, and it’s worth sitting with that number for a moment before we qualify it.

Here’s where it gets interesting for buyers. Inventory declined for the third consecutive month, dropping to 436 homes. That gives us just 5.7 months of supply — which, when you look at the market as a whole, is the threshold for a balanced market. After two-plus years of buyer-favorable conditions, the ground is starting to shift. If you’ve been watching the Maui home market from the sidelines, this is the kind of signal worth paying attention to.

Pending sales came in at 110 for March, down from a strong 134 in February.* That’s slightly below the 24-month average run rate of 118, though it’s right on target for the past 12 months. We’d watch this number closely over the next couple of months — a continued decline would suggest the March sales surge may not fully repeat.

Now for the price story, which is where things get nuanced. The median selling price for homes fell to just over $1.2 million in March. In 2025, that number held consistently around $1.3 million. That drop is meaningful — and we think it may actually be part of what’s driving the inventory balance we’re seeing. When prices come down to a level where more buyers can transact, the market finds its footing. The math works itself out.

The average selling price came in at just under $1.5 million — higher than February — though that figure may be skewed by a thin upper end. There was only one sale above $4 million in March, which tends to pull the average down. Meanwhile, average asking prices have climbed from around $3.3 million last August to $3.7 million today, even as median selling prices have fallen. That widening gap between what sellers are asking and what the market is delivering is a dynamic worth watching — and for well-capitalized buyers, it can represent real opportunity at the negotiating table.

The median asking price for a home stands at $1,950,000 with the average above $3.7 million. Asking prices have remained relatively stable, but they continue to sit well above where deals are actually getting done.

Bottom line on homes: March was the strongest sales month in two years, inventory is tightening, and for the first time in a while, this market is approaching balance. If you’ve been waiting for a sign that the window may be narrowing — this is it.

* Data collected on the 1st of the following month. March figures were collected April 1, 2026.

* Asking price data unavailable prior to August 2025.

* Pending sales declined from 134 in February to 110 in March. While we don’t like to see that drop, February’s 134 was the highest pending total in over 12 months. The March figure remains close to the 12-month average and is not yet a cause for concern.

Our Take

Maui is a place that earns your patience — and April 2026 is a good example of why that patience matters.

The Lahaina rebuild is moving too slowly, and the frustration is real and legitimate. But homes are going up, families are returning, and the pressure on our leaders to move faster is not going away. Front Street will come back. The question is when, not if — and that timing has real implications for property values in West Maui.

Tourism is on the right trajectory. The visitor we’re seeing today — fewer in number, higher in spending — is actually a better fit for the kind of island experience Maui has always been best at delivering. For vacation rental owners, that profile supports stronger nightly rates even as overall volume recovers.

Bill 9 remains the wild card. Until there’s a clear resolution — on timeline, on the H3/H4 pathway, or through the courts — it will continue to act as a drag on condo market confidence. But uncertainty cuts both ways. Buyers who do their homework, work with the right advisors, and understand which properties and zoning categories carry real risk versus manageable risk may find that this is exactly the kind of market worth moving in.

On the market data itself: condos remain deeply in buyer’s market territory, with more inventory and more leverage than we’ve seen in years. Homes are a different story — inventory is tightening, sales are accelerating, and the window for buyer-favorable conditions may be narrowing faster than most people expect.

For condos, it’s a buyer’s market with a capital B. For homes, the ground is starting to shift. Either way, the most expensive thing you can do right now is wait without information.

If you’ve been watching from the mainland and wondering whether it’s time to have a real conversation about Maui real estate, we’d love to talk story. No pressure, no agenda — just a conversation. Reach out anytime. That’s what we’re here for.

Aloha,

We’re heading into early April and the majority of activity we’re seeing from sellers are price changes and listings either being pulled or simply expiring. And, some closings. Halleluiah! 

Let’s get into the details.

Single Family Homes

Closed Sales

179 Lolowaa Pl – Wailea Golf Estates II
3 bedrooms | 3.5 bathrooms | 3,330 sq ft | no ohana | 0.3073 acres | ocean view
Sold for $4,150,000 (original $5,999,000) | DOM: 239

Newly built (2024) single-level home with smart home automation, strong indoor-outdoor flow, and clean modern finishes. This one had 7 price reductions and one price increase before finally closing well below its original price.

Click Here to View Listings

Pending Sales

No pending sales reported this week.

New Listings

620 Silversword Dr – Pineapple Hill, Kapalua
4 bedrooms | 4.5 bathrooms | 3,390 sq ft | no ohana | 0.2381 acres | ocean view
List Price: $4,975,000

Click Here to View Listings

Price Reductions

7421 Makena Rd – Makena
4 bedrooms | 5 bathrooms | 4,544 sq ft | no ohana | 1.0851 acres | across from ocean
Current Price: $19,950,000 | Original: $21,850,000 | DOM: 171

This is the 2^nd time around for this amazing estate. The original asking price was $24,850,000. After 300 days on the market it was taken off and relisted. In is now below the $20M mark and hoping to find a buyer in this new lower price band. 

4950 Makena Rd – Makena Place
4 bedrooms | 4.5 bathrooms | 4,328 sq ft | no ohana | 0.2618 acres | beachfront
Current Price: $17,950,000 | Original: $21,000,000 | DOM: 482

Fully renovated beachfront home with long market exposure. This is the 4^th price reduction. 

100 Kalelemuku Pl – Kula I’o
5 bedrooms | 5 bathrooms | 6,070 sq ft main | ohana: 2/2, 1,015 sq ft | 3.6230 acres | bi-coastal views
Current Price: $10,495,000 | Original: $11,995,000 | DOM: 277

This is the 3^rd time around for this listing that was once listed for under $10M. 

94 Keoawa Pl – Honolua Ridge, Kapalua
6 bedrooms | 5 full + 2 half baths | 7,199 sq ft | no ohana | 3.9970 acres | ocean view
Current Price: $9,675,000 | Original: $9,800,000 | DOM: 215

Extensively renovated estate in a gated Kapalua enclave. A smaller adjustment, but notable given time on market.

936 Punakea Loop – Launiupoko
4 bedrooms | 3.5 bathrooms | 3,957 sq ft | no ohana | 5.4100 acres | mountain/ocean views
Current Price: $9,500,000 | Original: $9,900,000 | DOM: 18

Quick early adjustment. Seller appears to be positioning aggressively rather than waiting for market feedback.

33 Hana Hwy – Paia Bay
4 bedrooms | 3 bathrooms | 3,220 sq ft main | ohana: 2/1.5 cottage | 0.6428 acres | beachfront
Current Price: $7,400,000 | Original: $8,800,000 | DOM: 114

Significant repositioning on a rare Paia beachfront compound with two dwellings and direct sandy access.

3943 Wailea Ekolu Pl – Wailea Golf Estates
3 bedrooms | 4 bathrooms | 4,355 sq ft | no ohana | 0.3016 acres | mountain/ocean views
Current Price: $5,145,000 | Original: $5,425,000 | DOM: 66

Modest adjustment within Wailea Golf Estates. Early enough in the timeline to still influence buyer activity.

Cancelled / Expired

Kula | Kula I’o

173 Huahua Pl
5 bd | 5 ba | 3,593 sq ft | ohana: no | 2.5360 ac | mountain/ocean view
Last Price: $4,650,000 | DOM: 361

Brand new construction offering in Kula I’o that was still under construction with a projected 2026 completion. After nearly a full year on market, the listing was canceled, likely reflecting a reset in strategy or timing for a high-end build in a thinner Upcountry buyer pool.

Kihei | Halama Street (Oceanfront)

1656 Halama St
4 bd | 3 ba | 2,150 sq ft | ohana: yes (1/1) | 0.4587 ac | oceanfront
Last Price: $4,750,000 | DOM: 206

Classic oceanfront Halama Street property with a detached ohana and strong beachfront presence. After about 6–7 months on market, the listing was pulled, suggesting either pricing resistance or a shift in seller timing.

Wailea | Wailea Golf Estates

3857 Waakaula Pl
4 bd | 4 ba | 4,292 sq ft | ohana: no | 0.3779 ac | ocean view
Last Price: $5,995,000 | DOM: 321

Large Wailea Golf Estates home with strong views and nearly 4,300 sq ft of living space. After extended exposure of over 300 days, this one stepped aside, reinforcing how important pricing alignment is in this segment.

Launiupoko | Mahanalua Nui IV

205 Pua Niu Way
5 bd | 4.5 ba | 3,697 sq ft | ohana: no (pool house) | 2.77 ac | ocean view
Last Price: $6,290,000 | DOM: 180

Well-located Launiupoko property with strong views, privacy, and a detached pool house setup. After roughly six months, the listing was canceled — likely a pause rather than a full market rejection.

Hana | Oceanfront

51 Kapohue Rd
3 bd | 3.5 ba | 3,295 sq ft | ohana: no | 1.10 ac | oceanfront
Last Price: $4,995,000 | DOM: 362

Oceanfront Hana property with over a year on market. At 362 days, this falls into the category of full market exposure before expiration.

Kaanapali | Lanikeha

955 Anapuni Pl
4 bd | 4.5 ba | 4,481 sq ft | ohana: no | 0.4732 ac | ocean view
Last Price: $6,500,000 | DOM: 279

A “to-be-built” Lanikeha home with approved plans and permits. After roughly 9 months on market, the listing expired — which is not uncommon for speculative or pre-construction offerings at this level.

Kaanapali | Lanikeha

284 Anapuni Loop
5 bd | 4 ba | 4,463 sq ft | ohana: yes | 0.9477 ac | ocean view
Last Price: $8,900,000 | DOM: 202

New construction project nearing completion with strong views and large lot size. After about 6–7 months, the listing expired, again reflecting the longer timelines often required for higher-end new construction.

Condominiums

Closed Sales

Makena | Makena Surf

4850 Makena Alanui Rd | A103
3 bd | 3.5 ba | 3,415 sq ft | beachfront – Short Term Rental Allowed
Sold Price: $9,000,000 | DOM: 136

This is the second time out for this unique 3 bedroom single level condo at Makena Surf — the only original 3-bedroom floor plan in the complex. It was originally listing in February of 2025 at $15.5 million. This large time it was listing for $11.995 million, had one price reduction to $10M and closed at $9 M after 136 days on market, reinforcing current pricing sensitivity even for premier beachfront properties.

Click Here to View Listings

Pending / Contingent 

No new pending sales this week.

New Listings

Kaanapali | Honua Kai (Konea)

130 Kai Malina Pkwy | NR529
3 bd | 3 ba | 1,610 sq ft | beachfront - Short Term Rental Allowed
List Price: $3,800,000

Fifth-floor beachfront residence with strong rental appeal and a rare layout where all bedrooms and living areas capture ocean views. Solid core luxury STR product on North Kaanapali Beach.

Makena | Makena Surf

4850 Makena Alanui Rd | B103
2 bd | 2 ba | 1,510 sq ft | oceanfront - Short Term Rental Allowed
List Price: $4,650,000

Ground-floor beachfront unit just above the sand with extensive upgrades and strong privacy. Classic Makena Surf positioning.

Makena | Makena Surf

4850 Makena Alanui Rd | A101
2 bd | 2 ba | 1,644 sq ft | beachfront - Short Term Rental Allowed
List Price: $4,995,000

Fully renovated ground-floor unit with oversized lanai and seamless indoor-outdoor living. One of the larger and more refined 2-bedroom offerings in the complex.

Click Here to View Listings

Price Reductions 

Wailea | Wailea Beach Villas

3800 Wailea Alanui Blvd | PH503
Price Change: $6,895,000 → $6,400,000 – Short Term Rental Allowed

2^nd price reduction at 106 days on market

Wailea | Wailea Elua

3600 Wailea Alanui Dr | 803
Price Change: $5,375,000 → $4,975,000 - Short Term Rental Allowed 

1^st price reduction at 190 days on market

Wailea | Wailea Point

4000 Wailea Alanui Dr | 801
Price Change: $6,295,000 → $4,295,000 – No Short term rental allowed 

This is the 5^th price reduction after 822 days on market

Kaanapali | Honua Kai (Luana)

130 Kai Malina Pkwy | 3C
Price Change: $4,700,000 → $3,500,000 – Short Term Rental Allowed

5^th price reduction after 486 days on market 

Kaanapali | Kaanapali Alii

50 Nohea Kai Dr | 1-904
Price Change: $3,300,000 → $2,999,850 – Short Term Rental Allowed

This is the 1^st price reduction on this, and it is a significant drop of over $300K and takes this unit just below my somewhat arbitrary definition of the luxury price point for condos. This seems like a very good buy. 

Click Here to View Listings

Cancelled / Expired

Wailea | Wailea Point

4000 Wailea Alanui Dr | Combined Units
5 bd | 6 ba | 4,821 sq ft | oceanfront - No Short term rental allowed
Last Price: $8,980,000 | DOM: 260

Wailea | Wailea Beach Villas

3800 Wailea Alanui Blvd | D101
3 bd | 3.5 ba | 2,889 sq ft | beachfront - Short term rental allowed

Last Price: $10,495,000 | DOM: 208

This is an exceptional complex, but today’s buyers are smart and analytical. The highest selling price for a 3 bedroom condo in this complex in the last 12 months was just over $6 million.

Click Here to View Listings

Our Take

This was another light week for both closed sales and new pendings.

The weather certainly played a role. Showings slow down when we get stretches like this, but there’s more going on. World events have some people paying a little closer attention to their other assets, and that tends to carry over into decisions at these price points.

We can point to the weather and the broader economic backdrop, but at the end of the day, this is the market we’re in right now. Everyone is adjusting to it in their own way.

Buyers, for the most part, are still on the sidelines. Some may be distracted by what’s going on globally, others may just be waiting for the right opportunity. And if their time on Maui this week looked more like heavy rain than beach days, that probably didn’t help either.

On the seller side, we’re seeing a more active response.

Several price reductions over the past week, likely aimed at getting back in front of buyers who are watching but not acting. At the same time, a number of properties came off the market altogether.

That raises the next question — do those homes come back soon, or do those sellers sit it out and wait for better conditions?

Looking ahead, the forecast is calling for another round of weather similar to what we just experienced.

For buyers who are focused on value and thinking long-term, this is the kind of market where opportunities can start to show up.

So grab your rain gear, open your umbrella, and carry on. Maui is still Maui — the best island in the world.

Aloha, all,

This week inventory remained stable with 104 homes price at or above $4 million and 75 homes at $3 million plus.

The week got off to a very slow start as Maui crept back towards normal weather. Buyers are still taking their sweet time as we are seeing activity, but no decisiveness.

Let’s do the details.

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Luxury Homes

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Closed

None reported this week.

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Pending

None reported this week.

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New Listings

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Wailea/Makena | The Ridge at Wailea

14 Halapa Pl 4 bd | 4.5 ba | 5,126 sf | ohana: no | 0.51 ac | ocean view List Price: $11,998,000

High-end architectural design in one of Wailea’s most exclusive enclaves. This is design-driven inventory targeting a very specific buyer.

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Upcountry | Kulamalu Hilltop

35 Ohia Lehua Pl 4 bd | 4 ba | 3,192 sf | ohana: no | 0.42 ac | mountain/ocean view List Price: $4,995,000

More lifestyle-driven luxury — privacy, outdoor living, and Upcountry appeal under $5M.

---

Kaanapali | Coffee Farms

2600 Aina Mahiai St 5 bd | 4.5 ba | 3,555 sf | ohana: no | 5.18 ac | mountain/ocean view List Price: $5,945,000

Back on the market at a lower price. This is repositioned inventory rather than truly a new supply.

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Price Reductions (Homes)

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Kaanapali | Coffee Farms

2600 Aina Mahiai St 5 bd | 4.5 ba | 3,555 sf | ohana: no | 5.18 ac | mountain/ocean view List Price: $5,945,000

This is the 4th price reduction for this home. The price reductions have been comparatively small and seemed to designed to try and attract attention in a crowded market.

---Kapalua | Pineapple Hill

116 Pulelehua St 4 bd | 4.5 ba | 4,081 sf | ohana: no | 0.47 ac | ocean/golf view Current Price: $4,650,000 | Original: $5,395,000 | DOM: 243

This is the 3rd price reduction for this home. This time it was a $300,000 drop, perhaps signaling motivation.

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Cancelled / Expired (Homes)

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Haiku | N. Holokai Rd

65 N Holokai Rd 5 bd | 6 ba | 5,091 sf | ohana: no | 2.03 ac | ocean view Last Price: $4,200,000 | DOM: 205

This seller cancelled after an erratic pricing strategy that included price reductions followed by increases.

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Olowalu | Olowalu Mauka

533 Luawai St 4 bd | 5 ba | 4,417 sf | ohana: no | 5.84 ac | ocean view Last Price: $7,950,000 | DOM: 122

After a price reduction, the listing was withdrawn.

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Luxury Condos

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Closed

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Wailea | La’i Loa

Unit 101 (9A), 52 Kai Malu Dr 3 bd | 3 ba | 1,742 sf | lanai: 424 sf | ocean/golf view Sold Price: $3,850,000 | Cash | DOM: 74

Sold before list, new construction. Most of the inventory in this new development has been sold.

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Pending

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Kaanapali | The Whaler

Unit 1051, 2481 Kaanapali Pkwy 1 bd | 2 ba | 941 sf | lanai: 408 sf | direct oceanfront List Price: $3,150,000 | DOM: 44

Beachfront, and hotel-zoned, this is the highest price in this well known complex this year. Buyers are willing to pay for the high floor and great view.

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Price Reductions (Condos)

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Wailea | Wailea Elua

Unit 704, 3600 Wailea Alanui Dr 2 bd | 2 ba | 1,416 sf | top floor | ocean view Current Price: $3,250,000 | Original: $3,500,000 | DOM: 34

Early adjustment. The seller is staying ahead of the market rather than reacting after a long period.

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Cancelled / Expired (Condos)

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Wailea | Wailea Elua II

Unit 803, 3600 Wailea Alanui Dr 3 bd | 2 ba | 1,609 sf | ocean view | beachfront complex Last Price: $5,375,000 | DOM: 181

A rare 3-bedroom unit in a prime complex. It expired after 181 days on market with no price reductions.

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Our Take

This was another light week — and not too surprising.

We had that last stretch of storms into mid-week, and you could feel it. Everything just slowed down a bit.

There is some activity the market’s not totally stuck. Buyers are there, but they’re taking their time. When something lines up, they’ll move. They seem more analytical than usural.

On the seller side, we are seeing a mix. Some adjusting, some pulling back, some just holding.

The bigger picture here is we’re heading into the final stretch of the winter buying season.

So the question is pretty simple — do buyers step in over the next few weeks… or do they stay patient and wait for spring?

We’ll find out soon.

The Maui real estate market showed mixed signals in February 2026. Condo sales rebounded with rising pending activity, suggesting improving momentum. However, the single-family home market remains uneven, with increased buyer activity but declining median prices—indicating limited luxury market strength. Inventory remains elevated across both segments, keeping Maui firmly in a buyer’s market.

🔑 Key Takeaways – Maui Real Estate Market

• Condo sales rebounded to 64 closings after a slow January 
• Pending condo sales hit a 12-month high, signaling forward momentum 
• Condo inventory remains high at 900+ listings (~14 months supply) 
• Median condo price jumped to $847,500 
• Home sales declined, but pending sales increased for the 3rd straight month 
• Median home price dropped to $1.25M, suggesting limited luxury influence 
• Maui remains a buyer’s market across both condos and homes 

Introduction – March Market Update

Aloha, this is Lahaina Lee with your March edition of the Maui Real Estate Advisor market report.

In this March edition, we’re looking back at what happened in February. And yes, I know what some of you are thinking: “Lee, February already feels like old news. What took you so long?”

Fair question.

First, we had a couple of timely blogs and podcasts to get out on Maui property tax assessments. If you opened your assessment notice and thought the assessor might have been sampling the Maui Wowie, you may want to check those out.

👉 If you’re wondering how your property was valued—or whether you should appeal—you can check out our full breakdown here:

• How Maui Property Taxes Are Calculated 
• How to Appeal Your Maui Property Tax Assessment 

Second, Maui got hit with two Kona Low weather events that, from a wind standpoint, felt hurricane-like. But the monsoon-like rain, mudslides, and flooding were even more disruptive. After more than two decades on the island, those were some of the most serious storms I’ve been through.

So yes, that slowed us down a bit. But with a new month right around the corner, let’s get right into the numbers.

Maui Condo Market Trends – February 2026

📊 12-Month Condo Market Trends

The condo market staged a much-needed rebound in February, posting 64 closed sales after a very weak 44 sales in January. That made February the second-strongest condo sales month of the past year, which is a welcome change from the sluggish pace we had been seeing.

Inventory did come down slightly, but only slightly. We’ve now been sitting at more than 900 condos for sale for three straight months, and that still leaves Maui in a very strong buyer’s market, with roughly 14 months of condo inventory.

What makes February more encouraging is that it wasn’t just closed sales that improved. Pending sales rose to 118, the highest level of the past 12 months. That is important, because pendings tend to give us a preview of what closed sales may look like in the next month or two.

Pricing also moved in a better direction. The median condo sale price jumped to $847,500, up more than $200,000 from January and the highest median we’ve seen since last February.

One especially interesting stat: the median sold price actually came in slightly above the median active asking price. That suggests that well-positioned properties are still finding buyers when price and product line up.

That said, let’s not overstate the comeback. Inventory remains high, days on market is rising, and buyers still have a lot of choices.

👉 If you’re considering a condo purchase—especially for vacation rental use—you may want to review:

• 4 Things You Need to Know Before Investing in a Maui Condo 

Maui Single-Family Home Market Analysis – February 2026

📊 12-Month Home Market Trends

The home market was a little more puzzling.

Closed home sales fell from 52 in January to 46 in February. Inventory remained relatively stable, leaving Maui in a buyer’s market with just under 10 months of supply.

However, pending home sales rose again to 134—the third straight monthly increase. That tells us buyer activity is there.

The question is: what kind of activity?

The median home sale price dropped to $1.25 million, and the average price fell as well. If luxury homes were driving the market, those numbers would likely be higher.

So the takeaway is this: activity is improving—but it’s likely happening more in the core market than in luxury.

Meanwhile, asking prices increased, creating a gap between seller expectations and buyer behavior.

That makes next month especially important to watch.

What This Means for Buyers and Sellers on Maui

There is still a lot of inventory on Maui right now. Buyers have choices, and that slows decision-making.

The condo market showed real signs of life. The home market is improving—but not evenly.

So the overall message is simple:

The market has better energy…but it is still a market where buyers have leverage.

And if you’ve been thinking about owning on Maui, this may be one of the better windows we’ve seen in quite some time.

🔗 Stay Updated on the Maui Market

You can follow our ongoing updates here:

• Maui Luxury Market Report 
• AlohaGroupMaui.com/blog 

❓ Frequently Asked Questions – Maui Real Estate Market

Is Maui real estate a buyer’s or seller’s market right now?

Maui is currently a buyer’s market, with elevated inventory levels across both condos and homes.

Are Maui condo prices going up or down?

Prices rebounded in February, but high inventory means the market still favors buyers overall.

Why are home prices soft despite rising activity?

Most of the activity appears to be in mid-range properties rather than luxury, which is pulling averages down.

Is now a good time to buy Maui real estate?

Buyers currently have more negotiating power and options than in recent years.

What does rising pending sales mean?

It suggests future closings may increase, assuming those deals go through.