Condo Market Analysis
Asking Prices Retreat
Across Most of Maui
A district-by-district analysis of median condo list prices — comparing April 2025 to April 2026 — reveals a market in disciplined correction, with buyers gaining ground across nine of ten tracked districts.
Districts declining
9/10
Year-over-year
Largest drop
−28%
Wailea / Makena
Most resilient
−2%
Kaanapali
Avg. days on market
110
Sold listings
Overview
One year into Maui's post-fire recovery period — and amid sustained pressure from elevated borrowing costs — the island's condominium market is adjusting. Sellers are asking less. Across nine of ten districts with data in both periods, median list prices fell year-over-year.
The comparison draws on MLS records for condominiums newly listed in April 2025 (194 listings) and April 2026 (156 listings). Only districts with data in both months are included. The pattern is consistent: from the luxury enclave of Wailea/Makena to the mid-market heart of Kihei, sellers have recalibrated their expectations.
For buyers who have been waiting on the sidelines, the shift is meaningful. The overall sale-to-list ratio across the dataset sits at 95.5%, and the average days on market for sold listings is 110 — both indicators that negotiating leverage has shifted.
"Nine of ten districts posted lower median asking prices — the clearest sign yet that Maui's condo market has entered a buyer-favoring cycle."
Figure 1 — Price Comparison
Median list price by district: April 2025 vs. April 2026
Condos newly listed in April of each year. Sorted by year-over-year change, largest decline first. Kapalua 2026 sample is small (n=5) — interpret with caution.
April 2025
April 2026
District by District
Wailea / Makena
South Maui luxury · n=17/20
−28%
Apr 2025
$2,199,000
Apr 2026
$1,575,000
Sharpest decline in the dataset. Robust sample on both sides makes this the most reliable reading. Sellers are pricing to move.
Maalaea
Harbor views · n=10/5
−26%
Apr 2025
$1,075,000
Apr 2026
$799,000
Ocean-view product at a meaningful discount to Wailea. 2026 sample is thin — watch for more data points before drawing firm conclusions.
Kihei
South Maui mid-market · n=61/59
−23%
Apr 2025
$799,500
Apr 2026
$619,000
Most liquid district in the dataset (174 total sales over the period). The most statistically reliable reading. Entry pricing not seen in years.
Wailuku
County seat / local market · n=16/11
−21%
Apr 2025
$729,000
Apr 2026
$579,000
Owner-occupant market feeling affordability pressure acutely. Local buyers finding better pricing than at any point since 2021.
Napili / Kahana / Honokowai
West Maui corridor · n=42/22
−16%
Apr 2025
$709,000
Apr 2026
$595,000
Most price-reduction activity of any corridor. Several units relisted at 30–40% below original ask. Opportunity for patient buyers.
Lahaina
Post-fire recovery · n=2/10
−10%
Apr 2025
$775,000
Apr 2026
$700,000
April 2025 had just 2 listings (post-fire). The return to 10 listings in 2026 signals meaningful recovery in market activity and seller confidence.
Kaanapali
Resort corridor · n=21/17
−2%
Apr 2025
$1,325,000
Apr 2026
$1,299,000
Most resilient district in the comparison. Strong vacation rental income and resort brand adjacency maintain seller pricing power.
Kapalua *
North West luxury · n=11/5
+66%
Apr 2025
$1,500,000
Apr 2026
$2,495,000
* Only 5 listings in April 2026. A single ultra-luxury unit easily moves the median at this sample size. Do not read as a trend.
Kahului and Molokai are omitted from the district cards above due to very small 2026 samples (n=2 each). Both showed declines consistent with the broader market — −20% and −17% respectively — but the data is too thin for reliable conclusions. Full figures appear in the table below.
Complete Data
| District | Apr 2025 median | Apr 2026 median | Listings '25 / '26 | Change |
|---|---|---|---|---|
Wailea / Makena South Maui luxury | $2,199,000 | $1,575,000 | 17 / 20 | −28.4% |
Maalaea Harbor / ocean views | $1,075,000 | $799,000 | 10 / 5 | −25.7% |
Kihei South Maui mid-market | $799,500 | $619,000 | 61 / 59 | −22.6% |
Wailuku County seat / local market | $729,000 | $579,000 | 16 / 11 | −20.6% |
Kahului Central Maui | $250,000 | $200,000 | 10 / 2 | −20.0% |
Molokai Neighboring island | $325,000 | $269,000 | 3 / 2 | −17.2% |
Napili / Kahana / Honokowai West Maui corridor | $709,000 | $595,000 | 42 / 22 | −16.1% |
Lahaina Post-fire recovery | $775,000 | $700,000 | 2 / 10 | −9.7% |
Kaanapali Resort corridor | $1,325,000 | $1,299,000 | 21 / 17 | −2.0% |
Kapalua * North West luxury | $1,500,000 | $2,495,000 | 11 / 5 | +66.3% |
| * Kapalua 2026 sample is very small (n=5). Year-over-year figure unreliable. All figures reflect median list (asking) price, not sold price. | ||||
Implications
- Buyer The window is open across most of the island. With nine of ten districts softer, sale-to-list ratios at 95.5%, and 110 average days on market, negotiating leverage has shifted. Kihei — the market's most liquid district — now offers entry points not seen in years. Wailea/Makena, down 28% on list prices, also deserves close attention for buyers seeking luxury at a disciplined discount.
- Seller Pricing realistically from day one has never mattered more. The data shows dozens of listings that started too high and were repeatedly reduced — some by 30–40% — before selling at steep discounts or being withdrawn entirely. The market is pricing in softness. Sellers who price ahead of it will move units. Those who don't will sit.
- Investor The Kaanapali resilience story is critical. Resort-adjacent properties with vacation rental income are holding value while the broader market softens. As the spread between resort and mid-market condos narrows, the relative value of income-producing Kaanapali assets improves. That dynamic is worth tracking closely through the remainder of 2026.
Methodology: Median list prices are calculated from condominiums newly listed on the MLS during April 2025 and April 2026 respectively. Only districts with listings in both comparison months are included. Figures reflect list (asking) price, not sold price. Districts with 2026 samples of n≤5 (Kapalua, Maalaea, Molokai) should be interpreted cautiously. Data covers Maui County including Molokai. Source: Maui MLS records, April 2025 – April 2026.
