August 2024 saw Maui’s housing market exhibit contrasting trends, with single-family homes experiencing both a rise in sales and an increase in median prices, according to the latest data from the Realtors Association of Maui (RAM). The median sales price for single-family homes increased by 10.4% compared to August 2023, reaching $1,325,000, indicating continued demand at higher price points. Meanwhile, condominium sales dropped by 34.7%, though the median price for condos surged to $1,000,000, a 33.3% increase.
The analysis conducted by the Association using data collected from its Multiple Listing Service (MLS) system shows the following statistics:
*Median price means half the prices were above and half below the given price.
Additional highlights include a significant increase in new listings, with single-family homes up 40.7% and condos up 74.7% year-over-year. Both markets saw a median of 142 days on the market for properties.
Condominium sales are particularly notable, as there has been a downward trend since the short-term phase-out bill was announced in early May 2024. Prior to the announcement, the market was showing strength, with April data indicating condo sales were up 17.8% year-over-year to 106 units. However, in May—coinciding with the bill’s announcement—condo sales dropped 16.5% to 76 units. The cooling effect continued in June and July with condo sales decreasing 36.6% and 15.8%, respectively.
“While it’s too early to definitively call this a long-term trend, the immediate impact of the announcement is evident,” said RAM President Lynette Pendergast. “Should this pattern persist, it could signal a sustained cooling of the condo market, especially as buyers respond to the regulatory changes. Fortunately, the rise in single-family home prices underscores continued demand despite higher costs. These trends will be closely monitored as we move through the rest of the year.”
The public is encouraged to visit https://www.ramaui.com/ to see what’s happening in the Maui County housing market. Consumers have the ability to browse single-family home and condominium listings available for sale on Maui, Molokai and Lanai, and to see a comprehensive list of Open Houses. Searches can be done by geographic location, residential type and/or price range, and https://www.ramaui.com/ provides useful information about buying and selling real estate in Hawaiʻi.
