While condo sales have recently slumped in Florida, it's a different story in Hawaii.
In February, Maui’s condominium sales surged 25% as buyers leaned toward more affordable options, according to the Realtors® Association of Maui.
"Condo sales have been improving," Evan Harlow, a real estate agent at Maui Elite Property, tells Realtor.com®. "Inventory is still way up, and it's a buyer's market, but with prices being way down from two years ago in the condo market, many buyers are taking advantage of the opportunity."
This is encouraging news, especially as the community continues to recover from the devastating 2023 wildfires.
Condo sales increased to 60 units sold in February, up from 48 units sold in the year-earlier period.
The median condo listing price, though, fell 22% year over year to $870,000.
The average sales price was $1,224,830, compared with $1,438,167 a year ago.
"Buyers are absolutely finding opportunities in the condo segment," says Harlow. "Sellers have become more motivated as the market has remained soft and are having to be more competitive on price to get their property sold."
Condos in this market segment had a median time on the market of 97 days, the association reported, down 6% from last year.
In February, 44 single-family homes sold, slightly fewer than the 45 sold a year earlier.
The median home listing price fell 10% to $1,275,000, down from $1,410,144 in February 2025.
The average sales price was $1,406,480, compared with $1,984,211 a year ago.
Single-family homes are spending more time on the market, with a median selling period of 105 days—a 7% increase from last year.
Single-family-home sales in Maui are down 2% from last year.
"Since the mayor announced his intention to push forward the ban on apartment-zoned short-term rentals in May of 2024, the market has been in a slump," says Harlow. "Combined with lower-than-usual tourism occupancy during this period, the real estate market is down across almost every category."
But Harlow says he's starting to see things turn around.
"Since January, all sectors of the market are showing signs of improvement and showing much more pricing stability," he says.
Harlow says he believes the real estate market in Maui is better now than it has been for a while.
"I see a wide variety of buyers at any given time," he says. "I have several 1031 exchange buyers looking to take advantage of the tax deferral. I have local residents looking for their forever home. I have luxury buyers looking for second homes as well as investors taking out mortgages to STRs. I have buyers looking to buy fixer-uppers."
