February, the year’s shortest month, was also short when it came to buyer activity in the Maui Real Estate Market. This continues a period of quieter than usual sales and growing inventory. This post looks at all of the market activity in February, including new listings, new pending sales, closed transactions, and end-of-the-month inventory by community and price point. We give a few market observations and, of course, a touch of beauty from Maui. Without further ado, here are the February numbers.
February Market Activity
February New Listings
| February 2025 | February 2024 | February 2023 | February 2022 | February 2021 | Avg. February 2017-2019 | |
| Homes | 90 | 86 | 78 | 130 | 117 | 128 |
| Condos | 131 | 146 | 91 | 182 | 202 | 176 |
February new home listings increased 4.7 % compared to February 2024. However, they were still 29.7% below the February average between 2017 and 2019. February new condo listings decreased by 10.3% compared to last February. They were 25.6% below the February average between 2017 and 2019.
February New Pending Sales
| February 2025 | February 2024 | February 2023 | February 2022 | February 2021 | Avg. February 2017-2019 | |
| Homes | 54 | 57 | 55 | 102 | 133 | 91 |
| Condos | 53 | 87 | 84 | 174 | 238 | 138 |
New pending home sales in February were 5.3% lower than last February. This February was 40.7% below the February average between 2017 and 2019. New pending condo sales fell 39.1% compared to last February. This February’s condo activity was 61.6% below the February average between 2017 and 2019.
February Closed Transactions
| February 2025 | February 2024 | February 2023 | February 2022 | February 2021 | Avg. February 2017-2019 | |
| Homes | 45 | 59 | 39 | 83 | 96 | 78 |
| Condos | 47 | 63 | 66 | 157 | 162 | 118 |
February home sales were 23.7% below last February. This February’s sales were 42.3% below the February average between 2017 and 2019. February condo sales were 25.4% below last February and 60.2% below the February average sales between 2017 and 2019.
End of February Maui Home Inventory
It is worth noting that Wailuku and Makawao‘s pending sales continue to benefit due to longer-term developer contracts at Anuhea at Kehalani and Hoku’ula, respectively. Pending sales in those developments also boost pending sales between $1,000,000 and $1,499,999 and, to a lesser extent, $1,500,000 and $1,999,999.
| December 31, 2025 | January 31, 2025 | February 28, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| <$750,000 | 5 | 11 | 3 | 7 | 4 (+1) | 9 (+2) |
| $750,000-$999,999 | 24 | 15 | 23 | 10 | 21 (-2) | 15 (+5) |
| $1,000,000-$1,499,999 | 61 | 39 | 67 | 41 | 78 (+11) | 39 (-2) |
| $1,500,000-$1,999,999 | 62 | 27 | 65 | 22 | 67 (+2) | 23 (+1) |
| $2,000,000-$2,999,999 | 58 | 10 | 73 | 8 | 80 (+7) | 11 (+3) |
| $3,000,000-$4,999,999 | 64 | 4 | 57 | 5 | 54 (-3) | 4 (-1) |
| $5,000,000-$9,999,999 | 50 | 4 | 50 | 8 | 47 (-3) | 9 (+1) |
| $10,000,000-$19,999,999 | 21 | 0 | 21 | 0 | 21 | 0 |
| $20,000,000+ | 6 | 0 | 7 | 0 | 7 | 0 |
| Total | 351 | 10 | 366 | 101 | 379 (+13) | 110 (+9) |
| December 31, 2024 | January 31, 2025 | February 28, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| Haiku | 27 | 13 | 23 | 7 | 25 (+2) | 5 (-2) |
| Hana | 18 | 3 | 16 | 0 | 16 | 2 (+2) |
| Ka’anapali | 21 | 1 | 18 | 4 | 19 (+1) | 2 (-2) |
| Kahului | 16 | 9 | 21 | 9 | 20 (-1) | 12 (+3) |
| Kapalua | 11 | 1 | 13 | 2 | 13 | 3 (+1) |
| Kihei | 51 | 15 | 61 | 12 | 68 (+7) | 12 |
| Kula | 29 | 8 | 29 | 11 | 31 (+2) | 10 (-1) |
| Lahaina | 22 | 2 | 22 | 2 | 21 (-1) | 3 (+1) |
| Makawao | 15 | 15 | 13 | 18 | 15 (+2) | 15 (-3) |
| Napili/Kahana/Honokowai | 24 | 2 | 28 | 3 | 24 (-4) | 3 |
| Pukalani | 5 | 3 | 7 | 2 | 10 (+3) | 3 (+1) |
| Sprecks/Paia | 19 | 1 | 20 | 1 | 16 (-4) | 3 (+2) |
| Wailea | 27 | 0 | 28 | 2 | 28 | 3 (+1) |
| Wailuku | 46 | 33 | 46 | 24 | 50 (+4) | 29 (+5) |
Five Notable Things About the End of February Maui Home Inventory
Between January 31st and February 28th, active home listings increased by 3.55%, and pending home listings increased by 8.9%.
Looking at active listings by price point, they increased in four price ranges, decreased in three, and remained unchanged in two. The price ranges between $1,500,000 and $3,000,000 had the most substantial increase in inventory. The biggest decrease in active listings occurred between $3,000,000 and $10,000,000.
For pending listings by price point, pending sales increased in five price ranges, decreased in two, and remained unchanged in two. The most significant increase in activity occurred between $750,000 and $999,999. The decreases in pending sales were modest, with $1,000,000 to $1,499,999 range showing the biggest decrease with just two fewer pending sales.
Looking at active inventory by community, inventory increased at seven price points, decreased at four, and remained unchanged at three. The community with the most significant increase in inventory was Kihei, followed by Wailea. The most substantial decrease occurred in the Spreckelsville and Paia area followed closely behind by the Napili, Kahana, and Honokowai area.
Pending inventory increased in eight communities, decreased in four, and remained unchanged in two. Wailuku and Kahului had the most significant increase in pending sales, while Makawao had the largest decrease.
End of February Maui Condo Inventory
| December 31, 2025 | January 31, 2025 | February 28, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| <$250,000 | 9 | 1 | 8 | 0 | 6 (-2) | 2 (+2) |
| $250,000-$499,999 | 64 | 9 | 72 | 7 | 74 (+2) | 13 (+6) |
| $500,000-$749,999 | 172 | 30 | 182 | 29 | 200 (+18) | 25 (-4) |
| $750,000-$999,999 | 147 | 13 | 160 | 13 | 172 (+12) | 14 (+1) |
| $1,000,000-$1,499,999 | 142 | 11 | 132 | 20 | 136 (+4) | 13 (-7) |
| $1,500,000-$1,999,999 | 66 | 1 | 73 | 5 | 76 (+3) | 5 |
| $2,000,000-$2,999,999 | 55 | 5 | 56 | 5 | 57 (+1) | 4 (-1) |
| $3,000,000-$4,999,999 | 36 | 2 | 39 | 4 | 43 (+4) | 1 (-3) |
| $5,000,000-$9,999,999 | 22 | 0 | 19 | 3 | 17 (-2) | 4 (+1) |
| $10,000,000+ | 8 | 0 | 6 | 1 | 7 (+1) | 1 |
| Totals | 721 | 72 | 747 | 87 | 788 (+41) | 82 (-5) |
| December 31, 2024 | January 31, 2025 | February 28, 2025 | ||||
| Active | Pending | Active | Pending | Active | Pending | |
| Ka’anapali | 93 | 9 | 95 | 12 | 99 (+4) | 8 (-4) |
| Kahului | 13 | 2 | 13 | 0 | 13 | 2 (+2) |
| Kapalua | 42 | 1 | 39 | 4 | 45 (+6) | 5 (+1) |
| Kihei | 237 | 31 | 262 | 32 | 286 (+24) | 24 (-8) |
| Lahaina | 14 | 3 | 15 | 3 | 16 (+1) | 4 (+1) |
| Ma’alaea | 20 | 2 | 20 | 0 | 18 (-2) | 2 (+2) |
| Napili/Kahana/Hono… | 176 | 11 | 179 | 14 | 183 (+4) | 16 (+2) |
| Pukalani | 1 | 0 | 1 | 0 | 3 (+2) | 0 |
| Wailea | 83 | 5 | 83 | 13 | 86 (+3) | 10 (-3) |
| Wailuku | 36 | 8 | 35 | 8 | 35 | 10 (+2) |
Between the last day of January and the last day of February, active listings increased 5.5% and pending condo listings decreased 5.7%.
Looking at active condo listings by price point, inventory increased at eight price points and decreased at two. The most significant increase occurred with the price points between $500,000 and $999,999. The decreased inventory occurred under $250,000 and between $5,000,000 and $9,999,999.
Pending condo listings increased at four price points, decreased at four, and remained unchanged at two. The $250,000-$499,999 price point had the most notable increase in pending sales. The $1,000,000 to $1,499,999 price point had the largest decrease in pending transactions.
Looking at condo inventory by community, active listings increased in seven communities, decreased in one, and remained unchanged in two. Kihei inventory increased the most, followed by Kapalua. Ma’alaea was the only community where inventory decreased.
Pending condo inventory increased in six communities, decreased in three, and remained unchanged in one. The increase in pending sales tended to be modest, with just two more pending sales occurring in Kahului, Ma’alaea, Wailuku, and the Napili, Kahana, and Honokowai areas. Kihei and Ka’anapali had the biggest decrease in condo inventory.
Thoughts on the Market
Maui’s slower than normal busy season continued in February. Both the condo market and home market experienced rising inventory, while the home market saw modest increase in pending sales, and the condo market saw pending sales fall.
The slower activity in the condo market is particularly notable. Uncertainty over short-term rental regulations continues to hamper the market, but it is far from the only thing adversely impacting buyer demand. Rising maintenance fees are a factor due to insurance. Lower visitor numbers also impact the market in two ways, by both reducing rental returns and decreasing the pool of potential second home buyers.
Finally, current socio-political and economic uncertainty may be creeping into the conversation. Lower consumer confidence can impact second-home purchasing.
The assorted factors above are impacting condo prices. We saw prices begin to adjust at the vast majority of Minatoya condos within the first month or two of the mayor announcing his proposal to curtail short-term rentals at apartment-zoned condos. This winter, we have seen more price reductions in condos where rentals are protected due to hotel zoning.
Thus far, the home market continues to be more resilient regarding pricing. Inventory is slowly increasing, but it is still well below pre-covid levels. While we see rate increases with homeowner’s insurance, they aren’t increasing nearly as much as they are for condo associations.
We will continue to monitor buyer activity, inventory levels, and prices for our clients and readers of this blog. Contact us with any questions about the market or specific properties. We look forward to talking with you.
A Little Maui Beauty to Brighten This Post
