West Maui Condo Market Update

West Maui Condo Market 

There are currently 372 active condo listings in West Maui and about 21 have been selling per month. That's almost 18 months of inventory, considered a strong buyer's market where buyers have more options to choose from and more negotiating power. (6 months of inventory is generally considered a "balanced" market.) This data is as of June 8, 2025.

Through May 2025, the statistics island-wide provided for the Realtor’s Association of Maui show that year to date Maui median condominium prices are down 12.1% when compared to the same period in 2024.  Some condos are selling 40% + below what they would have been valued at over a year ago before Mayor Bissen’s yet-to-be-decided proposal to phase out the thousands of currently legally operating vacation rentals on what is known as the "Minatoya List." 

Overview of Sales in West Maui (Lahaina, Kaanapali, Napili/Kahana/Honokowai, and Kapalua)

*STR refers to "Short-Term Rental" properties, or properties allowing nightly vacation rentals.  Residential (Non-STR) properties are restricted to rentals of 180 days or longer.

West Maui Residential Condo Market (Non-vacation rental)

While there are options to choose from in the Residential Condo market - currently 53 active listings – there have been a total of 18 sales year to date so far this year - condos are selling at a rate of about 3 or 4 a month.  Higher interest rates and local economic conditions have impacted buyer affordability. I am hearing that some people are awaiting payouts from the $4 billion 2023 Maui wildfire settlement. When those payouts start being distributed, we might see a small bump in sales in the residential sector.  Some residents and local business owners are concerned their incomes will be further impacted negatively if Maui County decides to phase out the Minatoya apartment-zoned short-term rentals.

West Maui Vacation Rental Condo Market 

In the vacation rental condo sector, there have been 2.5 times as many sales of condos in Hotel Zoned areas and other Zonings that would not be impacted by the proposed phase out of Minatoya Apartment-Zoned vacation rentals.  

Since the mayor's proposal last May, the market for Maui vacation rental condominiums has considerably slowed. Rental rates and occupancy are down, so there is less rental income on these properties. This makes it harder for new prospective buyers to pencil out the carrying costs. Increased insurance costs have resulted in significantly higher HOA fees and property taxes are up – the high tax assessed values are reflective of the previously strong pricing in our market over a year ago. 

Not surprisingly, the Apartment-Zoned vacation rental sector is the quietest as buyers wait for more clarity from the County on whether vacation rental use will be able to continue in the future. There are approximately 2,200 apartment-zoned vacation rental condominiums in West Maui. Interestingly this segment had the highest median sales price which can be attributed to sales in the Kapalua Resort Villas being included in this category.

We are seeing some investors who are buying vacation rental properties at significant discounts on price when compared to what they would have sold for a year and a half ago. We are also seeing a lot of buyers on the sidelines waiting for more direction from Maui County.

West Maui Luxury Condo Market

Maui continues to be a desirable lifestyle market for the luxury buyer.  So far there have been (10) condominium sales year to date over $3 million, the highest was at the Montage Residences at Kapalua Bay, unit 1502, which closed in April 2025 for $7,255,205. We also saw a Kaanapali Alii unit close for $6,000,000 and a Coconut Grove unit close for $5,795,000.  

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If you have questions about the real estate market, we would love to hear from you!

Heidi Dollinger - 808-359-4245