With the release of December 2024 market statistics, Maui’s real estate trends provide a clear snapshot of how the year closed and what might be ahead for 2025. Maui’s real estate market is showing significant shifts that both buyers and sellers should watch closely. With rising inventory levels, evolving price trends, and changing market dynamics, December’s statistics highlights a market in transition—offering new opportunities for both buyers and sellers in the months to come. Here’s what you need to know.
A Tale of Two Markets: Single-Family Homes vs. Condos
December saw single-family home inventory increase by 63.2%, while condominium inventory surged by an impressive 105.3%. This growing supply is creating more choices for buyers, particularly in the condo market, which is shifting toward a buyer-friendly environment. The months of inventory jumped to 6.2 for single-family homes (a 67.6% increase) and 12.3 for condos (up 151%), signaling a less competitive landscape compared to previous years.
Single-Family Homes
- Rising Prices: The median sales price for single-family homes increased by 14.5%, reaching $1,374,238, while the average sales price surged by 30.3% to $1,901,134.
- Inventory Growth: Inventory rose by 63.2%, with months of supply increasing to 6.2 months—a 67.6% jump from the previous year.
- Slightly Longer Sales Timelines: Homes spent an average of 129 days on the market, a 34.4% increase compared to December 2023.
Condominiums
- Mixed Price Trends: While the median condo price edged up by 1.2% to $860,000, the average price dropped by 23.8% to $1,140,997, reflecting variability in the market.
- Inventory Surge: Condo inventory skyrocketed by 105.3%, with months of supply reaching 12.3 months—a massive 151% increase.
- Slower Sales Activity: Closed condo sales dropped significantly by 43.6%, and pending sales were down by 24.4%.
What These Trends Mean for Buyers
For buyers, the rising inventory levels present a clear opportunity, particularly in the condo market, where oversupply and longer days on market create favorable negotiating conditions. Whether you’re seeking a luxury property in Wailea/Makena or an investment in Kihei, the growing supply provides more choices and leverage to secure competitive pricing. For investors, the expanding condo inventory presents unique opportunities in high-demand areas like Kihei, where dollar volume sales reached $22.4 million in December.
What These Trends Mean for Sellers
For sellers, strategic pricing and preparation are key. Single-family home sellers can still capitalize on rising prices but should be prepared for slightly longer sales timelines. Condo sellers, on the other hand, face increased competition and should focus on marketing and competitive pricing to stand out in a crowded market.
Luxury Market Highlights
The luxury segment remains strong, with Wailea/Makena leading the way:
- Single-Family Homes: Median price reached $4,000,000.
- Condos: Median price hit $2,625,550, signaling sustained demand for high-end properties.
The Bigger Picture
The December 2024 market marks one of the highest annual increases in inventory levels, signaling a shift toward more balanced market conditions. For buyers, this means more options and opportunities. For sellers, it underscores the need for strategic positioning in an increasingly competitive environment.
As we step into 2025, these trends provide valuable insight for anyone navigating Maui’s evolving real estate market. Whether you’re buying, selling, or investing, understanding these dynamics is key to making informed decisions in the year ahead.
Ready to explore your options? Let’s connect and make your Maui real estate goals a reality in 2025.
With Sincere Aloha,
