Maui’s third-quarter story is more condominium sales and less available condominium inventory, even as condominiums are taking longer to sell. Single-family activity remains close to last year’s pace, while vacant land continues to vary considerably by location.
In our Q2 market update, we noted stronger accepted-offer activity and expected it to carry into third-quarter closings. For condominiums, it did: closings rose 43.6% compared with Q3 last year. Single-family closings remained close to last year’s pace, even as accepted offers continued to run ahead. Accepted-offer growth also moderated in both segments, from 10.2% to 4.2% for single-family homes and from 32.1% to 22.6% for condos. Buyers are moving forward, although longer selling times and considerable inventory continue to make pricing important.
Q3 2026 at a Glance:
| Single-Family | Condos | |
|---|---|---|
| Q3 closed sales | 173 (-2.8%) | 224 (+43.6%) |
| Year-to-date median price | $1,219,000 (-6.2%) | $655,000 (-6.8%) |
| Months supply (September) | 7.8 | 12.1 |
| Average days on market (year to date) | 139 | 164 |
Changes compared with 2025. Source: REALTORS® Association of Maui.
How Did Maui’s Single-Family Market Perform in Q3 2026?
Across Maui County, single-family closings were slightly below last year, while accepted offers were modestly higher.
- Closed sales: 173, down 2.8% from 178.
- Accepted offers: 174, up 4.2% from 167.
- New listings: 276, down 1.8% from 281.
- September months supply of absorption: 7.8 months.
Monthly median sale prices ranged from $1.15 million to $1.2 million, with each month below its corresponding 2025 median. Through September, the year-to-date median was $1,219,000, down 6.2%.
These medians reflect the mix of properties that sold. They do not mean every home changed in value by the same amount.
RAM’s average days on market remained fairly consistent, at 133 in July, 128 in August and 134 in September.
Available inventory declined from 476 homes at June’s close to 457 in September, although September inventory remained 1.6% above last year. Months supply of absorption, a measure of available inventory relative to the pace of accepted offers, held at 8.2 months through August before easing to 7.8 in September.
For sellers, activity is steady, but buyers still have choices. Condition, location and asking price remain central to finding the right buyer.
Why Are More Maui Condos Selling?
Condominiums recorded the quarter’s strongest increase in closings.
- Closed sales: 224, up 43.6% from 156.
- Accepted offers: 206, up 22.6% from 168.
- New listings: 337, down 16.2% from 402.
- September months supply of absorption: 12.1 months, compared with 15.2 a year ago.
Closings were ahead of last year in all three months. Accepted offers were stronger in July and August, followed by a softer September, when 50 condos went under contract compared with 55 last September.
Available condo inventory declined from 937 listings at June’s close to 822 in September, approximately 12%. Months supply of absorption fell from 14.4 to 12.1 months over that period.
This is a positive direction, indicating less inventory relative to buyer activity. Fewer new listings also contributed to the reduction in available choices. Still, approximately a year of supply gives buyers considerable room to compare properties.
The numbers show that more condos are selling. They do not show who is buying. With the ongoing conversation around Bill 9 and related topics, many people want to know whether locals or off-island buyers are driving the increase. RAM’s statistics do not track where buyers live, and some purchases are made through LLCs, which makes it difficult to identify where the actual buyer resides (this was covered in a recent council meeting on Bill 9 here). Any conclusion about who is behind this increase, in either direction, would go beyond what the data shows. For any buyer, whether purchasing a primary residence, a second home or a rental, understanding a property’s zoning and permitted use remains essential before making an offer.
RAM’s average days on market rose from 153 in July to 170 in August and 199 in September. Year to date, the average is 164 days compared with 141 last year, an increase of 16.3%. That broader comparison helps put September’s longer selling time in perspective.
Monthly median condo prices were $690,000 in July, $564,950 in August and $660,000 in September. July and September were slightly above their corresponding 2025 medians, while August was below. Through September, the year-to-date median was $655,000, down 6.8%.
More condos are selling, but that does not remove the need for careful positioning. This is a market where strategy protects value. Sellers should consider current competition, recent closings and showing feedback together when deciding how to price.
What We’re Seeing on the Ground
We’re seeing more activity in our own listings as well. Through September, our team recorded more than 50% more showings than during the same period last year.
During Q3, our team also represented sellers in three closings across Wailea and Upcountry, ranging from $1.375 million to $6.95 million. Those transactions give us firsthand perspective on how activity differs across locations and price ranges.
Kihei and Wailea/Makena
The countywide figures provide context, but individual communities tell different stories.
- Kihei condominiums: 82 closings, compared with 59 last year.
- Kihei single-family homes: 31 closings, compared with 26.
- Wailea/Makena condominiums: 25 closings, compared with 12.
- Wailea/Makena single-family homes: Four closings, unchanged from last year.
Kihei accounted for approximately 37% of Maui County’s condo closings during Q3, and the improvement extends beyond completed sales. InfoSparks reports 381 Kihei condominiums accepted offers over the 12 months ending in September, up 16.2% from a year earlier.
The graph below shows Kihei condo pending sales on a rolling 12-month basis over the past five years. Activity remains well below the 2021 peak, but after reaching a low around the start of 2026, the 12-month total has climbed each month since June, which is encouraging.
Kihei rolling 12-month pending sales: Source InfoSparks.
Wailea/Makena’s condo market shows a different pattern. Through August, year-to-date condo closings were roughly even with last year. Ten September closings changed that, bringing the year-to-date total to 66, compared with 57 in 2025, an increase of 15.8%.
The year-to-date median sale price was $2,085,000, down 16.6% from $2,500,000, while total sold dollar volume rose 4.1% to $191.75 million. More transactions at adjusted prices is consistent with what we noted in Q1: buyers are active in Wailea/Makena, but they seem to respond to pricing that reflects current market conditions.
Wailea/Makena single-family sales show a similar pattern year to date: 20 closings compared with 11, with a median of $2.9 million, down 24.7%.
These remain relatively small transaction counts, and the particular properties closing can move both the totals and the median. For an individual luxury property, the most useful comparison remains recent sales and competing inventory within its own neighborhood and price range.
Vacant Land: A Market That Varies by Location
Land sales were lower countywide, with a larger decline in sold dollar volume.
- Q3 closed sales: 23, compared with 28, down approximately 18%.
- Q3 sold dollar volume: $15.26 million, compared with $25.77 million, down approximately 41%.
- Kula/Ulupalakua/Kanaio: Two Q3 sales.
- Wailea/Makena: No Q3 land closings.
The two Kula-area transactions closed at $669,000 in August and $444,000 in September. Through September, the area recorded nine sales with an $850,000 median sale price.
With relatively few transactions, the particular parcels selling have a substantial effect on the reported figures. Views, access, utilities and building potential remain important when evaluating an individual lot.
Local Policy and National Financing Context
Vacation-rental policy remains part of the condo conversation. Bill 9, now Ordinance 5909, allows transient vacation rental use in apartment districts to continue through December 31, 2028 in West Maui and through December 31, 2030 elsewhere in Maui County. Related H-3/H-4 rezoning proposals are still moving through the Planning Commission and County Council, and the outcome for individual properties is not yet final. For the latest details, see our Bill 9 update on H-3/H-4 rezoning.
Mortgage rates also remain important to affordability. Freddie Mac’s national average for a 30-year fixed mortgage increased from 6.71% on September 3 to 7.03% on September 24. For Maui buyers using financing, that increase can affect monthly payments and purchasing power. Actual loan terms depend on the borrower, lender and property.
These factors help explain why a market with more closings can still require careful decisions. Buyers are evaluating both the purchase price and the ongoing cost and use of ownership.
If We Were Considering Selling Right Now
Price to where the market is today, not where it was a year ago. That advice has held all year, and Q3 did not change it.
- In the single-family segment, months supply of absorption held at 8.2 through August before easing to 7.8 in September. One month of improvement is worth noting, but buyers still have choices, and accurate pricing from day one remains the clearest path to activity.
- In the condo segment, absorption is improving. Months supply has fallen to 12.1 from 15.2 a year ago, and Q3 closings rose 43.6%. Well-priced listings are finding buyers, but average market time this year is 164 days, compared with 141 last year. Plan for a longer process and be ready to respond to showing feedback.
- If your property is on the Minatoya List, or its rental use depends on Bill 9 and the pending H-3/H-4 rezoning, understanding where it stands is part of a complete pricing conversation, not an afterthought. Our Bill 9 update covers the latest.
If We Were Considering Buying Right Now
Being ready to move when the right property comes along still matters more than trying to time the market.
- For single-family buyers, conditions remain buyer-friendly. At 7.8 months of supply, the negotiating room from earlier in the year is still there, and one month of easing does not change that.
- If you are financing, September’s rise in mortgage rates makes it worth reviewing your numbers with your lender before you begin.
- For condo buyers, this remains the segment with the most to watch. Q3 closings rose 43.6% and available inventory declined about 12% since June, so choices are gradually narrowing, even with roughly a year of supply on the market.
- Understanding a specific condo’s zoning and how Bill 9 and Bill 88 apply to it is essential before making an offer, not something to sort out afterward.
This is not a market to rush. It is a market to think clearly, price accurately and act with purpose.
Looking Ahead to Q4
We’ll be watching whether accepted offers remain ahead of last year, whether condo inventory continues to decline and whether selling times begin to shorten.
Q3 brought more condo closings and less available condominium inventory. Single-family activity remained steadier. For sellers, the opportunity is to understand where their property fits within those broader changes and respond to the evidence closest to home.
For the latest monthly figures and our interactive flipbook, visit our September 2026 Maui Real Estate Market Report.
FAQ about Q3 2026 Maui Real Estate:
Is the Maui real estate market slowing down?
Not by closings. Through Q3 2026, condo closings rose 43.6% compared with Q3 2025, and single-family closings were close to last year. Selling times are longer, however, with condos averaging 164 days on market year to date.
What is the median home price on Maui in 2026?
Through September 2026, the year-to-date median sale price was $1,219,000 for single-family homes and $655,000 for condominiums, according to the REALTORS® Association of Maui.
Is it a buyer's or seller's market on Maui?
Conditions favor buyers in most segments. In September 2026, months supply of absorption was 7.8 months for single-family homes and 12.1 months for condos. Both are well above the level usually associated with a balanced market.
How is Bill 9 affecting Maui condos?
Bill 9, now Ordinance 5909, allows transient vacation rental use in apartment districts to continue through December 31, 2028 in West Maui and through December 31, 2030 elsewhere. Related H-3/H-4 rezoning proposals are still under review.
Are locals or off-island buyers driving Maui condo sales?
The available data cannot answer that question. RAM’s statistics do not track where buyers live, and some purchases are made through LLCs, which makes it difficult to identify where the actual buyer resides. What the data does show is that Maui County condo closings rose 43.6% in Q3 2026 compared with Q3 2025.
If you own a condo in Kihei or Wailea and are weighing whether rising closings and falling inventory change your timing, we can walk through how your property compares with what is selling now. Contact Maui Real Estate Advisors to discuss your options.
All information taken from Hawaii Information Services, MLS Sales Data and news sources, information shown herein, while not guaranteed, is derived from sources deemed reliable. This Maui real market analysis represents our opinion of Maui Real Estate based on available data and should not be considered financial or legal advice.
Sources:
- REALTORS® Association of Maui, July, August and September 2026 reports, using the latest available revisions. Note: Quarterly figures combine RAM’s July, August and September monthly totals. Median prices are shown year to date because RAM does not publish a quarterly median.
- InfoSparks (Kihei rolling 12-month pending sales)
- Freddie Mac Primary Mortgage Market Survey
- MREA: Bill 9 update on H-3/H-4 rezoning
