Condo sales and sale prices are down, listings have decreased and single home sale prices are flat.

When it comes to sizing up the current real estate market in Maui it seems the only certain thing is uncertainty.

“Maui’s housing market is undergoing a shift,” said Lynette Pendergast, president of the Realtors association of Maui.

What’s behind the downward trend?

“It’s the not knowing, the uncertainty,” Pendergast said. “It’s people not knowing if they will have a job tomorrow contributing to a kind of static uncertainty.”

Pendergast added that sellers were dropping asking prices and not getting the amounts they were seeking.

She said on the federal, state and local levels, so much is in flux and yet to be decided that it is creating anxiety within the real estate and business sectors.

As a case in point, Maui condominium prices declined steeply in June compared to the same period in 2024. The median sales prices dropped 28.6%, according to the association.

In June, there were 56 condominium sales compared to 59 from the same date a year ago, a 5.1% drop. The median sales price of a condominium was $980,000 in June 2024 compared to $700,000 last month.

Median price means half the prices were above and half below the given price.

“We’ve seen ebbs and flows before and it will come back, but who knows what it will look like,” she said.

Locally, tensions and trepidations are riding high regarding Mayor Richard Bissen’s proposal to limit many short-term rentals, Bill 9. Pendergast said she remains confident the community can still work together despite the issues.

She said the lagging sales and falling prices are happening across Maui and not relegated only to certain areas. She said it could perhaps even be a global phenomenon.

Pendergast said stability was still the norm, even with the challenges.

“While sales activity for single-family homes and condominiums remains relatively steady, recent price adjustments and increased inventory may give buyers more options in the months ahead,” she noted.

While sales of single-family homes and condominiums fell by 1.5% and 5.1% year-over-year, respectively, median sales prices saw more noticeable changes, according to the association. The median price for single-family homes declined by 5.7% to $1,315,000.

Additionally, the number of new listings for single-family homes declined by 23.9%, while new condo listings decreased by 8.6% year-over-year. The median days on the market for both property types stood at 134 days, indicating a slower pace of sales.