Single-family home and condominium sales on Maui decreased in price and in the number of sales in August, including a 35% drop in condominium prices.

The median price of single-family homes was down 3.6% ($1.27 million) and condominium prices by 35% ($650,000) compared to the same month last year, according to the Realtors Association of Maui.

The analysis was based on information collected by the Association’s Multiple Listing Service. The number of single-family home sales dropped 6.3% and condominiums by 14.9% in August.

The number of new listings for single-family homes rose by 23.1% while new condo listings declined by 9.7% year over year.

The median time for sales for both property types was 153 days, indicating a slower sales pace.

Lynette Pendergast, president of the Realtors Association of Maui, said the housing market is in a period of transition.

“While single-family home prices remain stable, the condominium market is seeing significant drops,” Pendergast said. “These trends highlight the importance of strategic decisions by both buyers and sellers as the market evolves.”

As of Friday, the number of condominiums for sale on Maui and Molokai was 851. “The inventory is so high right now,” she said.

Pendergast said the recent rise in assessments and tax rates for short-term rentals, in addition to Maui County’s intent to return some visitor condominiums to long-term apartments, have contributed to the drop in prices.

Mayor Richard Bissen has proposed phasing out transient vacation rental use in the apartment districts by July 1, 2028. Bill 9 passed the Housing and Land Use Committee in July, and a committee report is pending. The Maui County Council has scheduled a first reading of Bill 9 for Oct. 13.

The declines in real estate prices come as visitor arrivals remain below 2019 pre-pandemic levels on Maui, according to state economic indicators.

State economists have reported that visitor arrivals are up 9.2% on Maui compared to the last seven months of last year but still 17.8 % below the same period in 2019.

Pendergast said tourism activity may be a factor in sales as well.

“I think there is an uncertainty about tourism,” Pendergast said.