Each month, the Realtor's Association of Maui publishes updates on the Maui real estate market. 

The report notes:

U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.

New Listings increased 3.7 percent for Single Family homes and 36.6 percent for Condominium homes. Pending Sales increased 5.8

Maui's Resort Areas: a 9 Month Review of the Market for Condos and Homes 

How the past nine months compare with the same period in the prior year

Maui has been slowly recovering in the wake of the tragic fire of August 8, 2023.  Many buyers and sellers have asked me how the market is doing, so I've compiled some data for both condominium and home sales by area comparing the period from 8/8/23-5/8/24 with the same period in 22-23.

West and South Maui Condo Sales

The statistics show that sales are down primarily in West Maui, with the condominium market in Kapalua hit the hardest, with number of sales down -66% and dollar volume down 49%.  with uncertainty regarding the future of Short Term Rentals in the apartment zone, we are seeing more sales

Maui's Hotel Zoned Condominiums

On May 3, 2024, the Mayor of Maui County announced that he intends to submit a bill to the Planning Commission and the Maui County Council to phase out short-term rentals in the Apartment Zones. 

Per the County of Maui's website: "the bill would phase out and repeal decades-old transient vacation rentals (TVRs) operating in the Apartment District, also known as the Minatoya list TVRs. These TVRs – numbering 7,000 units (2,200 of which are in West Maui) – would phase out West Maui units by July 1, 2025, and all other units countywide by Jan. 1, 2026, with the bill’s approval."

Given this announcement, many prospective buyers who are looking for a property that can be used part-time and rented when they are not in

MAUI VACATION RENTAL (TRANSIENT ACCOMMODATIONS) & SHORT TERM RENTAL UPDATE: MAY 2024

Maui, like many places around the US that are popular vacation destinations, has grappled with affordable housing and workforce housing for decades. The wildfire that swept through Lahaina town on August 8, 2023 has highlighted the critical need for affordable housing in Maui County.

Since the fire, the Hawaii State Legislature passed SB2919 on May 2, 2024.  It was signed into law by Governor Josh Green on May 4, 2024. 

Per the governor's website,  "By addressing the issue of illegal short-term rentals, SB 2919 aims to alleviate Hawaiʻi’s housing crisis and increase housing levels throughout the state. This bill provides counties with home rule authority to see