Molokai Market Snapshot – August 2025

It’s hard to believe we’re already two-thirds of the way through 2025. As summer winds down on Molokai, the real estate market is showing some clear trends. Buyers continue to have plenty of choices, while sellers are adjusting to slower absorption and longer timelines. Below is a closer look at how single-family homes, condos, and land are performing through the first eight months of the year.

The first eight months of 2025 show a market that continues to move at a cautious pace. Compared with the same period in 2024, sales activity is lower across both the single-family and land markets, while condos remain the most active segment by transaction count. Inventory levels are higher than a year ago in homes and land, while condo supply has held steady.

Single-Family Homes (January–August 2025 vs. 2024)

• Inventory: 22 homes available at the end of August, up from 18 a year ago.
• New Listings: 28 new listings year-to-date, down from 34 at this point in 2024.
• Sales: 18 closed through August, compared with 28 last year (a 36% decline).
• Pending Sales: 19 versus 25 in 2024, also lower year-over-year.
• Prices: Average sold price is $527K (down from $630K in 2024), median sold price $525K (up from $486K). Average sold price per square foot is $418, slightly higher than last year’s $392.
• Days on Market: 152, more than double last year’s 71.
• Months of Inventory: ~9.8 months, indicating a buyer’s market.

What this means: 
Buyers have more options and more time to choose. Sellers face a slower pace of absorption and must be realistic on pricing to attract offers.

Condos (January–August 2025 vs. 2024)

• Inventory: 45 units on the market, matching August 2024’s level.
• New Listings: 42 so far in 2025, compared to 46 last year.
• Sales: 16 closings year-to-date, up from 11 in 2024.
• Pending Sales: 16, slightly above the 14 seen last year.
• Prices: Average sold price is $226K (down from $309K in 2024), median sold price $222K (down from $275K). Average price per square foot has dropped to $371 from $434 last year.
• Days on Market: 80, a modest improvement over 94 last year.
• Months of Inventory: ~22.5 months, far above balanced market levels.

What this means: 
Condos remain the largest and most active market segment, but activity is uneven. Complexes that could be impacted by Maui County’s pending Bill 9 — which would remove the ability for condo owners in apartment-zoned lands to operate short-term rentals of 180 days or less — have seen very little movement. This uncertainty, along with rising monthly HOA fees that have kept many buyers on the sidelines, is weighing on demand and property values. Depending on how these factors play out, some interesting opportunities could emerge for well-positioned buyers.

Land (January–August 2025 vs. 2024)

• Inventory: 42 listings, slightly below 45 at this time in 2024.
• New Listings: 18 so far this year versus 37 last year, a significant drop.
• Sales: 8 closings through August, compared to 10 in 2024.
• Pending Sales: 9, down modestly from 12 last year.
• Prices: Average sold price has risen sharply to $343K from $204K in 2024. Median sold price is $157K, up from $119K.
• Days on Market: 165, an improvement from 251 last year.
• Months of Inventory: ~42.0 months, highlighting a very slow-moving segment.

What this means: 
Despite fewer transactions, higher average sale prices suggest buyers are targeting larger or higher-quality parcels. But with such high months of inventory, it’s clear that supply far exceeds current demand, leaving buyers with leverage in negotiations.

Market Takeaway

Year-to-date through August, the Molokai market reflects a slower sales pace overall compared to 2024, especially in single-family homes and land. Condo activity has held stronger, though at lower price points, and is being shaped by both policy uncertainty and rising ownership costs. Across all categories, the high months of inventory underscore that Molokai remains firmly in buyer’s market territory, with ample supply and extended selling timelines.

For buyers, this is still a favorable environment with room for negotiation and choice. For sellers, success depends on realistic pricing and standing out in a competitive field. At the same time, policy debates such as Maui County’s pending Bill 9 and the impact of rising HOA fees are weighing on demand, making strategic positioning more important than ever.

Thinking About Your Position in The Current Market?

If you’ve thought about buying, selling, or just getting a clearer picture of where things stand, I’d be happy to help. Whether now or further down the road, having solid, local insight can make a real difference.