Molokai Market Snapshot – February 2026

February tends to be a quiet month in Molokai real estate. Fewer days, fewer transactions, and numbers that can swing dramatically based on a single sale. That said, February 2026 had some genuinely interesting data worth unpacking, and it told a different story depending on which segment you were looking at.

All three segments remained in buyer’s market territory. But the details underneath that headline varied quite a bit.

Let’s break it down.

Single-Family Homes on Molokai

February was a Buyer’s Market based on closed sales and inventory levels.

Inventory & Activity

• 30 homes for sale, up 15.4% from last month and up 11.1% year over year
• 1 home sold, down 66.7% from last month and down 50% year over year
• 1 home pended, down 50% from last month
• 30 months of inventory, up sharply from 8.7 months in January

One sale in a month is not unusual for February on Molokai, but the inventory number jumping to 30 months is worth noting. That’s a significant shift from January’s 8.7 months, and it’s a reminder of how quickly the math changes when sales volume is this low. One less sale in a small market can make the numbers look dramatic.

Pricing

• Average sold price: $365,000, down slightly from $370,000 last month and down 11% year over year
• Median sold price: $365,000, up 10.6% from last month but down 11% year over year
• Average price per square foot: $312, down 10.1% from last month but up 71.4% year over year

The year-over-year price-per-square-foot jump is notable. February 2025 was an outlier month with a very low $182 per square foot reading, so the year-over-year jump looks bigger than it really is. Looked at over the full quarter, the per-square-foot trend is essentially flat, which is probably the more honest read on where values sit.

Days on Market & Negotiation

• Average days on market: 3 days, down dramatically from 42 days last month
• Sold-to-list ratio: 104%, up from 95% last month

That 104% sold-to-list ratio is the number that stands out. The one home that sold in February closed above asking. Before reading too much into that, it’s worth noting that since the NAR settlement and the decoupling of buyer representation fees from the seller, we are seeing some transactions where the sale price is increased to cover the buyer’s agent commission when neither party can or wants to pay it separately out of pocket. In those cases, the inflated sale price reflects a compensation workaround rather than a bidding war. Without knowing the specifics of that transaction, a 104% ratio on a single sale in a slow month deserves a raised eyebrow more than a celebration.

What This Means

With 30 active listings and only one sale last month, buyers have options and time. But when the right property comes along at the right price, it can still move fast and close strong. That’s the paradox of this market right now.

Molokai Condominiums

February was a Buyer’s Market for condos, though activity picked up noticeably compared to recent months.

Inventory & Activity

• 45 condos for sale, up 15.4% from last month but down 15.1% year over year
• 5 condos sold, up 66.7% from last month and up 150% year over year
• 4 condos pended, flat month over month and year over year
• 9 months of inventory, down 66% year over year

Five sales in a month is the best condo activity we have seen in a while. For context, there were just two sales in February 2025. The year-over-year inventory reduction is also meaningful. At 45 active listings versus 53 a year ago, buyers have fewer choices than they did this time last year, even though it still qualifies as a buyer’s market.

Pricing

• Average sold price: $158,000, down 72.9% from January’s $583,000 and down 35.5% year over year
• Median sold price: $150,000, down 50% from last month and down 38.5% year over year
• Average price per square foot: $249, down 54.9% from last month

January’s $583,000 average was driven by a single higher-priced closing. This month’s numbers reflect a more typical mix of entry-level condo sales. The average active listing price is $279,000, so there remains a meaningful gap between what sellers are asking and what is actually closing. That gap tells you something about where buyer interest is concentrated right now.

Days on Market & Negotiation

• Average days on market: 76 days, down 42.9% year over year
• Sold-to-list ratio: 96%, flat compared to last month and last year

Condos are taking about two and a half months to sell on average, but that number has been improving. Buyers are still negotiating, though not as aggressively as earlier in 2025.

One factor that continues to influence the condo market is the ongoing uncertainty around Maui County short-term rental regulations. Only two of Molokai’s five condo complexes are directly affected, but buyer caution has spread more broadly across the condo market segment.

What This Means

Five sales is encouraging. The activity is real. But the price gap between listings and closings remains, and buyers continue to focus on the lower end of the market.

Vacant Land on Molokai

February was a Buyer’s Market for land, and it remained the quietest of the three segments.

Inventory & Activity

• 40 lots for sale, up slightly from 39 last month but down 11.1% year over year
• 1 lot sold, same as last month and same as February 2025
• 0 lots pended, down from 1 last month
• 40 months of inventory

No new pended sales and a days-on-market figure of 307 days for the one parcel that closed tells you most of what you need to know about the land market right now. That particular sale had been sitting on the market for the better part of a year before it found a buyer.

Pricing

• Average sold price: $80,000, same as last month and up 11.1% year over year
• Median sold price: $80,000, also flat and up 11.1% year over year
• Sold-to-list ratio: 81%, down from 100% last month

The one sale that did close went for 81% of list price. Land buyers are patient and they are negotiating. With 40 months of supply relative to current sales pace, they have every reason to be.

What This Means

Land remains the segment where seller expectations and buyer reality are furthest apart. If you are pricing land on Molokai right now, the data is telling you to lead with realism rather than optimism.

Molokai Real Estate Overall Takeaway – February 2026

February reinforced a few things we have been watching for several months.

• Single-family inventory is growing, but the right property still attracts motivated buyers
• Condo activity picked up meaningfully, which is worth watching in March
• Land continues to move slowly, and negotiation is very much part of the process

One month’s data on a small island market should always be taken in context. February is structurally a low-volume month. What will be more telling is whether the condo activity and the home that went over asking in February signal the beginning of a more active spring, or whether they are just the isolated results of specific properties finding their buyers.

We will know more next month.

Let’s Connect

Whether you are considering buying, selling, or simply trying to understand how these trends apply to a specific property or neighborhood, I am always happy to talk story and help put the data into context. On Molokai, the numbers matter most when they are paired with local insight.

Aloha,
Rob Stephenson
Hawai’i Life Real Estate Advisor
Molokai