Molokai Market Snapshot – July 2026

As we keep an eye on Molokai real estate, this monthly snapshot breaks down the latest MLS data across the three segments that matter most: single-family homes, condominiums, and vacant land. The goal is a straight read on what’s actually happening, not just the headline numbers.

July delivered exactly what June’s numbers pointed to, plus a surprise running the other way. Only one home went under contract in June, and that thin pending count caught up with July: zero homes closed. Condos told the opposite story. Four condos closed, days on market dropped from 405 to 106, and the sold-to-original-list ratio jumped from 62% to 87%.

Same island, same month, two segments moving in opposite directions. Let’s break it down.

Single-Family Homes

July was technically a Buyer’s Market for homes on Molokai, though with zero closings, that label is doing more work than usual this month.

Inventory and Activity

• 21 homes for sale, down 8.7% from June and up 5% year over year
• 0 homes sold, down from 5 in June and down from 2 in July 2025
• 5 homes pended, up from 1 in June and up 150% year over year
• Months of inventory based on closed sales shows as 21. With no closings this month, that figure defaults to the current for-sale count rather than a real inventory-to-sales ratio, so treat it more like “21 homes on the market,” not a market health number.

Zero closings tracks with June’s thin pending count, just one home headed into July. The number to actually pay attention to now is the pending count. Five homes went under contract in July, the most of any month this year, which sets up a very different August report.

Pricing

With no sales to measure, sold price, price per square foot, days on market, and sold-to-list ratio aren’t meaningful this month. There’s nothing there to report on. What we can look at is where sellers are asking.

• Average active listing price: $1,108,000, down 0.1% from June and down 17% year over year
• Median active listing price: $769,000, down from $800,000 in June

What This Means

If you’re selling, treat July’s pending sales as your real comps, not July’s non-existent closings. Five homes went under contract this month, the most of any month this year. Once those close, they’ll tell you more about where the market actually is than anything in this report. If you want a deeper insight into what’s currently pending near your property, that’s easy for me to put together.

If you’re buying, this is a quiet month with a loosening top end. Average asking price is down 17% year over year, and there are five homes moving through escrow behind the scenes right now. Worth watching which of those clear in August and at what price.

Condominiums

July was a Buyer’s Market, but a much stronger one than June.

Inventory and Activity

• 41 condos for sale, down 12.8% from June and down 16.3% year over year
• 4 condos sold, up 100% from June’s 2 and up 300% from July 2025’s 1
• 2 condos pended, flat from June and down 50% year over year
• 10.3 months of inventory based on closed sales, down from 23.5 in June and down 79% year over year

Four closings ties May for the strongest month condos have had since last November. It’s a real rebound from June, not just a one-off month.

Pricing

• Median sold price: $185,000, up 37% from June’s $135,000
• Average sold price: $176,000, up 30.4% from June’s $135,000
• Average price per square foot: $248, up 18.1% from June and down 62.8% year over year
• Days on market: 106, down 73.8% from June’s 405
• Sold-to-original-list ratio: 87%, up sharply from June’s 62%

The per-square-foot figure still looks rough against last July’s $666, but that comparison is skewed by mix. A single high-end sale a year ago pulled that number up; four more typical units this July pulled it back down to something closer to normal. Days on market and the sold-to-original-list ratio are the more reliable signals here, and both moved firmly in a healthier direction.

What This Means

If you own a condo, July is the rebound June’s numbers were pointing toward. Days on market fell from 405 to 106, sold-to-original-list climbed from 62% to 87%, and twice as many units closed. Price where the market is actually transacting and this is what a normal month looks like.

If you’re buying, the well-priced units are moving again. Four sales in a month is the fastest pace since May. Inventory is still down 16.3% year over year, so properties that make sense won’t sit as long as they did in June.

Vacant Land

July was a Buyer’s Market, and the single transaction this month reverted to something closer to land’s usual pace.

Inventory and Activity

• 37 parcels for sale, up 15.6% from June and down 9.8% year over year
• 1 parcel sold, down from 2 in June and flat with July 2025
• 0 parcels pended, down from 1 in June and down 100% year over year
• 37 months of inventory based on closed sales, up from 16 in June and down 9.8% year over year

June’s headline was two parcels selling in 32 days at 100% of original asking price, about as clean a signal as this segment produces. July’s single sale took 332 days and closed at 94% of original ask. Still a strong ratio, but a return to land’s more typical, slower rhythm rather than another month like June.

Pricing

• Median and average sold price: $65,000, up 3.2% from June’s $63,000
• Days on market: 332, up sharply from June’s 32
• Sold-to-original-list ratio: 94%, down from June’s 100%
• Average active listing price: $321,000, down 8% from June and down 7.8% year over year

What This Means

If you’re selling land, don’t read July’s slower single sale as a step back from what June gave us. Two parcels sold at full original asking price in 32 days last month. One data point moving the other direction doesn’t undo that. What both months agree on: land priced at what someone will actually pay, moves. Land that isn’t, doesn’t.

If you’re buying land, patience still pays off. With 37 parcels on the market and one closing this month, there’s plenty of room to be selective, especially outside whatever is freshly and correctly priced.

Overall Takeaway – July 2026

Five total closings across the three segments in July, down from nine in June. Dig one level deeper and the story splits cleanly by segment. Homes went to zero sales, which tracks with June’s thin one-home pending column. Condos rebounded to four sales and cut average days on market by nearly three-quarters. Land slowed to one sale after June’s rare full-price, fast-close pair.

The number to watch heading into August is homes’ pending column. June’s thin one-home pending count led directly to zero closings in July. Five pendings in July, the strongest of the year, point the other direction for next month.

If you’re active in any of these three segments, the underlying signal holds: properties that are priced right, transact, whether that’s condos catching up after a slow June or last month’s land parcels that sold at full ask in a month. What’s overpriced sits, sometimes for the better part of a year.

Let’s Connect

Whether you’re thinking about buying, selling, or just want to understand how the current market applies to a property you own or have your eye on, I’m always happy to talk story. On Molokai, the data matters most when it’s paired with local knowledge.

Aloha,
Rob Stephenson
Hawaii Life Real Estate Advisor
Molokai