Molokai Market Snapshot – June 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.

June was a small month with a big lesson in it. Two vacant land parcels sold in an average of 32 days, both at their original asking price. Homes sold at a median of $520,000 against a median asking price of $800,000, and took an average of 169 days to get there.

Those are different segments with different buyers, so it isn’t a straight comparison. But the same pattern runs through both: what’s priced where the market is transacting moves, and what’s priced above it waits.

Let’s break it down.

Single-Family Homes

June was a Neutral Market based on closed sales and inventory.

Inventory and Activity

• 23 homes for sale, down 4.2% from May and up 27.8% year over year
• 5 homes sold, up from 3 in May and up 25% from June 2025
• 0 homes pended, down from 4 in May
• 4.6 months of inventory based on closed sales, down from 8 months in May

Five closings is the busiest month homes have had this year, and it pulled months of inventory to 4.6, which is technically neutral territory for the first time in a while.

The zero in the pending column is the number to sit with. Nothing went under contract in June, which means July’s closing report will likely look thin no matter what else happens. Months of inventory based on pended sales is 23, squarely back in buyer’s market range. Both numbers are true. They measure different things.

Pricing

• Median sold price: $520,000, down 7.1% from June 2025
• Average sold price: $564,000, down from May’s outlier-inflated $1,513,000
• Average price per square foot: $469, flat year over year
• Days on market: 169
• Sold-to-list ratio: 93%

A note for anyone pulling this same report: it shows a 53% sold-to-original-list ratio for June, and you should ignore it. One sale closed at $575,000 against an original list price of $2,250,000, because that original listing covered four properties offered as a package. It was later segregated and sold off in pieces. That’s a bookkeeping quirk, not a market signal. The 93% figure reflects how June’s negotiations actually went.

The number worth watching is the spread between asking and selling. Median asking price is $800,000. The median home sold for $520,000. Some of that gap is mix, since the homes listed and the homes sold aren’t the same homes. But a gap that wide, next to 169 average days on market, says a good share of what’s listed is priced above where buyers are transacting. The encouraging part for buyers is that the asking side is moving. Median active price was $925,000 a year ago.

What This Means

If you’re selling, price against what has closed, not against what’s listed. Price into the asking side of that $280,000 gap and you join the listings sitting at 169 days. Price into the selling side and you’re competing for the buyers actually writing offers. Start from what has closed in the last six months rather than what’s currently listed. If you want those numbers for your specific property, that’s an easy thing for me to put together.

If you’re buying, start with listings past 90 days. Inventory is up 27.8% year over year and you have choices. The listings that have been sitting are where the negotiating room is.

Condominiums

June was a Buyer’s Market.

Inventory and Activity

• 47 condos for sale, up 14.6% from May and down 7.8% year over year
• 2 condos sold, down from 4 in May
• 1 condo pended, down from 2 in May
• 23.5 months of inventory based on closed sales, up from 10.3 in May

By itself, June looks like a bad month for Molokai condos. Sales dropped by half and months of inventory more than doubled.

Zoom out and it looks like the opposite. Over the last twelve months, condos closed 37 sales against 25 the year prior, up 48%, with pendings up 56%. This period’s months of inventory sits at 15.2 against 24.5 a year ago. By the annual numbers, this is the strongest of the three segments. Two sales in one month is timing, not a trend. The twelve-month numbers are the signal.

Pricing

• Median and average sold price: $135,000, down 31.5% from May
• Average price per square foot: $210, down 43.2% year over year
• Days on market: 405
• Sold-to-original-list ratio: 62%

With only two sales, median and average are the same number by definition. What they tell you is which units closed: two low-end units that had been sitting. A 405-day average and a 62% sold-to-original-list ratio say these were the longest-listed properties on the market finally getting realistic.

Average active listing price is $274,000, roughly double what closed in June. Median asking is $249,000, down from $275,000 a year ago.

What This Means

If you own a condo here, price against closings rather than listings. A listing priced against the other listings is priced against properties that mostly aren’t selling.

And don’t let one slow month talk you out of the market. Sales are up 48% over the last twelve months and pendings are up 56%. Buyers are transacting in this segment more than they have in years. The units that aren’t selling don’t have a demand problem, they have a pricing problem.

If you’re buying, move on the well-priced units rather than waiting for a break. Anything past 180 days on market is still worth a look. But inventory is down 38% from a year ago while sales climb. That window is narrowing, not widening.

One note for anyone looking at Wavecrest or Ke Nani Kai: the Maui County Bill 9 ban on short-term rentals takes effect January 1, 2031. If your plans involve vacation rental income, factor that timeline in before you write an offer.

Vacant Land

June was a Buyer’s Market on inventory, but the transactions told a different story.

Inventory and Activity

• 32 parcels for sale, unchanged from May and down 28.9% year over year
• 2 parcels sold, down from 5 in May and up from 1 in June 2025
• 1 parcel pended, down from 3 in May
• 16 months of inventory based on closed sales, up from 6.4 in May

Closings pulled back after May’s five-sale month. Zoom out and the trend holds: 32 parcels on the market against 45 a year ago, 22 sales over the last twelve months against 16 the year prior, and pendings up 66.7% over that stretch. Supply keeps shrinking and demand keeps showing up.

Pricing

• Median and average sold price: $63,000
• Average days on market: 32, down from 630 in May
• Sold-to-list and sold-to-original-list ratio: 100%
• Median active listing price: $232,000, down from $285,000 a year ago

Here’s the most interesting data point on the island this month. Two parcels sold at 100% of their original asking price in an average of 32 days.

Compare that to May, when five parcels closed after an average of 630 days at 69% of original ask. Same segment, opposite outcome, one month apart. The market didn’t change in thirty days. These two parcels were priced at what someone would actually pay, and they were priced that way from the start.

The dollar amounts are small, and $63,000 parcels don’t represent the whole segment. The mechanics are the point.

What This Means

If you’re selling land, June is your proof of concept: correctly priced land sells fast and at full price. No reductions, no six-month wait, no negotiating from a position you didn’t want. Land is the hardest segment to price because comparables are thin and every parcel is different, so put the work in up front. Look at what has closed in the last twelve months, not what’s been sitting for two years. If your parcel is unusual and the comparables aren’t obvious, that’s worth a conversation before you settle on a number.

If you’re buying land, move quickly on well-priced parcels and patiently on everything else. Both June sales went at full ask, which means a fairly priced parcel now has competition. The other 32 listings are a different conversation.

Overall Takeaway – June 2026

Nine total sales across three segments will always produce numbers that swing hard. But the swing this month pointed somewhere useful.

The land parcels that were priced right sold in about a month at full price. Homes carry a $280,000 gap between what’s being asked and what’s being paid, with an average of 169 days on market to go with it. The condos that finally moved had been listed for over a year.

Three segments, same lesson: the market is not going to come find your price. If you’re weighing a listing price right now, that’s the conversation worth having before you go to market rather than after.

Two things to watch into July. Zero homes went under contract in June, so expect a quiet closing month there. And the twelve-month numbers are telling a better story than the monthly ones in both condos and land, with sales up and inventory down in each. On Molokai, monthly data tells you what happened. Annual data tells you what’s happening.

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