Molokai Market Snapshot – March 2026

If you’re keeping 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.

March brought more transaction activity across all three segments than the previous month, which is good to see. But as always on Molokai, a handful of sales can move the numbers dramatically in either direction. The percentages this month look dramatic. The underlying reality is a bit more measured.

All three segments remain in buyer’s market territory. Let’s break it down.

Single-Family Homes on Molokai

March was a Buyer’s Market.

Inventory and Activity

• 27 homes for sale, down 10% from last month and down 3.6% year over year
• 3 homes sold, up 200% from last month and up 200% year over year
• 2 homes pended, flat compared to both last month and last year
• 9 months of inventory based on closed sales, down sharply from 30 months in February

Going from 1 sale in February to 3 sales in March is a meaningful jump for this market. It also illustrates why you can’t read too much into any single month’s inventory figure. The 30-month reading in February reflected one slow month. March’s 9 months of inventory tells a different story, and it’s the more encouraging one.

Inventory itself is tight. With only 27 homes on the market and fewer new listings coming online, buyers have a limited pool to choose from.

Pricing

• Average sold price: $500,000, up 37% from last month
• Median sold price: $350,000, down 4.1% from last month and down 39.8% year over year
• Average price per square foot: $498, up 59.6% from last month and up 6.9% year over year
• Average active listing price: $1,308,000, up 4.4% year over year

The gap between the average active listing price ($1.3M) and the average sold price ($500K) is worth paying attention to. A lot of what is listed on Molokai is priced for a buyer who hasn’t shown up yet. What’s actually closing reflects a different set of buyers and a different price range entirely.

When we take a broader look at the overall trend, price per square foot has been moving in a positive direction over the past six months. That’s the cleanest indicator of underlying value direction, and it’s a good sign.

Days on Market and Negotiation

• Average days on market: 129 days, down 47.8% year over year
• Sold-to-original list price ratio: 90%, up 8.4% year over year

A 90% sold-to-list ratio means buyers are negotiating an average 10% below original asking price before closing. That’s consistent with a buyer’s market. The fact that it improved by 8.4% compared to March 2025 suggests sellers are either pricing more realistically or buyers are finding less room to push back than they were a year ago.

What This Means

Three sales in a month is a solid result for the Molokai home market. Inventory is relatively low, price-per-square-foot values are holding and trending upward, and homes are selling faster than they were a year ago. If you’re a seller, the fundamentals are better than the headline buyer’s market label might suggest. If you’re a buyer, you still have leverage on negotiation, but don’t expect an endless supply of options.

Condominiums on Molokai

March was a Buyer’s Market for condos, though the pending activity was notably strong.

Inventory and Activity

• 41 condos for sale, down 8.9% from last month and down 19.6% year over year
• 3 condos sold, up 50% year over year but down 40% from last month’s 5 sales
• 5 condos pended, up 25% from last month and up 400% compared to March 2025
• 13.7 months of inventory based on closed sales

Condo inventory has been contracting steadily. A year ago there were 51 units on the market. Today there are 41. That’s a meaningful reduction in selection. At the same time, the pending numbers tell the more interesting story right now. Five properties under contract is the highest pending count we’ve seen in quite a while, and it suggests March’s closed sales are the lagging indicator, not the leading one.

Pricing

• Average sold price: $282,000, up 78.5% from last month
• Median sold price: $200,000, up 33.3% from last month
• Average price per square foot: $336, up 34.9% from last month
• Average active listing price: $283,000, essentially flat

The month-over-month price jumps look big but are largely a function of which specific units sold. With only 3 closings, one higher-priced unit can move the averages considerably. When we step back and look at the broader six-month picture, prices are essentially holding steady — not climbing sharply, not falling. On Molokai, that’s not a bad place to be.

Average days on market came in at just 26 days, down 61.8% year over year. That’s a fast turnaround for condos. The sold-to-original list price ratio was 97%, unchanged from a year ago.

What This Means

The condo segment is showing some life heading into spring. Shrinking inventory, fast days on market, and a surge in pending activity all point in the same direction. Buyers looking in this price range should not expect to find as many options as they would have a year ago, and the properties that are priced right are moving quickly.

Vacant Land on Molokai

March was a Buyer’s Market for land. One sale closed, and it was a notable one.

Inventory and Activity

• 36 parcels for sale, down 10% from last month and down 20% year over year
• 1 land sale closed, consistent with both last month and March 2025
• 3 parcels pended, up from 0 last month and up 200% year over year
• 36 months of inventory based on closed sales

Land inventory on Molokai has been contracting. A year ago there were 45 active listings. Today, there are 36. New listings coming to market have also slowed, with only 3 new listings so far this quarter compared to 5 in the same period last year.

The 3 pending sales is the most encouraging figure in this segment. After months of virtually no pending activity, seeing buyers put three parcels under contract in a single month is a meaningful shift. Whether that momentum carries into closings is the next thing to watch.

Pricing

• Average sold price: $520,000, up dramatically from last month’s $80,000 sale
• Median sold price: $520,000 (single sale month)
• Average active listing price: $354,000, essentially unchanged year over year
• Sold-to-original list price ratio: 98%, up 24.1% year over year

The $520,000 closing needs context. With only one sale per month in the land segment, each transaction has an outsized effect on the reported averages. When we zoom out and take a broader look at the overall trend, land values have been gradually moving upward over the past six months, but that reflects a small number of transactions. Land values on Molokai remain highly parcel-specific. Location, zoning, access to water, and lot size all matter far more than any average figure.

What is genuinely encouraging is the 98% sold-to-list ratio. Historically, land buyers on Molokai have had a lot of room to negotiate. A 98% ratio suggests that at least some sellers are pricing at levels where buyers are willing to step in close to asking.

Average days on market was 129 days, down 6.5% from a year ago.

What This Means

Land is patient. It moves slowly, and that’s unlikely to change in the near term with 36 months of inventory. But the pending activity in March is genuinely worth watching. If even two of those three pending sales close, the April numbers will look very different.

Overall Takeaway – March 2026

March was an encouraging month across the board. Not a dramatic shift, but a step in the right direction.

Single-family homes are moving faster and at better price-per-square-foot values than a year ago. Condo inventory is shrinking and pending activity is building. And even in land, where patience is always required, buyers showed up and put properties under contract at a rate we haven’t seen in a while.

All three segments remain in buyer’s market territory, which means buyers still have leverage and options. But inventory is tighter than it was a year ago in every segment. If the spring momentum holds, the balance could shift.

As always, the numbers on a small island market tell part of the story. The rest comes from working with a seasoned, well-connected agent who knows the specific properties, the owners behind them, and the local context that never shows up in a spreadsheet.

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