Molokai Market Snapshot – November 2025

As we move toward the close of 2025, Molokai’s real estate market continues to reflect a buyer-leaning environment across all major property types. Inventory remains elevated by historical standards, pricing varies by segment, and transactions are increasingly shaped by a combination of market fundamentals and recent regulatory changes that are influencing buyer sentiment, particularly in the condominium market.

As always, Molokai is a small market. A limited number of transactions can meaningfully shift monthly data, so broader trends, pricing behavior, and how buyers and sellers are responding to current conditions provide the clearest picture.

November 2025 Molokai Real Estate at a Glance

• Overall market: Buyer’s market across homes, condos, and land
• Inventory: Elevated, though trending down year over year in some segments
• Pricing: Mixed, with increased volatility
• Buyer leverage: Remains strong, particularly on days on market and pricing concessions

Single-Family Homes

The single-family home market remained firmly in buyer-market territory through November.

Key Metrics

• Closed sales: 2 homes sold in November, double the activity from November 2024
• Inventory: 24 homes for sale, up 26.3% year over year
• Months of inventory: 12 months based on closed sales
• Median sold price: $655,000, up year over year but volatile month to month
• Average days on market: 420 days
• Sold-to-list price ratio: 82%

What this means

Homes are selling, but only when pricing aligns with current market conditions. Extended days on market and price concessions remain common, particularly for properties that are dated, over-priced, or have easement/access, water, or permitting challenges. Well-prepared homes continue to attract interest, but buyers remain selective and patient.

Condominiums

The condominium market remains the most price-sensitive segment on Molokai, and recent policy action has added another layer influencing buyer behavior and pricing.

Key Metrics

• Closed sales: 6 condos sold in November, up significantly year over year
• Inventory: 40 active listings, down 11.1% from last year
• Months of inventory: 6.7 months based on closed sales
• Median sold price: $148,000, down sharply from October
• Average price per square foot: $238, down month over month and year over year
• Average days on market: 303 days
• Sold-to-original list price ratio: 67%

Market Context and What This Means

On December 15, 2025, Maui County Council passed Bill 9, which will phase out the ability to operate short-term rentals in two of Molokai’s five condominium complexes, with an effective date of January 1, 2026. While implementation is still ahead, the market has already been adjusting, and condo values have declined noticeably over the past year.

The upside is that current pricing presents a rare opportunity for local families and residents to pursue homeownership at levels not seen in years. Condos can provide a more attainable entry point, provided buyers carefully evaluate total monthly costs, including mortgage payments, HOA fees, insurance, and maintenance, to ensure long-term affordability.

For investors, there may be a limited window prior to the effective date where short-term rental use remains legally permitted in certain complexes. That opportunity comes with risk. Buyers should use conservative income assumptions and account for broader trends, including softer visitor activity on Molokai and statewide.

This segment is in a period of recalibration. Buyers focused on affordability, use, and long-term fit, rather than speculation, are best positioned in the current environment.

Vacant Land

Vacant land showed some of the more interesting movement this month, though it remains a long-horizon segment.

Key Metrics

• Closed sales: 3 land sales in November, up 50% year over year
• Inventory: 40 active listings, down 16.7% from last year
• Months of inventory: 13.3 months based on closed sales
• Median sold price: $240,000, up significantly month over month
• Average days on market: 99 days
• Sold-to-list price ratio: 85%

What this means
Land buyers are active but selective. Parcels with clear access, realistic pricing, and viable water solutions are moving, while others remain on the market. Improved days on market suggest better alignment between buyers and sellers, though inventory levels continue to favor buyers overall.

Market Takeaways

• Buyers continue to hold meaningful leverage across all property types
• Pricing accuracy matters more than ever
• Condition, access, water, and permitting clarity remain key differentiators
• Well-prepared properties can still sell, even in a buyer’s market
• Patience and strategy are essential on both sides of the transaction

Final Thoughts

As we move through the final month of the year, the Molokai real estate market remains steady but selective. Buyers are approaching decisions with greater care, placing more emphasis on affordability, intended use, and long-term fit, while sellers are adjusting to conditions shaped by inventory levels, interest rates, and recent regulatory shifts.

This is not a market driven by urgency or speculation. It favors preparation, realistic expectations, and decisions grounded in a clear understanding of how market conditions and policy changes intersect. Those who take the time to plan thoughtfully are best positioned as the market continues to recalibrate.

Let’s Connect

The end of the year is a natural moment to pause, reflect, and plan with intention. Whether your focus is buying, selling, investing, or simply understanding where you stand, having a clear strategy heading into 2026 can make all the difference.

If it would be helpful to talk through goals, timelines, or next steps in the year ahead, I am always happy to connect. A thoughtful conversation now can help create clarity and confidence moving forward.

Happy Holidays to you and your family, and here’s wishing you a joyful and meaningful 2026.

Aloha,
Rob Stephenson
Hawai‘i Life Real Estate Advisor
808-658-0608
RobStephenson@hawaiilife.com