The REALTORS Association of Maui analyzed 183 condo sales in early 2026 and found that falling prices in STR-affected buildings have not translated into affordability for local residents. Nearly 70% of buyers had mainland mailing addresses, and 34% paid cash — a pattern more common among investors than local owner-occupants.
- Ordinance 5909, enacted December 2025, phases out short-term rentals in apartment-zoned properties in an effort to increase long-term housing supply.
- Of 183 condo sales reviewed from January–July 2026, nearly 70% of buyers had Continental U.S. mailing addresses, while only ~20% had Maui addresses.
- Roughly 34% of transactions were all-cash purchases, and 68% of those cash buyers had mainland addresses.
- A sample unit at Paki Maui dropped 30% in price to $330,000, but HOA fees and property taxes alone total $2,023/month before mortgage, insurance, or utilities.
- RAM argues that lower listing prices do not equal affordability when carrying costs remain out of reach for many local wage earners.
Source: Maui Now
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