Maui, HI Condos for Sale | realtor.com® (2024)

FAQs

How much does a condo on Maui cost? ›

Based on all homes sold in the last 12 months. Homes in Maui County have sold for 13.4% more than they did a year ago. Summary: The median home sold price in Maui County was $1,076,545 in July 2024, up 13.4% from last year, and the median price per square foot was $886.

Maui County Housing Market Trends

In June 2024, Maui County home prices were up 30.2% compared to last year, selling for a median price of $1.3M. On average, homes in Maui County sell after 77 days on the market compared to 72 days last year. There were 122 homes sold in June this year, down from 164 last year.

The source of these expenses does not stem solely from building maintenance, although upkeep for aging structures can indeed be substantial. Instead, the principal contributors to high HOA fees for condominium buildings are insurance premiums and labor costs.

Honolulu, Hawaii, claims the top spot among cities with higher HOA fees. Residents within the picturesque city limits typically pay HOA fees that average around $730.75, over $400 more than the national average of $293.26.

No, prices are not dropping in Maui. The good news for homeowners and the bad news for buyers is that even with the higher interest rates and short supply, prices are still heading upward. The median price for a single-family home is now at 1,269,025 versus 1,075,000 in 2022, an 18% increase.

Offshore buyers purchasing second homes further limit housing options for our full-time residents. The resulting housing shortage affects low income families and individuals as well as our local workforce including teachers, farmers, hotel workers, police officers, and nurses.

Market Statistics

Big Island median sale price movement is mixed in June 2024, with the home price up 25% to $642,000 and the condo price down -8% to $552,000 from last year.

Condo fees can range anywhere from $50 to $1,000 per month. The amount of the fee depends on a number of factors including: the size of the property.

Is it worth living in a condo? ›

Condos tend to be cheaper in terms of property taxes, too: A smaller valuation means a smaller bill from the local government. Condos also provide a community life that single-family homes often don't provide, including shared spaces and amenities, events and more.

Located on Kahului Bay, Kahului is one of the most affordable places to live in Maui! Residents can find a variety of outdoor recreation spots here, like parks and the Maui Nui Botanical Gardens, that are ideal for hiking, swimming, and camping.

#4: The Cost of Living on Maui Is High

It's a touch lower than the cost of living on Oahu, but not by much. When you're calculating your monthly expenses, it's important to take this into account, especially if you're currently living in a low-cost-of-living area.

AOAO fees (aka maintenance or HOA fees) In Hawaii, every condominium development is required to have an AOAO (Association of Apartment Owners). The association is comprised of the condo owners who are responsible for running and maintaining the condominium complex.

According to the National Association of REALTORS^® (NAR), the average sales price for a condo in the U.S. was $357,600 as of July 2023. How much does that same condo cost to own per month? That's $2,026 with a 20% down payment at current mortgage rates (based on an average 7.63%, 30 year fixed rate).

Fee simple means a type of ownership where a buyer purchases a real estate property outright and has the right to use the property indefinitely. There is no time limit to the use of the property with fee simple ownership, unlike leasehold estates.