Higher interest rates and a lack of inventory constrained the market in 2023. Activity centered around the sale of short-term rentable condominiums. The low inventory of single-family homes on the market indicates sellers are waiting for the market to correct itself. The condos and homes which did sell in 2023 did so at prices at asking or just slightly below, highlighting the continued demand for Hawai`i’s real estate.
Certain parts of the resort markets did well. Like Waikoloa Beach, which still seems to be in demand; properties in that area continue to quickly sell many times over asking. Other places, like Mauna Kea Resort, saw very few sales due to the fact there are not a lot of low-priced condos but more high-end single-family homes. What should you expect in 2024? Call us at the Hawai`i Team and we can discuss a strategy that will accomplish your specific needs.
Kohanaiki
SF Homes – Sales on five Kohanaiki homes closed in 2023, with prices ranging from $5.2M to $14M. The homes averaged a 99.64% Sale/Current Price or $7.48M and were on the market for an average of 22 days. The price per square foot, land/building, averaged out at $2,811.
Condominium Sales – Three residences classified as condominiums closed at Kohanaiki in 2023. Sale prices ranged from $3.95M to $5.M with the Sale/Current price averaging 99.11% or $4.95M. The homes spent an average of 94 days on the market with a price per square foot of $2,199.
Kūki`o
SF Homes – Sales on eight homes closed in Kūki`o during 2023 with sale prices ranging from $7.68M to $32M. This is an average of $16,211,250 or 95.13% of the Sale/Current Price. The residences spent an average of 160 days on the market and the average price per square foot, land/building, was $3,517.
Condominium – One condominium sold in Kūki`o in 2023 at 84.8% of the Sale/Current price or $5.9M. The unit spent zero days on the market and the price per square foot was $3,285.
Hualālai Resort
SF Homes – Seven residences sold in Hualālai Resort in 2023. Prices ranged from $6.1M to $21M, with an average sales price of $12,885,714.29, or 93.83% of Sale/Current Price. The homes averaged just 14 days on the market and average price per square foot, land/building, was $2,815.
Condominium Sales – Sales on 13 condominiums closed at Hualālai in 2023, with prices ranging from $3.813M to $8.3M; the average sales price was $5,188,923.08. The units spent an average of 1 day on the market, commanding an average of 100.25% of Sale/Current Price. Per square foot prices averaged out at $1,802.
Waikoloa Beach Resort
SF Homes – There were no single-family home sales in Waikoloa Beach Resort in 2023.
Condominium Sales – Condominium sales led the way at Waikoloa Beach Resort with 53 sales closing in 2023. Sales Prices ranged from $740,000 to $2.27M, averaging out at $ $1,019,764.14, with the Sale/Current Price at 97.85%. The units spent an average of 48 days on the market; cost per square foot averaged out at $814.
Mauna Lani Resort
SF Homes – Seven home sales recorded in Mauna Lani Resort during 2023, with prices ranging from $3.1M to $11.305M, averaging $6,367,700 or 93.65% of the Sale/Current Price. The homes were on the market an average of 62 days and the average price per square foot, land/building, was $2,032.
Condominium Sales – Mauna Lani Resort neighborhoods were popular with buyers in 2023 and led the way in condominium sales with 61 closings. Sales prices ranged from $980,000 to $3.35M, averaging out at $1,883,344.27 or 97.90% of the Sale/Current Price. The units spent an average of 42 days on the market and price per square foot averaged at $1,020.
Mauna Kea Resort
SF Homes – Just two home sales closed in Mauna Kea Resort in 2023. The Sale/Current price averaged 98.70% or $5,897,500. The residences spent an average of 140 days on market and the average price per square foot, land/building, was $2,005.
Condos – Sales on 6 condominiums in Mauna Kea Resort closed in 2023. Their sales prices ranged from $1.13M to $5,638,050 or an average of 9814% of the Sale/Current price. The homes were on the market for an average of 5 days and the price per square foot for the units averaged at $1,394.
Kona Hills Estates
SF Homes – Two homes sold in this North Kona luxury neighborhood in 2023. Sales prices were $1.535M and $1.7M, 93.7% of the Sale/Current price. The residences spent an average of 95 days on the market and the average price per square foot of land/building was $572.
Hualālai Vistas
SF Homes – Two homes sold in Hualālai Vistas in 2023, compared to seven in 2022. After an average of 96 days on the market the homes, which sold for $2.125M and $2.25M averaged 97.20% of the Sale/Current price. The average price per square foot, land/building, was $971.
