Quick Answer: May 2024 resort market activity on the Kona-Kohala Coast showed continued strength in luxury condominiums, particularly in Mauna Lani and Waikoloa Beach Resort. Kohanaiki demonstrated robust performance for both condominiums and single-family homes, indicating stable prices driven by low inventory and sustained demand for high-end properties.
Key Takeaways: Kona-Kohala Coast Luxury Market in May
- Condominiums Dominate: Resort condominium sales, especially in Mauna Lani and Waikoloa Beach Resort, continued to lead market activity in May, reflecting strong buyer interest in this segment.
- Kohanaiki’s Strong Performance: Kohanaiki recorded significant year-to-date sales volume, with average single-family home prices at $18,785,714 and condominiums averaging $16,770,000, underscoring its ultra-luxury appeal.
- Stable Prices, Low Inventory: Inventory levels remain low across the Kona-Kohala Coast, helping stabilize prices for luxury resort properties despite consistent demand.
- Single-Family Home Activity: While condominiums led overall activity, single-family home sales were notable in Kohanaiki and Hualālai Resort, signaling renewed strength in this high-end segment.
- Strong Ongoing Demand: Demand for luxury resort properties on the Big Island remains robust, particularly among second-home buyers and investors.
Over nearly two decades of selling luxury homes on the Kona-Kohala Coast, I have worked with hundreds of affluent buyers and sellers. One of the most common questions I hear is how to interpret the latest market data for a specific personal situation.
The answer lies in consistent analysis and experience. Years of evaluating market performance allow raw data to be translated into actionable insight. Below are answers to the most common questions buyers and sellers are asking about recent market shifts.
Is Now a Good Time to Buy a Luxury Condo in Mauna Lani or Waikoloa Beach Resort?
Quick Answer: Yes. Current market conditions—stable pricing, consistent demand, and low inventory—suggest a favorable buying environment for well-positioned luxury condominiums.
In May, condominium sales continued to dominate West Hawaii resort real estate activity. Mauna Lani recorded six condominium sales for the month, while Waikoloa Beach Resort recorded two. Year-to-date figures show 16 condominium sales in Mauna Lani totaling $45,800,000, with an average sales price of $2,862,500. Waikoloa Beach Resort has recorded 10 condominium sales totaling $12,715,000, averaging $1,271,500 per unit.
These numbers indicate sustained buyer interest and a healthy market. Strong demand combined with limited supply helps maintain price stability. Buyers who identify a property aligned with their lifestyle and investment goals may benefit from acting decisively, as waiting can result in fewer available options or higher entry prices.
Example: A recently purchased ocean-view condominium in Mauna Lani secured at market value avoided competitive bidding. Comparable listings that followed entered the market at slightly higher price points, reinforcing the benefit of timely action.
How Are Mauna Lani, Waikoloa Beach Resort, and Kohanaiki Performing for Second-Home Investors?
Quick Answer: All three resorts are performing strongly. Kohanaiki leads in ultra-luxury sales volume, while Mauna Lani and Waikoloa Beach Resort offer consistent condominium investment opportunities.
Kohanaiki operates at the highest end of the market. Year-to-date, it has recorded 12 total sales—seven single-family homes and five condominiums—generating $112,050,000 in volume. The average single-family home price is $18,785,714, and condominiums average $16,770,000. Limited inventory and exclusivity support long-term value in this segment.
Mauna Lani and Waikoloa Beach Resort provide a different investment profile. Their condominium markets show steady sales activity and price consistency, making them attractive for buyers seeking both personal use and rental income potential. Active transaction volume suggests liquidity, which is a critical factor in real estate investing.
Example: A Waikoloa Beach Resort condominium purchased two years ago has experienced approximately 15% appreciation based on recent comparable sales, while maintaining strong short-term rental occupancy.
Are Big Island Luxury Home Prices Stable, and Is Inventory Still Low in Mauna Lani?
Quick Answer: Yes. Luxury home prices remain stable due to persistently low inventory, and Mauna Lani condominium inventory remains constrained.
Across the Kona-Kohala Coast resort areas, inventory levels remain limited. When qualified buyers compete for a small pool of available properties, pricing stability follows. Demand for luxury resort real estate on the Big Island continues to support valuations.
In Mauna Lani, 16 condominium sales year-to-date and an average price of $2,862,500 demonstrate continued market strength. Low inventory often results in strong buyer interest when well-positioned properties come to market.
Example: Several luxury single-family homes in Hualālai and Kohanaiki recently entered contract within 60 days of listing, illustrating how limited supply and committed buyers continue to drive activity.
The Bottom Line: Navigating Your Kona-Kohala Coast Luxury Investment
May’s market statistics reinforce the broader trend: the Kona-Kohala Coast luxury real estate market remains resilient, supported by steady demand and constrained inventory. Whether considering a condominium in Mauna Lani or Waikoloa Beach Resort or an estate in Kohanaiki, understanding supply, demand, and pricing trends is essential to making an informed decision.
If inventory levels remain tight, continued pricing stability and strong buyer interest are likely in the coming months.
Frequently Asked Questions
Q: Are Big Island luxury home prices stable?
A: Yes. Based on May 2024 data and year-to-date trends, luxury home prices on the Kona-Kohala Coast remain stable due to low inventory and sustained demand.
Q: Is inventory still low in Mauna Lani?
A: Yes. Condominium inventory in Mauna Lani remains limited, supporting stable prices and consistent sales activity.
Q: How did Kohanaiki single-family homes perform?
A: Kohanaiki recorded seven single-family home sales year-to-date totaling over $131 million, with an average sales price of $18,785,714.
Q: What is the average price for a luxury condo in Mauna Lani?
A: The year-to-date average sales price is $2,862,500 based on 16 sales.
Q: Should buyers wait for prices to decline?
A: Current market conditions—low inventory and strong demand—do not indicate an imminent price decline in the luxury resort segment.
