Quick Answer: The luxury real estate market on the Kona-Kohala Coast in October 2023 continued at a slower transaction pace compared to the previous year, with 5 condominium sales and 10 single-family home sales across the resort areas. However, median prices largely held steady or increased year over year in most categories, indicating sustained demand for high-end properties despite fewer transactions.
Key Takeaways: Kona-Kohala Coast Luxury Market Performance in October 2023
- Slower Transaction Volume: October 2023 recorded 15 total resort-area transactions (5 condos and 10 homes), reflecting reduced sales activity compared to prior periods.
- Mauna Lani Leads Activity: Mauna Lani Resort accounted for four of the five condo sales and five of the ten single-family home sales.
- Median Prices Remain Strong: Year-to-date median prices for both condos and homes generally increased or remained stable across most resort communities, including Mauna Lani and Waikoloa Beach Resort.
- High-End Sales at Hualalai: Hualalai Resort recorded three notable home sales, including one at $12 million, demonstrating continued demand in the ultra-luxury segment.
- Limited Activity in Select Resorts: Mauna Kea Resort and Kukio/Kohanaiki reported no sales in October, reflecting inventory constraints and the specialized nature of those markets.
Understanding What the October 2023 Data Means
Monthly market reports often raise an important question: what do these numbers actually mean for buyers and sellers? In a specialized luxury market like the Kona-Kohala Coast, transaction volume alone does not tell the full story. While October showed fewer closed sales, median pricing trends indicate continued strength in property values.
Do Fewer Transactions Mean It Is Better to Wait to Buy?
Quick Answer: Not necessarily. Although sales volume is lower, median prices are stable or rising in many resort areas, suggesting continued underlying demand for quality properties.
Lower transaction counts can reflect seasonality, limited inventory, or extended negotiation timelines typical of luxury properties. In some cases, reduced competition may create opportunities for buyers to negotiate more thoughtfully. For example, Mauna Lani Resort recorded fewer condo sales year to date compared to 2022, yet the median price increased from $1.525 million to $1.65 million. This demonstrates price resilience despite lower volume.
How Did Mauna Lani and Hualalai Perform?
Quick Answer: Mauna Lani led in total October home sales, while Hualalai recorded high-value transactions. Both resorts show year-to-date median price growth.
Mauna Lani Resort recorded five home sales in October, with prices ranging from approximately $2.495 million to $5.25 million. This reflects consistent buyer interest across multiple price tiers.
Hualalai Resort saw three October home sales, including a $12 million transaction. Year to date, the median home price increased from $8.5 million in 2022 to $9.95 million in 2023, underscoring strong appreciation in the ultra-luxury segment.
What About Waikoloa Beach Resort?
Quick Answer: While October activity was limited, year-to-date median prices for both condos and homes have increased, indicating continued long-term strength.
Waikoloa Beach Resort recorded one condo sale and two home sales in October. However, year-to-date trends show positive price movement. The median condo price increased from $770,000 in 2022 to $825,000 in 2023, while the median home price rose from $1.95 million to $2.095 million. This steady upward trend suggests stability despite fewer transactions.
What Do Zero-Sale Months Mean for Mauna Kea and Kukio/Kohanaiki?
Quick Answer: A month without sales in ultra-luxury communities is not unusual and does not necessarily indicate weakness.
Markets such as Mauna Kea Resort and Kukio/Kohanaiki operate with limited inventory and a highly selective buyer pool. These properties often involve extended negotiation periods. Year-to-date data provides better insight. For example, Kukio/Kohanaiki recorded fewer total sales compared to the previous year, yet the median home price increased from $12 million in 2022 to $17.5 million in 2023, reflecting strong demand at the highest price levels.
The Bottom Line
October 2023 data reflects a normalization of transaction pace across the Kona-Kohala Coast luxury market. While sales volume is lower than peak years, median prices remain stable or are trending upward in most resort communities. This indicates continued confidence in the long-term value of luxury real estate on the Big Island.
For buyers, this environment may offer strategic opportunities with less competition. For sellers, strong median pricing suggests well-positioned properties can still command premium values.
Frequently Asked Questions
Are luxury home prices on the Kohala Coast still rising?
In most resort communities, year-to-date median prices for 2023 show increases compared to 2022, particularly in Mauna Lani, Waikoloa Beach Resort, Hualalai, and Kukio/Kohanaiki.
Should I be concerned about the lower number of October sales?
A single month of lower sales volume is not typically cause for concern in a luxury market. Seasonality, limited inventory, and longer transaction timelines often influence monthly totals.
How does October compare to overall 2023 performance?
October reflects the broader 2023 trend of reduced transaction volume compared to 2022, paired with generally stable or increasing median prices.
Which resort had the most activity in October 2023?
Mauna Lani Resort recorded the most activity, accounting for the majority of both condo and single-family home sales for the month.
Is this considered a declining market?
The data suggests normalization rather than decline. While transactions are fewer, price resilience across most resort areas indicates continued demand and long-term investment strength.