Quick Answer: In February 2024, the luxury real estate market on the Kona-Kohala Coast presented a nuanced picture. While the overall number of sales for both homes and condominiums decreased compared to February 2023, the median sales price for homes saw a slight increase and the median sales price for condominiums rose significantly, indicating sustained demand for premium properties.
Key Takeaways: February 2024 Kona-Kohala Coast Luxury Real Estate Snapshot
- Median Prices Rising: Despite fewer transactions, median sales prices for both homes and condominiums on the Kona-Kohala Coast increased, with condos seeing a substantial jump.
- Luxury Dominates Cash Sales: High-end resorts like Kūkiʻo and Hualālai continue to attract cash buyers, underscoring the resilience of the ultra-luxury segment.
- Mauna Lani Leads Condo Sales: Mauna Lani Resort was a hotspot for condominium activity, leading in unit sales for the month.
- Kūkiʻo Tops Home Sales: Kūkiʻo recorded the most home sales, all of which were cash transactions, reflecting strong buyer confidence in this exclusive community.
- Land Market Slowdown: Land sales saw a decrease in both volume and average and median price year-over-year, suggesting a more cautious approach to undeveloped parcels.
Over nearly two decades selling luxury homes on the Kona-Kohala Coast, I have worked with hundreds of affluent individuals considering Hawaii as a second home or vacation rental investment. One of the most common questions I hear is: “Should I act now or wait to buy or sell on the Big Island?”
The answer is not magic—it is a system. What I call the Polimino Market Insight System is the result of years of testing, refinement, and proven results navigating the unique dynamics of our luxury market. Rather than simply describing the system, let me answer the most common questions my clients ask about market reports and what February 2024’s data truly means for their Kona-Kohala Coast aspirations. These are real questions from real buyers and sellers, along with honest answers that explain exactly what we do differently.
What Do February 2024’s Big Island Home Sales Mean for My Luxury Investment on the Kona-Kohala Coast?
Quick Answer: While fewer homes sold in February 2024 compared to last year, the median sales price increased, suggesting that top-tier properties are holding their value and attracting discerning buyers.
In February 2024, there were 11 non-distressed home sales across the resort areas of the Big Island, down from 16 in February 2023. The average sales price decreased year-over-year from $6,303,800 to $5,739,455. However, the median sales price increased slightly from $4,725,000 to $4,750,000. Because the median minimizes the impact of unusually high or low transactions, it often provides a clearer picture of typical market value. This data indicates that while transaction volume declined, the homes that sold continued to command strong prices, particularly in the luxury segment.
Real examples: Kūkiʻo recorded four home sales in February 2024 ranging from $4,300,000 to $10,000,000, all cash transactions. Mauna Lani Resort had three home sales between $3,500,000 and $4,750,000, two of which were cash. Hualālai Resort recorded two cash home sales at $5,250,000 and $7,750,000. The prevalence of cash transactions in the upper tier underscores the financial strength and confidence of buyers in these communities.
Should I Buy a Luxury Condo in Mauna Lani or Waikoloa Beach Resort Based on February 2024 Trends?
Quick Answer: February 2024 data shows significant median price growth for condominiums across the Kona-Kohala Coast, with Mauna Lani and Waikoloa Beach Resort leading in sales volume, indicating strong buyer interest.
There were 20 non-distressed condominium sales in February 2024, compared to 24 in February 2023. The average sales price decreased from $1,802,283 to $1,595,000. However, the median sales price increased substantially from $1,050,000 to $1,297,500. This rise in median price suggests that higher-value units are driving the market and that demand for quality, well-located condominiums remains strong.
Real examples: Mauna Lani Resort recorded eight condominium sales ranging from $740,000 to $2,300,000, with five cash transactions and three financed purchases. Waikoloa Beach Resort saw six condominium sales between $745,000 and $1,300,000, including four cash and two financed transactions. Hualālai Resort recorded three cash condominium sales ranging from $2,700,000 to $4,500,000.
How Is the Land Market Performing on the Kona-Kohala Coast?
Quick Answer: The land market saw fewer sales and lower average and median prices in February 2024 compared to the prior year, suggesting a more cautious approach to undeveloped parcels.
There were two non-distressed land sales in February 2024, down from three in February 2023. The average sales price declined from $3,375,000 to $1,650,000, with the median reflecting a similar decrease. This may reflect rising construction costs, financing considerations, or a shift in buyer preference toward existing turnkey homes.
Real examples: Mauna Lani Resort recorded one land sale at $1,700,000 (financed), and Waikoloa Beach Resort recorded one land sale at $1,600,000 (cash).
The Bottom Line: Navigating Your Kona-Kohala Coast Real Estate Journey
February 2024 data reflects resilience in median pricing for luxury homes and condominiums, even as sales volumes moderated. The dominance of cash buyers in ultra-luxury markets such as Kūkiʻo and Hualālai underscores the stability of these exclusive communities. Understanding these nuanced trends is essential for making informed decisions in this dynamic market.
Continued strength in median prices for high-quality, well-located luxury properties is likely as inventory remains constrained. We would be honored to be of service.
Frequently Asked Questions
Q: What does “median sales price” tell me about the market, and why is it important?
A: The median sales price represents the midpoint of all sales, meaning half sold for more and half for less. It is less influenced by extreme outliers than the average price and provides a clearer view of typical market value. The February 2024 increase in median condominium prices to $1,297,500 suggests that core market values remain strong.
Q: Why are cash transactions so prevalent in resorts like Kūkiʻo and Hualālai?
A: High-end buyers often have substantial liquidity and prefer to avoid financing complexities or close quickly. In February 2024, all four home sales in Kūkiʻo and both in Hualālai were cash transactions, reflecting buyer strength and market stability.
Q: How do resort trends compare to broader Hawaii real estate?
A: The Kona-Kohala Coast luxury resort market often operates independently of broader statewide trends due to its appeal to a global high-net-worth clientele. Rising median prices despite lower transaction volume indicate continued demand for this specialized market.
Q: What should I consider when reviewing average versus median prices for Waikoloa Beach Resort?
A: The average price can be skewed by a few high-value transactions, while the median better reflects typical sales activity. Reviewing both metrics provides a balanced understanding of market conditions and helps set realistic expectations for value and rental potential.
Q: How can The Hawaii Team help me decide if now is the right time to sell?
A: The Hawaii Team provides an in-depth market analysis tailored to your specific property, evaluating comparable sales, current inventory, and relevant economic factors. Contact us for a personalized consultation.