Quick Answer: In April 2024, luxury condominium sales on the Kona-Kohala Coast remained robust, led by Waikoloa Beach Resort with eight closings, while high-end home sales were concentrated in Hualālai and Mauna Kea Resorts. Properties across both categories sold in an average of 109 days on market, with homes achieving 95% and condos 97% of their list price, indicating a strong seller’s market for premium properties.
Key Takeaways: April 2024 Luxury Market Insights for the Kona-Kohala Coast
- Condominium Dominance: Luxury condos significantly outpaced home sales in April, with Waikoloa Beach Resort recording the highest volume.
- Strong Pricing: Luxury homes and condos sold close to their asking prices at 95% and 97% respectively, reflecting sustained demand.
- Consistent Market Pace: The average days on market for both categories was 109 days, suggesting a steady transaction timeline for high-end properties.
- Hualālai Leads Home Values: Hualālai Resort recorded the highest average home sale price at $10.85 million, underscoring its premium market position.
- Overall Big Island Trends: While resort areas saw high-value transactions, the broader Island of Hawaii market showed stable median prices year over year for homes and condos, with a slight increase in land values.
Over nearly two decades of selling luxury homes and condominiums on the Kona-Kohala Coast, I have worked with hundreds of affluent individuals considering Hawaii as a second home or strategic investment. One of the most common questions I hear is whether now is the right time to buy or sell a luxury property on the Big Island.
The answer is rooted in data and experience. The Polimino Market Insight System is built on years of analysis and hands-on expertise in this unique market. Below are answers to the most common questions buyers and sellers are asking about the April 2024 market data.
Is April 2024 a Good Time to Buy a Luxury Condo in Waikoloa Beach Resort or Mauna Lani?
Quick Answer: April 2024 data reflects a strong market for luxury condominiums in Waikoloa Beach Resort and Mauna Lani, with solid sales volume and properties selling close to list price.
Waikoloa Beach Resort led with eight condominium closings, followed by four in Mauna Lani Resort. Condos across the resort areas sold for an average of 97% of their list price and averaged 109 days on market. These metrics indicate serious buyer activity and efficient absorption of well-priced inventory.
Recent transactions demonstrate the depth of the luxury segment. A three-bedroom, three-and-a-half-bath condominium at Kolea closed for $4,150,000, and a three-bedroom, three-bath residence at KaMilo in Mauna Lani sold for $2,400,000. Entry-level luxury options also performed well, including a two-bedroom, two-bath condo at Waikoloa Beach Villas that sold for $925,000 and a comparable unit at The Villages at Mauna Lani that sold for $1,250,000.
How Did Luxury Home Sales in Hualālai and Mauna Kea Resort Perform in April 2024?
Quick Answer: Luxury home sales in Hualālai and Mauna Kea Resorts demonstrated strong performance, with an average sales price of $7,420,000 and a 95% sale-to-list price ratio.
In April, Hualālai recorded three home sales and Mauna Kea recorded two. Homes averaged 109 days on market and sold close to asking price, reflecting consistent demand for premier estates. These communities continue to command significant premiums due to exclusivity, amenities, privacy, and limited inventory.
Notable sales included a five-bedroom, five-and-a-half-bath residence in Hualālai that sold for $14,000,000 and a four-bedroom, four-and-a-half-bath home in Mauna Kea Fairways South that sold for $11,500,000.
What Does 109 Days on Market Mean for Sellers?
Quick Answer: An average of 109 days on market indicates a healthy luxury market where properly priced and well-presented properties are securing buyers within a typical timeframe.
For high-end real estate, a marketing period under 120 days is generally considered efficient. This timeframe allows buyers to conduct due diligence while giving sellers adequate exposure to attract qualified offers. Properties that significantly exceed this average often require pricing adjustments or enhanced presentation strategies.
How Do Luxury Resort Sales Compare to the Overall Big Island Market?
Quick Answer: Luxury resort sales significantly exceed island-wide median price points, highlighting the distinct premium associated with resort living.
In April 2024, 233 single-family homes sold island-wide with a median price of $525,000. In contrast, resort-area homes averaged $7,420,000. Condominium sales across the island totaled 67 transactions with a median price of $595,000, while resort-area condos averaged $2,120,000 across 19 sales. These figures illustrate the substantial distinction between the general residential market and the luxury resort segment.
The highest home sale on the Big Island in April was a $14,000,000 property in Hualālai, while the island-wide median home price remained $525,000, unchanged from April 2023.
Key Considerations for Buyers and Sellers
Quick Answer: Buyers should present competitive, well-informed offers, while sellers must focus on strategic pricing and professional presentation to align with current market conditions.
With properties selling at 95% to 97% of list price, buyers should not expect deep discounts on well-positioned luxury properties. Understanding resort-specific details such as club memberships and rental policies remains essential.
For sellers, accurate pricing from the outset is critical. Overpricing can extend market time and weaken negotiating leverage. Professional photography, thoughtful staging, and targeted marketing are essential components of a successful sales strategy.
The Bottom Line: Navigating the Kona-Kohala Coast Luxury Market
The April 2024 data confirms that the Kona-Kohala Coast remains a resilient and highly desirable luxury market. Condominiums led transaction volume, while ultra-luxury homes in Hualālai and Mauna Kea continued to command exceptional prices. Careful analysis of micro-market trends remains essential for making informed buying or selling decisions.
Frequently Asked Questions
What was the average sales price for a luxury home on the Kona-Kohala Coast in April 2024?
The average sales price for luxury resort homes was $7,420,000.
How many luxury condos sold in Waikoloa Beach Resort in April 2024?
Eight luxury condominium closings were recorded, ranging from $925,000 to $4,150,000.
Were any homes sold in Mauna Lani or Waikoloa Beach Resort in April 2024?
No home sales were recorded in those resorts during April; all luxury home transactions occurred in Hualālai and Mauna Kea.
What does a 97% sale-to-list price ratio indicate?
It indicates that luxury condominiums are selling very close to their asking price, reflecting strong buyer demand and accurate pricing.
How does the island-wide median home price compare to luxury resort prices?
The island-wide median home price was $525,000 in April 2024, compared to an average of $7,420,000 for luxury resort homes, demonstrating the significant premium associated with resort real estate.