Quick Answer: May 2024 presented a nuanced picture for luxury real estate on the Kona-Kohala Coast. While average condo prices declined and days on market improved, average home prices increased significantly, with varying performance across specific resorts such as Mauna Lani and Hualālai. This suggests targeted opportunities rather than a blanket “good” or “bad” time to buy.
Key Takeaways: Kona-Kohala Coast Luxury Market in May 2024
- Condo Market Stability with Price Adjustments: Overall condo sales volume remained steady, but the average sales price decreased 16% to $2.3M, suggesting potential value opportunities for buyers.
- Luxury Home Market Strength: Average home sales prices increased 10% to $10.9M, despite a slight dip in sales volume, indicating continued demand for premium properties.
- Varying Resort Dynamics: Mauna Lani led condo sales with 9 closings, while Hualālai commanded the highest average condo and home prices, reflecting distinct market behavior across luxury communities.
- Faster Condo Sales, Slower Home Sales: Condos averaged 46 days on market, 23% faster than April, while homes averaged 75 days, a 25% increase month over month.
- Kohanaiki’s Emerging Activity: Kohanaiki showed notable activity in both condo and home sales, with strong average prices, reinforcing its position in the ultra-luxury segment.
What Do These May 2024 Luxury Market Stats Mean for a Second Home Investment?
Interpreting market statistics requires looking beyond headline averages. While overall condo prices softened and home prices strengthened, performance varied significantly by resort and property type. The Kona-Kohala Coast remains a segmented luxury market where micro-market trends matter more than general averages.
Should I Buy a Luxury Condo in Mauna Lani or Hualālai Now or Wait?
Quick Answer: Although the overall condo average price declined 16%, Hualālai experienced a 22% increase in average condo prices. Waiting for broad price drops may mean missing opportunities in high-demand, limited-inventory communities.
The overall average condo price declined to $2.3M. However, Mauna Lani averaged $1.5M, down 20% from April, while Hualālai’s average condo price rose to $5.1M. These contrasting results highlight the importance of analyzing specific resort dynamics rather than relying solely on coast-wide averages.
Mauna Lani recorded 9 condo sales with reduced days on market, suggesting healthy buyer activity at current price points. In contrast, Hualālai saw limited but high-value transactions, reinforcing its scarcity-driven pricing structure.
How Did Mauna Lani, Waikoloa, and Hualālai Condo Sales Perform?
Quick Answer: Mauna Lani led with 9 closings at a $1.5M average price. Waikoloa saw reduced volume and a $1.1M average. Hualālai commanded the highest average at $5.1M despite fewer sales.
Mauna Lani demonstrated strong volume and efficient sales timing, appealing to buyers seeking established resort communities with rental potential.
Waikoloa Beach Resort saw condo sales decrease to 7, with the average price falling 28% to $1.1M. Days on market remained efficient at 47 days, indicating that properly priced units are still moving.
Hualālai, with only 2 condo sales, achieved a $5.1M average price. Limited inventory and exclusivity continue to support premium pricing.
What Were the Home Sales Trends in Kohanaiki and Mauna Kea?
Quick Answer: Kohanaiki recorded 3 home sales at a $15.8M average, while Mauna Kea recorded 1 home sale at $14.5M, reflecting continued demand in the ultra-luxury segment.
Kohanaiki saw a surge in activity, with three sales averaging $15.8M and 106 days on market. This indicates buyer confidence in private club communities offering high-end amenities and exclusivity.
Mauna Kea recorded one home sale at $14.5M with 60 days on market. While volume was limited, pricing remained strong, underscoring enduring demand in legacy resort communities.
How Long Does It Take to Sell a Luxury Home on the Kona-Kohala Coast?
Quick Answer: In May 2024, luxury homes averaged 75 days on market. Strategic pricing, professional presentation, and strong buyer networks remain essential to reducing time on market.
The 75-day average suggests that buyers remain selective. Proper comparative analysis, high-quality marketing materials, and accurate pricing are critical. Notably, one home in Hualālai sold in just 7 days, demonstrating how positioning can significantly influence outcomes.
Is Now the Right Time to List a Luxury Condo in Waikoloa Beach Resort?
Quick Answer: Despite a decline in average pricing, reduced days on market suggest that well-priced and well-presented condos are still attracting buyers.
Waikoloa’s average condo price decreased to $1.1M, but properties averaged 47 days on market. Sellers who align pricing with recent comparable sales and emphasize location, amenities, and rental performance may still achieve strong results.
The Bottom Line: Navigating the Kona-Kohala Coast Luxury Market
The May 2024 data reflects a segmented and evolving luxury market. Condo prices softened in some areas, while ultra-luxury homes maintained strong performance. Buyers and sellers should focus on specific resort trends, property attributes, and accurate market positioning rather than relying solely on broad averages.
Understanding these nuances is essential for making informed investment and listing decisions on the Kona-Kohala Coast.
Frequently Asked Questions
Q: What do these May market stats mean for my second home investment?
A: The market shows segmentation. While overall condo prices declined 16% and home prices rose 10%, individual resorts performed differently. Localized analysis is essential.
Q: Is now the right time to list my luxury condo in Waikoloa Beach Resort?
A: With 47 average days on market, well-positioned condos continue to sell efficiently despite average price adjustments.
Q: How long should I expect my luxury home to be on the market?
A: The overall average was 75 days in May, though this varies significantly by resort and property quality.
Q: What is the rental income potential for a Mauna Lani condo?
A: With strong sales volume and reduced days on market, Mauna Lani continues to demonstrate steady demand. Rental projections should be evaluated on a unit-specific basis.
Q: Did any resort perform exceptionally well in May?
A: Kohanaiki stood out with 3 condo sales averaging $4.7M and 3 home sales averaging $15.8M, indicating continued strength in the ultra-luxury category.