Quick Answer: March 2024 saw a 26% increase in the median sales price for single-family homes on the Kona-Kohala Coast compared to March 2023, reaching $7,750,000. In contrast, the median condominium price declined by 23% to $2,300,000, highlighting a divergence in performance between property types.
Key Takeaways: Kona-Kohala Coast Luxury Real Estate in March 2024
- Single-Family Home Strength: Median sales prices for luxury homes rose 26% year over year, despite fewer new listings, signaling sustained demand for premier properties.
- Condominium Adjustment: The median condominium price declined 23% compared to the previous year, accompanied by a notable drop in sales volume.
- Community Spotlight: Kohanaiki and Kūkiʻo continued to lead in transaction volume and high-value sales.
- Inventory Growth: Active listings increased for both single-family homes and condominiums compared to March 2023.
- Market Resilience: Despite rising interest rates, the luxury single-family segment remains strong.
With nearly two decades of experience selling luxury homes on the Kona-Kohala Coast, I am often asked how to interpret market data in a meaningful way. Understanding the numbers requires context, strategy, and local expertise.
The following insights address common questions about the March 2024 market and provide clarity for both buyers and sellers.
Is Now a Good Time to Sell in Kohanaiki or Kūkiʻo?
Quick Answer: For luxury single-family homes in premier communities such as Kohanaiki and Kūkiʻo, March 2024 data reflects strong pricing and continued buyer demand.
The ultra-luxury segment often operates independently from broader market trends. In March, Kohanaiki recorded four home sales averaging $20.9 million, while Kūkiʻo reported two home sales averaging $15.5 million. These figures underscore the sustained desirability of exclusive oceanfront communities.
For owners in these areas, current conditions remain favorable, particularly with strategic pricing and targeted marketing tailored to high-net-worth buyers.
Should I Buy a Kohala Coast Condo Now or Wait?
Quick Answer: The 23% year-over-year decline in median condo pricing suggests potential opportunities for buyers, but careful evaluation of individual communities is essential.
In March 2024, 10 condominiums sold compared to 19 in March 2023, indicating reduced sales volume. The median price settled at $2,300,000. While this may reflect a buyer’s market, performance varies significantly by location and property type.
Notably, high-end sales continued in select communities, with a Kūkiʻo condo selling for $7.2 million and Kohanaiki condominiums averaging $8.5 million. Buyers should assess long-term investment goals and specific inventory before making decisions.
How Did Other Major Resorts Perform?
Quick Answer: Mauna Kea Resort recorded two home sales averaging $10.2 million, while Mauna Lani and Waikoloa Beach Resort each saw one home sale at $5.8 million and $3.5 million, respectively.
Beyond Kohanaiki and Kūkiʻo, activity across the broader Kona-Kohala Coast remained steady. These transactions demonstrate that demand extends across multiple luxury communities, though price points and volume vary by resort.
What Is the Current Median Price for a Single-Family Home?
Quick Answer: The median sales price for single-family homes in March 2024 was $7,750,000, a 26% increase from $6,150,000 in March 2023.
The median represents the midpoint of all sales, meaning half of the homes sold for more and half for less. While this figure signals strong appreciation, individual property values vary widely based on location, views, amenities, and condition.
How Do Rising Interest Rates Affect Luxury Sales?
Quick Answer: Rising interest rates can cool broader housing markets, but the Kona-Kohala Coast luxury segment is often less sensitive due to a higher proportion of cash buyers and long-term investment perspectives.
Although higher rates may influence overall market sentiment, many luxury buyers finance a smaller portion of their purchase or pay in cash. As a result, prime properties in desirable communities often remain resilient despite macroeconomic shifts.
The Bottom Line
March 2024 data reveals a nuanced luxury market on the Kona-Kohala Coast. Single-family homes, particularly in premier communities, continue to demonstrate strong appreciation and demand. The condominium segment shows signs of price adjustment, potentially creating selective buying opportunities.
Whether buying or selling, informed decision-making requires careful analysis of both macro trends and community-specific performance.
Frequently Asked Questions
Is the Kohala Coast luxury market still strong given global economic uncertainty?
Yes. The single-family luxury segment remains strong, supported by limited inventory and sustained demand from affluent buyers.
How long does it typically take to sell a luxury home?
Time on market varies by price point, location, and presentation. Strategic pricing and professional marketing significantly influence sale timelines.
What are the key differences between Kohanaiki and Mauna Lani?
Kohanaiki is a highly exclusive private oceanfront community with ultra-luxury residences. Mauna Lani offers a broader range of luxury properties and price points within a resort setting. Lifestyle preferences and investment objectives typically determine the best fit.
How reliable is this market data?
The figures referenced are based on data from the Hawaii Information Service (HIS), the primary source for real estate transaction records in Hawaii. As with all market data, interpretation should be discussed with a qualified real estate professional.
How can I receive personalized advice?
Consulting with a local real estate professional who specializes in the Kona-Kohala Coast is essential for tailored guidance aligned with your goals and circumstances.