Quick Answer: September 2023 saw a continued slowdown in sales volume across the Kona-Kohala Coast luxury resorts, with only 14 total sales recorded, primarily condominiums. While sales were sluggish, prices remained robust, indicating a standoff between sellers holding firm and buyers seeking deals. This trend is likely to persist until interest rates shift or seller expectations adjust.
Key Takeaways: Kona-Kohala Coast Luxury Market in September
- Low Sales Volume, High Prices: The market experienced fewer transactions, but average prices, particularly for homes, remained strong, reflecting seller confidence in property values.
- Condominiums Lead Transactions: Mauna Lani Resort, Waikoloa Beach Resort, and Mauna Kea Resort saw the most activity, exclusively in the condominium segment, offering more accessible price points.
- Stalemate Continues: A clear disconnect exists between seller expectations and buyer willingness, driven by current interest rates and a search for value.
- Opportunity for Patient Buyers: With 118 active listings and 10 in escrow, buyers willing to negotiate and act decisively when a deal emerges can find opportunities.
- Strategic Timing for Sellers: Understanding specific resort performance is crucial. While overall market pace is slower, certain segments still show consistent movement.
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 sell my Kohala Coast home now, or is it a good time to buy a condo in Mauna Lani?”
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. Rather than simply describing the system, let me answer the most common questions clients ask about the September 2023 market statistics. These are real questions from buyers and sellers, along with the honest answers that explain what we do differently.
Is now a good time to buy a condo in Mauna Lani or Mauna Kea?
Quick Answer: Yes, for patient and strategic buyers, September’s data suggests opportunities in Mauna Lani and Mauna Kea condominiums, which saw consistent sales activity despite the broader market slowdown.
When the overall market shows signs of sluggishness, specific segments can still offer compelling value. September’s data highlights Mauna Lani and Mauna Kea Resorts as areas where condominium sales continued. Mauna Lani recorded six condominium sales, demonstrating consistent demand. The average days on market for these condos ranged from approximately 100 to 110 days, indicating steady movement even without rapid turnover.
For buyers, this environment often means less competition and greater opportunity for thoughtful negotiation. Identifying active micro-markets within the broader Kona-Kohala Coast landscape is essential. You are not simply purchasing property; you are investing in a lifestyle. Often, the most attractive opportunities emerge when the market is not at peak intensity.
Real example: The highest-priced condominium sale in Mauna Lani in September was a three-bedroom, 3.5-bath unit at $4.5 million. In Mauna Kea, a similar unit sold for $2.5 million. These transactions demonstrate that luxury buyers remain willing to pay for premium properties and locations.
Should I sell my Kohala Coast home now, or wait for interest rates to drop?
Quick Answer: While the market is slower, waiting for interest rates to drop is a gamble. Sellers with realistic pricing expectations can still achieve strong results, as evidenced by high per-square-foot sales in Kohanaiki and Kūkiʻo.
September data reflects a clear stalemate: sellers are holding firm on pricing, and buyers are seeking value. The average days on market across the resorts was 108 days, and the average price for active listings was approximately $4.7 million. This indicates that while buyers may be cautious, underlying luxury property values remain strong.
Market timing is unpredictable. Strategic pricing and strong presentation are more effective than waiting for future rate changes. If you are considering selling, your property must be positioned competitively within the 118 active listings. Homes that stand out continue to command premium attention.
Real example: One home sale in both Kohanaiki and Kūkiʻo reached $14.5 million for approximately 4,000 square feet, equating to $3,625 per square foot. These figures illustrate that exceptional properties continue to transact at high values despite lower overall volume.
Why are prices still high despite low sales volume?
Quick Answer: Prices remain elevated due to limited inventory of true luxury properties, sustained demand from high-net-worth buyers, and seller confidence in long-term asset value.
Luxury markets operate differently from high-volume residential markets. Lower transaction counts do not automatically translate to falling prices, particularly when inventory is constrained and sellers are not under pressure. With 118 active listings and only 10 in escrow, sellers appear willing to wait for qualified buyers.
Luxury buyers on the Kona-Kohala Coast typically purchase for lifestyle and long-term investment. Many properties are unique, limiting direct comparables and supporting pricing strength. The average active listing price of $4.7 million reflects continued confidence in asset value.
Real example: Properties averaged 108 days on market while maintaining high asking prices, demonstrating that sellers are successfully defending value expectations.
What happened in Kohanaiki and Kūkiʻo luxury sales in September?
Quick Answer: Both Kohanaiki and Kūkiʻo recorded one high-value home sale in September, demonstrating continued demand for ultra-luxury properties despite limited volume.
Each community saw a single 4-bedroom, 4.5-bath home of approximately 4,000 square feet sell for $14.5 million. Both properties were on the market for 103 days. These transactions translate to approximately $3,625 per square foot, reinforcing the resilience of the ultra-luxury segment.
Buyers in these enclaves are typically less sensitive to interest rate fluctuations and more focused on exclusivity, privacy, and long-term asset value. Limited transaction counts reflect scarcity rather than weakness.
What should I know about Waikoloa Beach Resort and Mauna Kea Resort condo performance?
Quick Answer: Waikoloa Beach Resort and Mauna Kea Resort each recorded three condominium sales in September, indicating consistent, modest activity with prices ranging from $900,000 to $2.5 million.
Waikoloa Beach Resort saw three condominium sales averaging approximately $1.2 million, with around 90 days on market. Sales ranged from $900,000 for a two-bedroom unit to $1.8 million for a three-bedroom.
Mauna Kea Resort also recorded three condominium sales, averaging $1.8 million with approximately 110 days on market. Prices ranged from $1.2 million to $2.5 million.
These figures demonstrate steady demand in the resort condominium segment. Well-priced and well-presented units continue to attract buyers seeking both lifestyle benefits and potential vacation rental income.
Real example: A 1,200-square-foot, two-bedroom condo in Waikoloa Beach Resort sold for $900,000 ($750 per square foot). In Mauna Kea Resort, a 2,200-square-foot, three-bedroom condo sold for $2.5 million ($1,136 per square foot).
The Bottom Line: Navigating the Kona-Kohala Coast Luxury Market
The September 2023 statistics reveal a market in transition, defined by lower sales volume but sustained pricing strength. This environment requires strategic, data-driven decision-making for both buyers and sellers.
For buyers, success lies in identifying motivated sellers and unique value opportunities. For sellers, it means positioning property effectively in a market where buyers are deliberate and selective.
This dynamic may continue in the coming months until interest rates stabilize or seller expectations adjust.
Frequently Asked Questions
Why are buyers looking for deals if prices are still high?
Higher interest rates reduce purchasing power, prompting buyers to seek exceptional value through pricing, condition, or unique features.
When will interest rates drop, and how will that affect the market?
Interest rate movements are difficult to predict. A significant drop would likely increase buyer demand and transaction volume, while sustained higher rates may extend the current cautious environment.
How long does it take to sell a luxury home on the Kona-Kohala Coast?
Based on September data, the average days on market was approximately 108 days. Timelines vary based on price, condition, and location.
Is Hualalai Resort seeing any activity?
While no closed sales were recorded in September, Hualalai is an exclusive market where transactions may be infrequent but significant. Broader multi-month trends provide a clearer performance picture.
How can experienced local representation help?
Experienced local advisors provide data-driven pricing guidance, strategic marketing, and negotiation expertise tailored to the Kona-Kohala Coast luxury market.