Quick Answer: January 2024 saw a slight dip in overall luxury sales volume on the Kona-Kohala Coast compared to January 2023, primarily due to continued low inventory. However, average sales prices remained stable or increased in some segments, signaling sustained demand for high-end properties.
Key Takeaways: Kona-Kohala Coast Luxury Market in January 2024
- Inventory Remains Low: The limited supply of available luxury homes continues to shape market conditions.
- Resort-Specific Activity: Waikoloa Beach Resort led in condominium sales, while Kohanaiki, Hualālai, Mauna Kea, and Kūkiʻo each recorded a single high-value home sale.
- Stable Average Prices: Despite fewer transactions, average sales prices across the Big Island and within luxury resorts remained strong.
- Seller’s Market Persists: Well-priced luxury properties continue to attract competitive interest due to constrained inventory.
- Strategic Timing Is Key: Buyers and sellers benefit from precise, data-driven insights in this nuanced market.
Over nearly two decades of selling luxury homes on the Kona-Kohala Coast, I have worked with mainland investors seeking second homes and local residents optimizing their portfolios. A common question is: “What is truly happening in the market right now, and what does it mean for my specific situation?”
The answer is not magic—it is a system. The Polimino Precision Market Analysis approach is built on years of refinement and proven results. Below are answers to the most common questions buyers and sellers are asking about the January 2024 market data.
Should I Buy a Luxury Home in Big Island Resort Areas in January 2024?
Quick Answer: Although sales volume declined, stable average prices and continued low inventory suggest that well-positioned luxury properties remain strong investments if you find the right opportunity.
In January 2024, total resort-area sales declined to 12 from 19 in January 2023. Total dollar volume decreased from $69.6 million to $46.4 million. However, the average sales price increased slightly from $3.6 million to $3.8 million. Fewer transactions do not necessarily indicate weakness; they often reflect limited inventory. Properties that reach the market continue to hold value.
Example: A home sale in Kohanaiki closed at $14.5 million, and another in Hualālai closed at $13.5 million. These transactions demonstrate sustained demand in the ultra-luxury segment.
Is Now a Good Time to Sell My Vacation Rental in Mauna Kea or Hualālai?
Quick Answer: Yes. Low inventory and stable to rising average prices create favorable conditions for strategically priced luxury vacation rentals.
In January 2024, Mauna Kea recorded one home sale at $3.5 million, and Hualālai recorded one at $13.5 million. Across the broader Big Island market, the average sales price rose slightly from $969,000 to $977,000 year over year. These figures reinforce the market’s price stability despite lower overall transaction volume.
Example: The limited number of sales in Mauna Kea, Kūkiʻo, and Hualālai highlights scarcity. When desirable properties become available, they attract serious buyer interest.
How Is Low Inventory Impacting Luxury Home Prices?
Quick Answer: Low inventory is supporting stable to slightly increasing luxury home prices, as consistent demand offsets reduced transaction volume.
Across the Big Island, total sales declined to 269 from 292 year over year, and total dollar volume decreased from $301 million to $263 million. However, the average sales price increased from $969,000 to $977,000. This pattern indicates that while fewer homes are selling, values remain resilient.
Example: Waikoloa Beach Resort recorded six condominium sales totaling $5.8 million. Even with relatively higher activity in this segment, pricing remained strong.
The Bottom Line: Navigating the Kona-Kohala Coast Luxury Market
The January 2024 data reflects a market defined by limited inventory and resilient pricing. Both buyers and sellers must make informed, strategic decisions in this environment. Whether acquiring a luxury property or preparing to sell, understanding supply constraints and pricing trends is essential.
Low inventory is likely to continue placing upward pressure on well-appointed luxury properties in prime resort locations.
Frequently Asked Questions
Q: Which resort recorded the most condominium sales in January 2024?
A: Waikoloa Beach Resort led with six condominium sales totaling $5.8 million.
Q: How did January 2024 compare to January 2023?
A: Sales volume and dollar volume declined year over year, but the average sales price increased from $3.6 million to $3.8 million in luxury resort areas.
Q: Is low inventory a concern for buyers?
A: Low inventory limits available options, but it also supports price stability and can create competitive conditions for desirable properties.
Q: What was the highest-priced sale in January 2024?
A: The highest-priced luxury home sale was in Kohanaiki at $14.5 million, followed by a $13.5 million sale in Hualālai.
Q: Should I wait for more inventory before buying in Hualālai or Mauna Kea?
A: Waiting may provide more options, but continued low inventory may also sustain or increase prices. Buyers should evaluate timing based on individual goals and market conditions.