What were Big Island luxury real estate sales like in November 2023?
Quick answer: November 2023 saw 18 resort sales on the Kona–Kohala Coast, a notable decrease compared to 2022 year-to-date totals. Despite the lighter overall volume, high-value transactions—including a $23M sale in Kohanaiki—and several quick condo sales in Mauna Lani and Hualālai demonstrated continued demand for premium properties.
Key takeaways: Kona–Kohala Coast November 2023 market snapshot
- Slower pace: Overall sales volume for resort properties on the Kona–Kohala Coast remained light in November, contributing to a significant year-over-year decline in total transactions.
- High-value resilience: Despite the slowdown, ultra-luxury properties—such as a $23 million home in Kohanaiki—sold quickly and at or near asking price, indicating strength at the top end of the market.
- Condo market strength: Condominiums, particularly in Mauna Lani and Waikoloa Colony Villas, dominated November’s sales, often moving swiftly and achieving 99–100% of asking price.
- Market efficiency: Well-priced, well-presented properties continued to attract buyers, with many closing within 10–25 days on market.
- Expert insight: Even in a moderating market, strategic pricing and targeted marketing remain crucial for successful luxury transactions.
Over nearly two decades selling luxury homes on the Kona–Kohala Coast, I’ve worked with hundreds of affluent buyers and sellers. One of the most common questions I hear is: “Is now a good time to buy or sell a luxury home on the Big Island?”
The answer isn’t magic—it’s a system. What I call the Polimino Market Insight System is the result of years of testing and refinement. Rather than describing the system in the abstract, here are the questions I hear most often, along with the market realities they’re based on.
Is the Big Island luxury real estate market slowing down, or are high-value properties still moving quickly?
Quick answer: While overall sales volume decreased year-over-year, top-tier luxury properties on the Kona–Kohala Coast still moved quickly, often at or near asking price, reflecting continued demand at the high end.
When the market cools, it’s often the mid-range segments that feel it first. Ultra-luxury properties in prime communities such as Kohanaiki or Hualālai tend to be more insulated. November’s results reflected that dynamic: a home in Kohanaiki sold for $23,000,000 in 10 days at 100% of its asking price. That pace suggests that when a property is truly compelling—location, condition, and positioning—qualified buyers can still move decisively.
Real example: A $23,000,000 Kohanaiki sale (3 bedrooms, 3.5 baths, 3,747 sq ft, new build on 1.01 acres) closed in 10 days at 100% of the asking price and included furnishings.
How did Mauna Lani and Hualālai luxury condo sales perform in November 2023?
Quick answer: Luxury condo sales in Mauna Lani and Hualālai performed strongly, with multiple units selling in roughly 11–24 days and closing at about 99–100% of asking price.
Desirable locations paired with well-maintained, appropriately priced units tend to attract consistent buyer interest. In Mauna Lani, several condominiums sold quickly, including a Mauna Lani Terrace unit at $3,500,000 and multiple Fairways at Mauna Lani sales at $1,650,000. Hualālai also saw notable condo activity, with sales in the $5,100,000 to $6,300,000 range closing near asking price within a few weeks. Even amid broader market adjustments, these results reflect the ongoing appeal of well-positioned resort condominiums.
Real examples: A 2-bedroom, 2-bath, 1,489 sq ft condo in Mauna Lani Terrace sold for $3,500,000 in 11 days at 100% of asking. A 4-bedroom, 4.5-bath, 2,878 sq ft condo in Hualālai Resort sold for $6,300,000 in 22 days at 99% of asking.
What should I expect for days on market and asking price percentage for luxury homes and condos on the Kona–Kohala Coast?
Quick answer: In November 2023, many luxury homes and condos sold within roughly 10–25 days and closed at about 99–100% of asking price, particularly when they were well-positioned and priced appropriately.
Looking across November’s reported resort sales, a clear pattern emerged: properties priced correctly from the start and presented well did not linger. Many closed in under three weeks, and the frequent 99–100% list-to-sale ratio suggests that buyers and sellers were meeting close to fair market expectations on quality inventory.
Real example: Across the 18 resort sales reported for November, the average days on market was approximately 18 days, with many transactions closing at 100% of asking price and a smaller number at 99%.
The bottom line: navigating the Kona–Kohala Coast luxury market
While overall sales volume dipped compared to the prior year, November 2023 showed that the luxury segment remained active for the right properties. Discerning buyers were still pursuing high-quality opportunities, and when a home or condo matched their criteria and was priced appropriately, sales moved quickly and held strong values. For buyers and sellers, understanding these nuances—and working with deep local market insight—remained especially important.
I would not be surprised to see selective strength continue into the new year, with well-positioned luxury properties maintaining their appeal despite broader market adjustments. We would be honored to be of service.
Frequently asked questions
Q: How many luxury homes and condos sold on the Kona–Kohala Coast in November 2023?
A: In November 2023, there were 18 resort sales on the Kona–Kohala Coast: 11 condominiums and 7 homes.
Q: How does the 2023 year-to-date sales volume compare to 2022 for Big Island luxury resorts?
A: The year-to-date total for resort sales on the Kona–Kohala Coast in 2023 was 226, down from 326 sales in 2022.
Q: What was the highest-priced luxury home sale on the Big Island in November 2023?
A: The highest-priced sale in November 2023 was a Kohanaiki home that sold for $23,000,000.
Q: Which resort communities saw the most luxury condo sales in November 2023?
A: Mauna Lani Resort had five luxury condo sales, followed by Waikoloa Beach Resort with four and Hualālai Resort with three.
Q: Are luxury properties on the Kona–Kohala Coast selling quickly in the current market?
A: November 2023 data indicated that well-priced luxury properties often sold within about 10–25 days and closed at roughly 99–100% of asking price.