Quick Answer: June 2024 saw strong condominium activity within Mauna Lani Resort, with six closings, including a new construction three-bedroom unit at KaMilo for $3.5 million. This indicates resilience and continued demand for luxury second homes in that resort area.
Key Takeaways: Kona-Kohala Coast Market Trends for June 2024
- Mauna Lani Condos Shine: Mauna Lani Resort led the luxury resort market with six significant condominium sales, showing robust demand.
- Resort Single-Family Homes Quiet: No single-family homes sold within the major resort areas, a notable dip from typical activity.
- Broader Market Activity: Significant sales volume for both single-family homes and condominiums occurred outside the resorts, covering a wide range of price points.
- Investment Potential: Condominiums, particularly in Mauna Lani, demonstrated resilience, suggesting continued interest in second homes and vacation rentals.
- Local Expertise Matters: Understanding these localized nuances is crucial for making informed buying or selling decisions on the Kona-Kohala Coast.
Over nearly two decades selling luxury homes on the Kona-Kohala Coast, I have worked with hundreds of individuals considering Hawaii as a second home or vacation rental investment. One of the most common questions I hear is: “How do I make sense of the market data and understand what it means for my specific goals?”
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 in deciphering the Big Island’s unique real estate landscape. Rather than simply describing the system, let me address the most common questions clients ask about June’s market activity and explain what the data really means for buyers and sellers.
Should I buy a single-family home outside Kohala Coast resorts based on June’s market trends?
Quick Answer: June’s data indicates a healthy and active single-family home market outside the resort areas on the Kona-Kohala Coast, with 19 sales ranging from $715,000 to $4.25 million, offering diverse options for buyers.
When reviewing the Kona-Kohala Coast, it is easy to focus solely on high-profile resort communities like Mauna Lani or Mauna Kea. However, June’s statistics show that significant activity, and often strong value, can be found beyond those resort gates. While resort single-family homes were quiet, the non-resort market was active, demonstrating sustained demand across various price points and locations, from Kailua-Kona to Hawi.
For many buyers, purchasing outside a resort offers a different lifestyle experience, often with larger lots, unique architectural styles, or a more local setting. In some cases, it also provides a more accessible price point for a primary residence or less restrictive second home. Demand remains strong for well-located properties, regardless of whether they are within a branded resort community.
Real example: The highest single-family home sale outside the resorts in June was a four-bedroom, four-and-a-half-bath home in Kailua-Kona, built in 2018 with 3,500 square feet, closing at $4.25 million. This demonstrates that luxury buyers are actively considering properties beyond traditional resort boundaries.
How did June’s Kohala Coast market impact potential vacation rental purchases?
Quick Answer: June’s market data suggests that condominiums, particularly within Mauna Lani and also outside resort areas, showed strong sales activity. This indicates continued demand and potential for vacation rental investments, while resort single-family homes were less active.
If you are considering a vacation rental purchase on the Kona-Kohala Coast, June’s data provides valuable insight. The resilience of the condominium market, especially in Mauna Lani, is a positive indicator. Condominiums often provide a more straightforward entry into the vacation rental market, with established amenities and rental programs.
There were also 20 condominium sales outside the resorts, ranging up to $2.8 million. These properties may offer attractive rental dynamics depending on zoning and location. Understanding purchase price, rental income potential, operating costs, and long-term appreciation is essential when evaluating investment opportunities.
Real example: A three-bedroom, three-bath condominium in Kailua-Kona, built in 2020 with 2,000 square feet, sold for $2.8 million in June. This highlights strong investment interest in premium condominiums outside resort communities.
What were the key Mauna Lani condominium sales in June?
Quick Answer: Mauna Lani Resort recorded six condominium closings in June, including a new construction three-bedroom unit at KaMilo that sold for $3.5 million and a two-bedroom unit at Fairways at Mauna Lani that sold for $1.15 million, reflecting strong demand for luxury condominiums.
Mauna Lani Resort was the most active resort-area market segment in June. For buyers seeking a second home or vacation rental investment, this level of activity signals sustained demand and value within the community. Differences in construction age, square footage, views, and amenities significantly influence pricing between communities such as KaMilo and Fairways at Mauna Lani.
Buyers continue to pay a premium for new construction and well-appointed residences offering a true resort lifestyle. The quality and pricing of these transactions reinforce confidence in the strength of the Mauna Lani condominium market.
Real example: The highest Mauna Lani condominium sale in June was a new construction three-bedroom, three-and-a-half-bath unit at KaMilo with 2,491 square feet, which closed at $3.5 million.
How did Mauna Kea Resort condominium sales compare in June?
Quick Answer: Mauna Kea Resort recorded two condominium sales in June, including a three-bedroom unit at Kumulani for $2.1 million and a two-bedroom unit at Villas at Mauna Kea for $1.5 million, reflecting steady but quieter activity compared to Mauna Lani.
Although Mauna Lani experienced more transactions, Mauna Kea Resort still recorded significant luxury condominium sales. The community’s reputation, amenities, and limited inventory continue to support stable long-term value. Even in months with fewer transactions, high-quality properties in established resort communities continue to attract discerning buyers.
Real example: A three-bedroom, three-bath unit at Kumulani, built in 2004 with 1,939 square feet, sold for $2.1 million in June.
What were the price ranges for properties sold outside the resorts in June?
Quick Answer: In June, single-family homes outside the resorts ranged from $715,000 to $4.25 million, while condominiums ranged from $250,000 to $2.8 million, demonstrating a broad and active market across multiple price points.
The market outside the resort areas remains diverse and active. From entry-level condominiums in Waikoloa Village to multi-million dollar estates in Kailua-Kona, buyers have a wide spectrum of options. This diversity strengthens the overall Kona-Kohala Coast market and provides opportunities for primary residents, second-home buyers, and investors alike.
Real example: A one-bedroom, one-bath condominium in Waikoloa Village, built in 1980 with 600 square feet, sold for $250,000 in June, illustrating accessible entry points in the non-resort condominium market.
The Bottom Line: Navigating the Kona-Kohala Coast Market
June’s statistics present a nuanced market picture. Resort single-family homes experienced a temporary slowdown, while condominiums, particularly in Mauna Lani, demonstrated strong performance. At the same time, steady activity outside the resort areas reflects broad demand across the Big Island.
Making informed decisions requires more than reviewing raw data. It requires localized expertise and careful analysis of micro-market trends. Buyers and sellers who understand these dynamics are best positioned to achieve their goals in the Kona-Kohala Coast real estate market.
Frequently Asked Questions About Kona-Kohala Coast Market Trends
Q: Is June typically a strong sales month on the Kohala Coast?
A: Market activity can fluctuate seasonally. While resort single-family home activity was quieter than usual, condominium strength in Mauna Lani and steady non-resort activity align with broader demand patterns.
Q: What does “outside the resorts” mean for vacation rental potential?
A: “Outside the resorts” refers to properties not governed by a resort master association. These areas, such as Kailua-Kona or Waikoloa Village, follow county-level short-term rental regulations, which may differ from resort communities. Zoning and permit requirements should always be reviewed carefully.
Q: Should I wait for interest rates to decline before buying?
A: While interest rates affect affordability, the Kona-Kohala Coast market is also influenced by limited inventory and sustained demand. Waiting for perfect timing can result in missed opportunities. Long-term investment goals and property suitability are often more important factors.
Q: How quickly do luxury properties sell on the Kona-Kohala Coast?
A: Time on market varies based on pricing, condition, and location. Well-positioned properties in desirable areas can sell quickly, particularly luxury condominiums in prime resort communities. Strategic pricing and effective marketing are critical factors in achieving timely results.