Quick Answer: February 2024 saw continued activity in the Big Island’s luxury resort areas, with Hualālai leading home sales and Kohanaiki and Waikoloa Beach Resort showing strong condominium performance. While overall sales volume dipped slightly from the previous month, high-end properties maintained strong values due to tight inventory and consistent buyer demand, particularly for well-appointed residences.
Key Takeaways: Big Island Luxury Real Estate in February 2024
- Hualālai Leads Home Sales: Hualālai Resort recorded the highest number of luxury home sales in February, including a four-bedroom ocean-view property that sold for $10.5 million.
- Condominium Market Active: Kohanaiki and Waikoloa Beach Resort each recorded three condominium sales, highlighting continued demand for resort-style living.
- Tight Inventory Persists: Limited new listings across major resort communities continue to support competitive pricing for desirable properties.
- High-End Values Remain Strong: Despite a slight dip in total volume, significant transactions occurred, including a $15.8 million oceanfront home sale in Kohanaiki.
- Kūkiʻo Quiet in February: Kūkiʻo Resort reported no sales activity during the month, which is not uncommon in its highly exclusive and inventory-constrained market.
Many buyers and sellers want to understand what is happening beyond the headlines. February’s data reflects a stable and resilient luxury market, where pricing strength continues even as month-to-month transaction volume fluctuates.
Is the Big Island Luxury Market Still Strong?
Quick Answer: The Big Island luxury market remains robust, particularly in established resort communities, although February showed modest moderation in overall sales volume.
The Kona-Kohala Coast is not experiencing a speculative surge, but rather a steady, demand-driven market. Limited supply of premium properties combined with sustained buyer interest supports pricing stability. Well-located, high-quality homes continue to command strong values.
For example, a four-bedroom, four-and-a-half-bath ocean-view home in Hualālai totaling approximately 3,500 square feet sold for $10.5 million in February, underscoring strength in the upper tier of the market.
Which Resort Led Luxury Home Sales in February 2024?
Quick Answer: Hualālai Resort led with three luxury home sales in February 2024.
Hualālai continues to demonstrate consistent buyer demand at higher price points. While other communities such as Kohanaiki, Mauna Lani Resort, and Kona Hills Estates and Hualālai Vistas recorded individual home sales, Hualālai’s multiple transactions highlight its position as a bellwether for the luxury segment.
One of the notable transactions was a four-bedroom, four-and-a-half-bath home that closed at $10.5 million.
Where Was Condominium Activity Strongest?
Quick Answer: Kohanaiki and Waikoloa Beach Resort each recorded three condominium sales in February 2024.
Kohanaiki’s ultra-luxury condominium offerings continue to attract buyers seeking a private club environment, including a three-bedroom unit that sold for $6.5 million with direct beach access. Waikoloa Beach Resort recorded multiple sales at a different price tier, including a two-bedroom condominium that closed at $1.5 million.
Additional condominium activity occurred in Mauna Lani Resort and Mauna Kea Resort, offering a range of price points and lifestyle options. A two-bedroom, two-bath unit in Mauna Lani sold for $2.3 million, while Hualālai recorded a two-bedroom condominium sale at $4.2 million.
At the highest end of the market, an oceanfront five-bedroom, five-and-a-half-bath residence spanning approximately 4,800 square feet in Kohanaiki closed at $15.8 million.
Is Inventory Still Tight on the Kona-Kohala Coast?
Quick Answer: Yes, inventory remains limited, contributing to competitive conditions for desirable luxury properties.
Available listings across major resort communities remain constrained, particularly for well-maintained homes in prime locations. When exceptional properties enter the market, they often attract strong interest and achieve favorable pricing.
In February, Kūkiʻo Resort reported no home or condominium sales, reflecting the limited number of available listings within this highly exclusive community.
The Bottom Line: Navigating the Kona-Kohala Coast Luxury Market
February 2024 sales data reflects a resilient luxury market characterized by stable values, active buyer interest, and ongoing inventory constraints. While overall transaction volume can fluctuate month to month, premium properties in leading resort communities continue to perform well.
Frequently Asked Questions
What was the most expensive home sold in February 2024?
An oceanfront five-bedroom, five-and-a-half-bath residence in Kohanaiki spanning approximately 4,800 square feet sold for $15.8 million.
Did all resort communities record sales activity?
Most major resort communities recorded some level of activity, with the exception of Kūkiʻo, which reported no sales in February 2024.
How did Hualālai’s condominium market perform?
Hualālai Resort recorded one condominium sale in February 2024: a two-bedroom, two-bath unit of approximately 1,800 square feet that sold for $4.2 million.
Are interest rates impacting luxury sales?
While interest rates influence broader market conditions, the luxury segment on the Kona-Kohala Coast includes a significant number of cash buyers or purchasers less sensitive to modest rate fluctuations. Broader economic confidence remains an important factor.
Which resorts had no home sales in February 2024?
Mauna Kea Resort, Waikoloa Beach Resort, and Kūkiʻo Resort did not report any single-family home sales during the month.