Quick Answer: June 2023 saw light sales volume in luxury resorts along the Kona-Kohala Coast, with a total of 22 transactions. However, sale-to-current price ratios were remarkably strong, often exceeding 100% in areas like Waikoloa Beach Resort and Mauna Lani Resort, indicating robust demand for well-priced properties.
Key Takeaways: Kona-Kohala Coast Luxury Market in June 2023
- Strong Pricing Power: Despite lower transaction volume, properties sold at or above asking price, reflecting sustained buyer interest and limited inventory in prime locations.
- Condos Lead Volume: Waikoloa Beach Resort and Mauna Lani Resort condominiums accounted for the majority of sales, offering a more accessible entry point into the luxury resort lifestyle.
- Ultra-Luxury Dominance: The few single-family home sales, particularly in Kohanaiki and Kukio, commanded exceptionally high prices, showcasing the enduring appeal of exclusive, bespoke properties.
- Market Nuance Is Key: Overall numbers can be misleading; understanding specific resort performance and property types is crucial for both buyers and sellers.
- Hualalai Quiet: Hualalai Resort recorded no sales in June, which is not uncommon for ultra-luxury markets that can experience periods of low inventory and unique transaction timing.
Navigating the Kona-Kohala Coast Luxury Market: Your June 2023 Sales Guide
Over nearly two decades selling luxury homes on the Kona-Kohala Coast, I have worked with hundreds of affluent individuals looking for their perfect second home or investment property. One of the most common questions I hear is: What is really happening in the market right now, and what does it mean for me?
The answer is not magic; it is a system developed through years of testing, refinement, and analysis of the unique nuances of our luxury market. Rather than simply describing that system, it is more helpful to address the most common questions buyers and sellers ask about June 2023 sales data and explain what those numbers truly mean.
What Do June 2023 Sales Mean for Buyers Seeking a Second Home on the Kona-Kohala Coast?
Quick Answer: While transaction volume was light, properties are still selling at strong price points, often at or above asking price, indicating that well-positioned properties are not lingering on the market.
For buyers, June’s data underscores a critical point: the Kona-Kohala Coast luxury market, particularly within premier resorts, maintains robust underlying demand. Even with fewer transactions, sale prices at or above 100% of current list prices show that when the right property becomes available, it meets or surpasses seller expectations.
This is not a market where significant discounts are common, especially for prime locations and desirable amenities. Limited supply of exceptional properties continues to meet consistent high-net-worth demand.
For buyers, preparedness is essential. Waiting for a market dip in this segment often results in missed opportunities. When a property aligns with your criteria, decisive action and a well-structured offer are critical. Success requires analyzing not just raw numbers, but the context of each sale and understanding why certain properties command premium prices.
Example: Mauna Lani Point Estates #7, a 4-bedroom, 4.5-bathroom home, sold for $9,400,000 in June. The highest condo sale in Mauna Lani Point reached $2,700,000 for a 2-bedroom, 2.5-bathroom unit, demonstrating that quality and location command a premium.
How Did Luxury Home Sales Perform in Kohanaiki and Kukio in June 2023?
Quick Answer: Kohanaiki and Kukio each recorded one ultra-luxury home sale in June 2023, with prices reaching $24,000,000 and $26,000,000 respectively, reaffirming the exclusivity of these premier communities.
Communities such as Kohanaiki and Kukio represent a distinct tier of luxury real estate. These properties are bespoke estates offering privacy, service, and lifestyle advantages that attract a highly specific buyer profile.
The single sales in each community are not indicative of a slow market, but rather a specialized one. Transactions at this level are inherently fewer and often more private due to the unique nature of the properties and the buyers involved.
These sales demonstrate that the highest end of the Kona-Kohala Coast market remains resilient. Buyers in this segment are typically focused on legacy, lifestyle, and long-term value rather than short-term economic fluctuations.
Example: Kohanaiki Lot 24, a 5-bedroom, 5.5-bathroom furnished home spanning 6,561 square feet, sold for $24,000,000. Kukio Lot 15, a 5-bedroom, 5.5-bathroom furnished home with 6,183 square feet, sold for $26,000,000.
Is Now a Good Time to Sell a Luxury Condo or Home in Big Island Resorts?
Quick Answer: June 2023 data suggests favorable conditions for sellers of well-maintained and appropriately priced properties, supported by strong sale-to-current price ratios.
Properties in Waikoloa Beach Resort and Mauna Lani Resort sold at or above 100% of their current list price, indicating strong buyer willingness to pay for quality. This market rewards strategic, data-driven pricing rather than aspirational pricing.
When a property is correctly priced and presented professionally, it tends to generate immediate interest and favorable offers. Effective positioning includes preparation, professional photography, compelling marketing, and highlighting the lifestyle benefits of the specific resort community.
Example: In Waikoloa Beach Resort, Hali’i Kai #12A, a 3-bedroom, 3-bathroom condominium, sold for $2,300,000. The Fairways #104, also a 3-bedroom, 3-bathroom unit, sold for $1,250,000, reflecting consistent demand across multiple price points.
The Bottom Line: Strategic Decisions on the Kona-Kohala Coast
June 2023 sales data for the Kona-Kohala Coast luxury resorts reflects a market defined by lower transaction volume but strong pricing power. For both buyers and sellers, success depends on understanding the nuances of each resort community and applying a strategic, informed approach.
Inventory remains constrained, and demand from discerning buyers continues. Well-positioned properties are likely to maintain strong pricing in this environment.
Frequently Asked Questions
Q: Which Big Island resort had the highest sales volume in June 2023?
A: Waikoloa Beach Resort led with nine condominium transactions, followed by Mauna Lani Resort with seven condo sales and two home sales.
Q: What was the highest-priced luxury home sale on the Kona-Kohala Coast in June 2023?
A: The highest-priced sale occurred in Kukio, where a 5-bedroom, 5.5-bathroom home sold for $26,000,000.
Q: Are condo prices in Waikoloa Beach Resort still strong?
A: Yes. June 2023 condo sales ranged from $1,250,000 to $2,300,000, indicating healthy demand for well-presented units.
Q: Did Hualalai Resort record any sales in June 2023?
A: No sales were recorded in June. This is not unusual for ultra-luxury markets where inventory is limited and transactions are less frequent.
Q: How long does it take to sell a luxury home on the Kona-Kohala Coast?
A: Time on market varies by location, pricing, and presentation. Strategically priced and well-marketed properties tend to sell more efficiently and may achieve at or above asking price.
