Quick Answer: June 2024 saw a notable slowdown in luxury real estate sales across the Kona-Kohala Coast resort areas, with condominium sales dropping to seven from 20 in May and single-family home sales falling to two from 10. Despite the decline in volume, median prices remained strong—particularly for single-family homes—indicating continued high-value transactions.
Key Takeaways: Kona-Kohala Coast Luxury Market Performance in June 2024
- Condo Sales Volume Decreased: Only seven luxury condominiums sold in June 2024, down from 20 in May and 13 in April, signaling either a market pause or limited inventory.
- Single-Family Home Sales Slowed: Just two luxury homes sold in June, compared to 10 in May and 11 in April.
- Resilient Median Condo Price: The median condominium sales price held at $2,350,000, only slightly below May’s $2,425,000.
- High Median Home Price: The two single-family home sales produced a median price of $13,250,000, underscoring the exclusivity of these properties.
- Hualālai Led Condo Sales: Hualālai Resort accounted for three of the seven condominium sales, with Mauna Lani and Waikoloa Beach Resort each recording two.
Over nearly two decades selling luxury homes on the Kona-Kohala Coast, I have worked with hundreds of buyers and sellers considering Hawaii as a second home or investment. One of the most common questions I hear is: “What is really happening in the market right now, and should I act or wait?”
My approach—what I call the Polimino Market Intelligence System—focuses on analyzing market trends beyond headline numbers. Rather than reacting to a single month of activity, it evaluates supply, demand, pricing trends, and resort-specific performance.
Are Big Island Luxury Condo Prices Dropping, or Is June’s Slowdown Temporary?
Quick Answer: Although June 2024 saw a significant decline in the number of condominium sales, the median sales price remained stable at $2,350,000, indicating price resilience despite lower transaction volume.
A decrease in sales volume does not automatically translate into falling prices, especially in a supply-constrained luxury market. June reflected fewer transactions rather than discounted pricing. This may indicate limited high-quality inventory or buyers taking additional time before committing.
For example, the highest condominium sale in Hualālai was a three-bedroom, three-and-a-half-bath residence in Kaʻulu Estates that sold for $4,500,000 after 65 days on market. This demonstrates that premium properties continue to achieve strong pricing, even if marketing timelines extend slightly.
The median condo price of $2,350,000 in June was only modestly lower than May’s $2,425,000, reinforcing the strength of asset values despite reduced volume.
How Did Mauna Lani and Hualālai Perform Compared to Other Resorts?
Quick Answer: Hualālai Resort led condominium sales with three transactions, while Mauna Lani recorded two. Single-family home sales occurred in Mauna Kea Resort and Kohanaiki.
In June, Hualālai accounted for nearly half of all condominium sales across the resort markets. These included a Kaʻulu Estates residence at $4,500,000 and two Hillside Villas units at $2,800,000 and $2,700,000. Mauna Lani Resort recorded two condominium sales, including a Ka Milo residence at $2,100,000.
Single-family home activity was limited but significant. Mauna Kea Resort recorded a $14,000,000 sale, and Kohanaiki recorded a $12,500,000 sale. These transactions reflect continued demand at the ultra-luxury level.
In total, Hualālai’s three condominium sales represented approximately $10,000,000 in volume, while Mauna Lani’s two totaled $3,750,000. Even in a slower month, premier resorts maintained meaningful activity.
Is Now a Good Time to Buy a Luxury Second Home?
Quick Answer: The slowdown in sales volume may provide opportunities for qualified buyers, while sustained median prices indicate continued strength in high-quality properties.
Reduced transaction volume can create a less competitive environment, giving buyers more time for due diligence and negotiation. However, strong median pricing—particularly the $13,250,000 median for single-family homes—demonstrates that exceptional properties continue to command premium values.
For sellers, the data suggests that pricing strategy and presentation remain critical. For buyers, selectivity and long-term perspective are key. The Kona-Kohala Coast luxury market continues to reward well-informed, strategic decisions rather than reactive timing.
The Bottom Line
June 2024 reflected a temporary slowdown in transaction volume across Kona-Kohala Coast resort properties. However, stable condominium pricing and exceptionally strong single-family home sales indicate ongoing demand for premier assets. In a market defined by limited inventory and global appeal, monthly fluctuations are less significant than long-term positioning and property quality.