Kohala Coast Resort Condo Market – 1Q2023

Up until the pandemic changed pretty much everything in our resort condo world, there was a strong seasonal pattern to sales. Sales tracked visitor arrivals. Said differently, most of our sales happened during the “snowbird” season, roughly from Thanksgiving through Easter/spring break, and so most listings would also go on the market during that period. Listings that didn’t sell might be withdrawn until the following year for high season. For this reason, I have always looked closely at sales for the first quarter as indicative of the state of the Kohala Coast resort condo market.

There is good news for both buyers and sellers. The good news for buyers is that there is at least a little more inventory (meaning a listing or two or three per condo community) at Waikoloa Beach Resort and Mauna Lani Resort. The good news for sellers is that prices are holding steady, with demand still exceeding supply for many communities on the coast.

The Kohala Coast resorts are famous for their sunsets. If your condo lacks an ocean view, the beaches and resort restaurants are still available to you.

Kohala Coast Resort Condo Inventory Remains Tight by Historical Standards

In March 2022 I wrote that there were only 12 active listings at the three Kohala Coast resorts (Mauna Kea Resort, Mauna Lani Resort, Waikoloa Beach Resort), even fewer than the 18 active resort condo listings I reported in April 2021. In the past, there might have been 12 listings at a single condo community!

As of the beginning of April 2023, that situation remains steady. Excluding the homes under construction at Amaui Villas (Uplands at Mauna Kea) which are technically condos, we have 28 active listings — a significant increase in inventory from a small base. However, with an average of 100 days on market, some of this active inventory is considered overpriced by buyers, and we are starting to see price reductions.

By historical standards, the number of active listings and the days on market remain astonishingly low, while demand remains strong. Here is the breakdown by resort:

• Waikoloa Beach Resort. Seventeen active listings priced from $890,000 for a two-bedroom condo at Waikoloa Fairway Villas to $4.1 million for either of two penthouse Kolea condos. Only six units in escrow and only fourteen condos sold year to date and the average price point was just over $1 million. For reference: 68 condos sold in 2020 when the average price was $633,000.
• Mauna Lani Resort. Thirteen active listings is a big improvement over a very small base if you look at the twelve active listings between all the resorts a year ago. These are priced from $1,200,000 for a two-bedroom at Fairways at Mauna Lani, to $3,995,000 for the Mauna Lani Point that has been listed for over a year. Eight condos are in escrow, including two listed for over $2 million at the Villages. Fourteen sales to date at an average price of $1,500,000. Again the market is constrained by lack of inventory as there were 85 sales in 2020 with an average price point of less than $1 million.
• Mauna Kea Resort. The toughest situation for inventory continues to be at Mauna Kea Resort. Excluding Amaui Villas, there are zero condo active listings. One Kumulani condo contingent, two condo sales to date. Total sales in 2020: 20 condos.

Unmet Demand for Resort Condos Particular to Prime Locations

This two-bedroom oceanfront Halii Kai condo sold in 2022 for $2, 249,100 – just a bit over asking price.

Besides the complete lack of condo listings at Mauna Kea Resort, there are a couple of other complexes where buyers are looking for listings. There are no active listings at the Islands at Mauna Lani, where my condo listing is in escrow after receiving multiple offers. Similarly, I get a lot of calls about Hali’i Kai, where there are no active listings. Having listed at Halii Kai since I left the developer sales team in 2008, it is amazing to me not to have a single owner ready to sell. But I am happy to put prospective buyers on the list for any new listings!