By Kai Ioh and KE TEAM Hawaii
November 2026
Kai Ioh is a luxury real estate advisor based in Kona, Hawai‘i, specializing in second home, resort, and ultra-high-net-worth markets across the Big Island.
We're already into November, and before the year comes to a close, I'd like to share a brief update on the Kohala Coast resort real estate market on the Big Island of Hawai‘i.
Following my July mid-year review, third-quarter trends indicate the market is gradually finding its balance. Condo inventory has eased from its spring peak, and sales activity is improving in some communities. However, buyers remain selective.
Here's a quick look at Waikoloa Beach Resort, Mauna Lani, and Mauna Kea Resort.
Key Takeaways
Resort condo inventory has declined from its April peak of 108 listings to approximately 89 in November.
Waikoloa Beach Resort condo sales increased 17% year over year, while prices remained relatively stable.
Mauna Lani condo prices are holding steady, while oceanfront transactions have pushed luxury home statistics higher.
Mauna Kea condo median prices declined 14%, despite a 12% increase in price per square foot.
Buyers have more choices, and pending sales remain relatively low.
Resort Inventory: More Balanced, But Buyers Are Taking Their Time
Across the three major Kohala Coast resorts, there are currently approximately 89 active condo listings, compared with 108 at the April peak. That's an encouraging improvement.
However, only 10 condos are currently pending, down from 21 in July. Inventory is stabilizing, but buyers are still cautious.
For buyers, this means more choices and some room for negotiation. For sellers, realistic pricing and property condition are increasingly important.
Waikoloa Beach Resort: Sales Activity Improving
Waikoloa is showing one of the more positive trends.
Year-to-date condo sales increased from 30 in 2025 to 35 in 2026, up approximately 17%.
Meanwhile, the median sale price remains nearly unchanged at $1,099,000, and price per square foot declined slightly from $806 to $790.
With 47 condos currently available, buyers have a good selection.
I see this as a healthy adjustment. Prices have softened modestly, and more buyers are entering the market. That's a better balance than rising inventory without additional sales.
See Available Listings in Waikoloa Resort
Mauna Lani Resort: Stable Condos, Strong Oceanfront Sales
Mauna Lani's condo market remains relatively stable. Sales volume is unchanged from last year, while price per square foot increased 2.2% to approximately $940. The median condo price is $1,699,000.
The single-family market is more interesting.
Six homes sold this year, and three were oceanfront properties. By comparison, none of the five homes sold during the same period last year were oceanfront.
As a result, the median home price jumped 42.7% to approximately $14.19 million.
Does that mean every Mauna Lani home appreciated more than 40%? Of course not.
The increase largely reflects the types of homes that sold. Oceanfront properties command substantial premiums, and with so few transactions, they can dramatically influence the median.
See Available Listings in Mauna Lani Resort
Mauna Kea Resort: Looking Beyond Median Prices
Mauna Kea shows a similar statistical puzzle.
Condo sales increased slightly from 16 to 17 transactions, but the median price declined approximately 14% to $4.27 million. Interestingly, the price per square foot increased by 12%.
This difference is largely due to the mix of properties sold, including more high-value villa transactions last year.
For single-family homes, the median price increased to $11.3 million, while price per square foot rose 16.5%. However, only six homes sold, including two classified as detached condominiums.
With such limited sales volume, I would be careful interpreting median prices as evidence of overall appreciation or depreciation.
See Available Listings in Mauna Kea Resort
My Take: A More Selective Resort Market
The Kohala Coast resort market is gradually becoming more balanced.
Waikoloa is showing improving sales activity, while Mauna Lani and Mauna Kea remain relatively stable when we look beyond headline median prices.
One thing I always emphasize is that median prices don't necessarily reflect changes in individual property values, especially in luxury resort communities where only a handful of homes may sell each quarter.
I'll take a deeper look at the full-year numbers in my year-end market review, including how inventory, pricing, and buyer activity have evolved throughout 2026.
For now, the market appears to be finding a healthier balance, although we'll need to see stronger pending sales before calling it a sustained recovery.
Frequently Asked Questions
1. Is the Kohala Coast resort real estate market improving in 2026?
There are signs of stabilization. Inventory has declined from its spring peak, and Waikoloa Beach Resort condo sales increased approximately 17% year over year. However, pending sales remain low, suggesting buyers are still cautious.
2. Are Waikoloa Beach Resort condo prices declining?
Prices have adjusted modestly. The median condo price remains nearly unchanged at $1,099,000, while price per square foot declined approximately 2%. Sales activity has improved despite the slight price adjustment.
3. Why did Mauna Lani home prices increase so much?
The median single-family home price increased 42.7%, largely because three of the six homes sold in 2026 were oceanfront properties. None of the five comparable sales in 2025 were oceanfront. This reflects the mix of homes sold rather than uniform appreciation.
4. Are Mauna Kea condo values falling?
Not necessarily. Although the median condo price declined approximately 14%, price per square foot increased 12%. Differences in the types of properties sold contributed to the change. Comparable individual sales provide a more reliable picture.
5. Is it a buyer's market on the Kohala Coast?
Buyers generally have more choices and negotiating opportunities than during periods of limited inventory. However, conditions vary by resort, property type, and price range. Well-positioned properties may still attract strong interest.
