North Kohala Gated Communities: 2024 Real Estate Market Report

When I write my annual real estate market reports for upper North Kohala residential and vacant land sales, I excluded the gated communities near Kawaihae that are really more like the Kohala Coast resorts to the south. Here is a report on sales, residential and vacant land, in the subdivisions of Kohala Ranch, Kohala Estates, Kohala by the Sea, and Kohala Waterfront.

I can’t help myself. That’s my horse enjoying the views from Kohala Ranch Summit section. The lower North Kohala communities share the views and climate of the nearby Kohala Coast resorts.

Residential Real Estate In Kohala Gated Communities – the market in 2024 looked much like 2023

Following the record sales of the immediate post-pandemic period, our North Kohala luxury real estate market was constrained by lack of inventory i.e. homes for sale. In 2023, there were only 15 homes sold. Those ranged from a modest home in ungated Kohala Estates sold for $1,100,000 to an ocean view home in oceanfront Kohala Waterfront which sold for $4,650,000.  The median time to sell was less than 6 weeks!

In 2024, there were 17 homes sold, with a similar distribution between communities and price points. Two homes sold in ungated Kohala Estates, one of them the lowest priced in the region at $1,095,00 – and that sold in three days at full price. Five homes sold in Kohala by the Sea, priced in a fairly tight range of $2,095,000 to 2,587,500. The highest priced residential sale was again at Kohala Waterfront, the only community makai (ocean side) of Akoni Pule Highway – $5,200,000 (not an oceanfront home, by the way).

Sunset from the lanai of the highest priced Kohala Ranch Heathers home sold last year. It was my buyers first evening at the property!

The Kohala Ranch real estate market held steady. Nine home sales were again split between elevations: four in the lower Heathers elevation; and three in the midlevel Meadow; and two in the Summit. The lowest prices were the three Meadows homes, which sold in a range of $1,600,000 to $1,650,000. For a second straight year, the highest priced residential sale was on Pili Place in the Heathers, for $3,650,000 (Hawaii Life represented both seller and buyer on that sale!).

Noticeably, sellers who were optimistic that the market was still increasing were forced to adjust their expectations. Average days on market climbed to over 90 days, and while the average sales price to final list price was at 96.7% , the average sales price to original list price was 91%. In other words, well priced homes sold quickly and the ambitiously priced homes took a little longer.

Now here is the shocking news. There are currently only three homes listed in the lower North Kohala gated communities!  That is clearly a sellers market, representing less than a fifth of the number of homes sold last year.

Demand for Kohala Gated Community Vacant Land Increased in 2024

Most Kohala Ranch vacant parcels feature unobstructed sunset and coastline views, like this easy to build 5-acre lot in Kohala Ranch Meadows II MLS 712737

With a ton of construction coming to completion at Kohala Ranch, we are seeing a new wave of buyers choosing vacant lots to build their future residence or second home. In 2024 there were a total of 22 lot sales, compared with only 15 in 2023.

That includes two vacant lot sales at Kohala By the Sea, where lot size is right around 1 acre; and one sale at Kohala Waterfront, a half-acre for only $315,000. These are smaller communities with fewer vacant lots left.

The majority of the vacant land sales were at the largest gated community, Kohala Ranch: four 3-acre lots in the lower Heathers; six sales of the larger 10-acre to 14-acre parcels in the Summit; one small lot in Heathers II; and eight sales in the mid-level Meadows section. The Meadows sales were split between 3-acre parcels in Meadows I and 5-acre parcels in Meadows II. I have a particular person fondness for the views and relative quiet of Meadows II, many of the lots backing up to large ranches.

Prices for vacant lots range from $299,000 to $640,000 depending mostly on the quality of the views and the ease of building. Lots typically take longer to sell than homes do, on average 150 days.

There are currently 34 vacant lots in these Kohala Coast gated communities, most with those great sunset and coastline views. In contrast with residential listings, there are excellent choices, and better availability of contractors than a few year ago. It is a very good time to be looking at land whether to build now or hold!