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Mauna Kea Resort 2024 Mid-Year Market Update: Sales and Trends in Hawai’i’s Upscale Real Estate Market

In the first half of 2024, there were 19 closed transactions within Mauna Kea Resort amounting to just over $82M in sales volume. This represents a 242% increase in sales volume from the first half of 2023, when there were 9 sales totaling $24M in volume. Furthermore, the first half of this year saw a 56% decrease from 2022, when there were 54 sales totaling $188M in volume. To gain an accurate understanding of the current state and future direction of Hawai‘i’s luxury market, it is important to broaden ones perspective beyond the mid-2020 to mid-2022 period when the luxury real estate market experienced a historic surge in demand and prices.

mauna kea beach on big island hawaii

The data below reveals a significant rebound in the market following the uncertainty of the post-pandemic economy and the peak interest rates we saw in 2023, the highest in 20 years. In summary, the Hawaii housing market for the first half of 2024 shows robust demand, increasing home prices, and promising opportunities for both sellers and buyers. Despite the high cost of living, the unique advantages of residing in this clean, safe tropical paradise continue to attract interest and investment.

Although average home prices are reaching new highs, a major challenge in the resort housing market on the Kona-Kohala Coast is the limited availability of quality inventory. Turnkey properties in prime locations are in high demand, with some selling almost immediately upon listing.

Looking ahead, it is expected that buyers and sellers may need to make concessions to close deals as we enter Q3. While there was some hesitation in Q2, we anticipate that both parties will adjust to the current market conditions. Given buyer price sensitivity, we anticipate that motivated sellers in certain areas may need to accept price reductions as we progress through the third quarter.

Please find below a summary of the sales data for your reference:

Mauna Kea Resort Sales

  • 2024 Q1 & Q2: 19 Sales       (111% Increase Year-Over-Year)   
  • 2023 Q1 & Q2:     9 Sales
  • 2022 Q1 & Q2:   54 Sales      
  • 2021 Q1 & Q2:    39 Sales
  • 2020 Q1 & Q2:   20 Sales
  • 2019 Q1 & Q2:    18 Sales

Mauna Kea Resort Average Sales Price

  • 2024 Q1 & Q2:  $4.34M       (61% Increase Year-Over-Year)   
  • 2023 Q1 & Q2:    $2.70M
  • 2022 Q1 & Q2:    $3.49M   
  • 2021 Q1 & Q2:     $2.85M
  • 2020 Q1 & Q2:    $2.96M
  • 2019 Q1 & Q2:     $1.80M

Mauna Kea Resort Total Sales Volume:

  • 2024 Q1 & Q2: $82M           (242% Increase Year-Over-Year)   
  • 2023 Q1 & Q2:   $24M
  • 2022 Q1 & Q2:   $188M    
  • 2021 Q1 & Q2:    $111M
  • 2020 Q1 & Q2:   $59M
  • 2019 Q1 & Q2:    $32M

Kohala Coast Sales Above $1M (District of South Kohala)

  • 2024 Q1 & Q2: 119 Sales        (49% Increase Year-Over-Year)
  • 2023 Q1 & Q2:   80 Sales     
  • 2022 Q1 & Q2:  166 Sales   
  • 2021 Q1 & Q2:   154 Sales
  • 2020 Q1 & Q2:   49 Sales
  • 2019 Q1 & Q2:    56 Sales

Kohala Coast Sales Above $3M (District of South Kohala)

  • 2024 Q1 & Q2:  25 Sales        (178% Increase Year-Over-Year)
  • 2023 Q1 & Q2:    9 Sales        
  • 2022 Q1 & Q2:  50 Sales   
  • 2021 Q1 & Q2:   31 Sales
  • 2020 Q1 & Q2:  14 Sales
  • 2019 Q1 &Q2:     4 Sales

Kohala Coast Average Sales Price (District of South Kohala)

  • 2024 Q1 & Q2:  $1.676M        (53% Increase Year-Over-Year)
  • 2023 Q1 & Q2: $1.092M     
  • 2022 Q1 & Q2:  $1.523M             
  • 2021 Q1 & Q2:  $1.190M
  • 2020 Q1 & Q2: $902K
  • 2019 Q1 & Q2:  $694K

Kohala Coast Total Sales Volume (District of South Kohala)

  • 2024 Q1 & Q2: $370M             (49% Increase Year-Over-Year)
  • 2023 Q1 & Q2: $249M
  • 2022 Q1 & Q2: $550M     
  • 2021 Q1 & Q2: $587M
  • 2020 Q1 &Q2:  $248M
  • 2019 Q1 &Q2:  $234M

Below please find the Mauna Kea Resort’s Mid-Year Real Estate Market Update highlighting recent sales, resort offerings and the latest update on the Mauna Kea Beach Hotel Renovations. I hope you find this information interesting and helpful.

2024 Q1 – Q2 Sales:

There were nineteen (19) sales within Mauna Kea Resort in the first half of 2024. (Click Here) to view detailed information on the Q1 & Q2 sales within Mauna Kea Resort.

New on the Market:

The Hawaii Life Mauna Kea team just listed the ONLY residential or condo property available in Mauna Kea Resort under $2M. Seize this rare opportunity to join the prestigious Mauna Kea Resort community with Kumulani G1. This stunning ground-floor condo boasts a large covered patio and a spacious lawn, offering breathtaking ocean, golf course, and sunset views. With 2 bedrooms and a versatile 3rd bonus room featuring a Murphy bed, perfect as an office or den, this turnkey property is ideal as a full-time residence, seasonal retreat, or lucrative vacation rental. The HOA covers exterior landscaping, maintenance, water, garbage services, and more. Enjoy the meticulously maintained community amenity center, complete with a swimming pool, spa, BBQ area, car washing station, and a native plant grove. As a successful vacation rental, this property represents an excellent investment opportunity. Don’t miss your chance to own a slice of paradise at Mauna Kea Resort. (Click Here) to view the property details for this spectacular offering.

For a Complete List of Condominiums and Residential Properties Currently Available at the Mauna Kea Resort (Click Here).

For a Complete List of Vacant Land Properties Currently Available at the Mauna Kea Resort (Click Here).

Mauna Kea Beach Hotel Renovation Update:

The resort’s renovation is taking place in two phases:

  • Phase One: Closure of the Main Tower, including the lobby, market, stores, and 156 rooms, began on April 15, 2024. Guest reception has been relocated to Number 3 restaurant near the golf club house. Main Tower rooms will reopen once the Beach Wing closure begins.
  • Phase Two: The Beach Wing, with 96 rooms, is currently open for hotel guests and has a tentative closure starting in November 2024, expected to take 6-7 months.

Dining During Renovation:

  • Breakfast: Manta will remain open but will close for improvements from early September to mid-November. Breakfast will then be served at Copper Bar, which will also offer daily grab-and-go options.
  • Lunch: Hau Tree will remain open throughout the renovation.
  • Dinner: Manta will stay open for dinner until its renovation. During its closure, Copper Bar and Hau Tree will be available, along with dining options at Mauna Kea Beach Hotel’s sister property, the Westin Hapuna including Meridia, Naupaka, and Piko restaurants.

Additional Information:

  • Mauna Kea Golf Course: Closed on April 15, 2024, for extensive enhancements of its fairways, greens, and bunkers. It is expected to reopen in late 2024.
  • Fitness Center: Access will remain uninterrupted. Once the new Spa Wellness Center is complete, the current fitness center will relocate to its new home.

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