Mauna Kea Resort December Market Update: Sales and Trends in Hawai‘i’s Upscale Real Estate Market

Aloha from Jake at Mauna Kea Realty,

As history has shown, the Big Island‘s Kona-Kohala Coast has fared better than other markets during slowdowns, and as we near the end of 2022, the Kona-Kohala Coast market has remained quite resilient despite the numerous factors that have adversely affected the world economy and money markets the past several months. This has led to fear of a recession and home sales cooling significantly, accompanied with mortgage rates recently crossing the 6 percent threshold.

Current inventory in the resort segment remains relatively low, and quality, strategically located properties are still in high demand with properties in certain resort nodes selling almost immediately as they come on the market. One of the most intriguing results we are witnessing is that prices continue to push upwards; a 31% average sales price increase year-over-year within Mauna Kea Resort, and an 18% average sales price increase year-over-year in the district of South Kohala. Conversely, total sales volume and the number of sales in our market segment are contracting due to a combination of Buyer uncertainty, lack of inventory, and robust prices coupled with much higher interest rates compared to a year ago.

The impressive 2022 year-to-date Mauna Kea Resort & Kohala Coast outputs below elucidate the buoyant levels of demand in our market segment. This year’s sales production and overall sales volume outputs slightly trail those of 2021; however, last year was the strongest year in the history of real estate on Hawaii Island.

Mauna Kea Resort Sales

2022 Jan-Dec: 64 Sales     (10% Decrease Year-Over-Year)
2021 Jan-Dec:  71 Sales
2020 Jan-Dec:  56 Sales
2019 Jan-Dec:  31 Sales

Mauna Kea Resort Average Sales Price

2022 Jan-Dec: $4.00M       (31% Increase Year-Over-Year)
2021 Jan-Dec:  $3.06M
2020 Jan-Dec:  $2.97M
2019 Jan-Dec:  $2.26M

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

2022 Jan-Dec: 234 Sales    (14% Decrease Year-Over-Year)
2021 Jan-Dec:  272 Sales
2020 Jan-Dec:  141 Sales
2019 Jan-Dec:  104  Sales

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

2022 Jan-Dec: 62 Sales      (2% Decrease Year-Over-Year)
2021 Jan-Dec:  63 Sales
2020 Jan-Dec:  43 Sales
2019 Jan-Dec:   8 Sales

Kohala Coast Average Sales Price (District of South Kohala)

2022 Jan-Dec: $1.49M        (18% Increase Year-Over-Year)   
2021 Jan-Dec: $1.26M
2020 Jan-Dec: $1.01M
2019 Jan-Dec: $738K

Kohala Coast Total Sales Volume (District of South Kohala)

2022 Jan-Dec: $782M         (25% Decrease Year-Over-Year)
2021 Jan-Dec: $1.05B
2020 Jan-Dec: $605M
2019 Jan-Dec: $456M

Find below the Mauna Kea Resort’s December Real Estate Market Update highlighting last month’s (November) sales, resort offerings, and local trends. I hope you find this information interesting and helpful.

November Sales

There were two (2) sales within Mauna Kea Resort in November of 2022.

Most notably, our team represented the Seller of Villa #22 at Mauna Kea Resort. The unit sold at the full ask price after only five (5) days on the market.

Furthermore, a 4 bedroom 4 bathroom 2,880 square foot home located in the Uplands community of Moani Heights sold off market in early November for $4.35M.

(Click Here) to view the detailed list of November sales within Mauna Kea Resort.

Highlighted Property of the Month

Hapuna Beach Residences #C42 is a luxurious 1 bedroom condominium with 690 square feet of living area, and 53 square feet of outdoor patio space. The unit enjoys expansive ocean, coastline and sunset views while sitting within a stones throw from Hapuna Beach.

Features include pocket doors, European Oak engineered wood flooring, Coral stone accent wall, Milk oak panel accents, LED lighting, Nest AC control, Motorized shades & blackout, Subzero refrigerator, Wolf induction cooktop, microwave and oven, Miele dishwasher and coffee machine, Quartzite countertops, Asko washer & dryer, Built-in closets, and more.

Owners at Hapuna Beach Residences enjoy the benefits of being able to utilize services of the Westin Hapuna such as valet parking, bellman services, and the ability to order room service. Owners can join the Club at Mauna Kea Resort. The membership includes beach and pool access at two world-class hotels, discounts and charge privileges on food and beverage at 8 resort restaurants to choose from, special rates for tennis and golf, and much more.

The unit is being sold fully furnished and in “move in” condition with strong vacation rental history, over $200K in gross rental income year-to-date, and advanced bookings in place. (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).

Local Trends

USGS: Mauna Loa Eruption ‘May Still’ be Active, but Lava Flows Have Ceased:

The U.S. Geological Survey said Fissure 3 “may still be active,” though activity has definitely waned. What is clear: All lava flows are inactive, meaning they’re not advancing downslope. “The Hawaiian Volcano Observatory overflight found only residual incandescence and no lava movement in the F3 vent,” USGS said, in its latest update. Over the weekend, the alert level for Mauna Loa volcano was downgraded from a warning to a watch. Decreasing the alert level for the volcano means there are limited hazards associated with the eruption. The announcement comes after officials previously said the eruption was no longer posing a threat to the Daniel K. Inouye Highway, a key thoroughfare that connects Hilo and Kona. Officials continued to reiterate there is no direct threat to downslope communities.