Mauna Kea Resort June Market Update: Sales and Trends in Hawai‘i’s Upscale Real Estate Market
Aloha,
The South Kohala & North Kona statistics below outline a near year-to-date (YTD) assimilation of the first 5 months of 2023 compared to the first 5 months of last year. The districts of South Kohala & North Kona encompass Mauna Kea Resort, Mauna Lani Resort, Waikoloa Beach Resort, Hualalai Resort, Kukio Golf and Beach Club, and Kohanaiki Private Club Community.
Residential
Median price: YTD $1.033M up 3% from $999K last year.
Closed sales: YTD 216, down 36% from 338 last year.
Condominiums
Median price: YTD $745K down 11% from $839K last year.
Closed sales: YTD 228, down 58% from 361 last year.
Vacant Land
Median price: YTD $456K down 26% from $614K last year.
Closed sales: YTD 63, down 60% from 101 last year.
Overall, the data suggests a mixed picture for the real estate market in the South Kohala and North Kona districts. While residential property prices have experienced a modest increase, the number of closed sales for residential properties, condominiums, and vacant land has significantly decreased. Additionally, both condominium and vacant land prices have declined. These trends could indicate multiple factors such as limited inventory coupled with a slowdown or correction in the real estate market, fewer transactions taking place, and potentially a reduction in Buyer demand.
As 2023 unfolds, we have to look less intensely on activity from mid-2020 to mid-2022, and take a bigger picture view, examining data from the past decade for an accurate understanding of where Hawai‘i’s luxury market is and where it’s headed. It is astonishing that over the past decade, high-end sales volume ($3M+) in Hawai’i grew 416.14%, from $720.53 million in 2012 to $3.72 billion by the end of 2022. Looking back on the past 5 years, high-end sales volume rose 54.43% from $2.41 billion in 2017.
While real estate is more expensive today for those financing, demand remains relatively strong in one of the most desirable places to own a property. Until the market sees more inventory, expect prices to remain comparatively high.
Below please find the Mauna Kea Resort’s June Real Estate Market Update highlighting last month’s (May) sales, resort offerings and local events. I hope you find this information interesting and helpful.
May Sales
There was one sale within Mauna Kea Resort in May of 2023.
Unit C42 in the oceanfront Hapuna Beach Residences sold for $2.2M in May. The 1 bedroom 1 bathroom consists of 690 square feet of living area, and 53 square feet of outdoor patio space. (Click Here) to view the details of this sale
Highlighted Property of the Month
The Hawaii Life Mauna Kea team recently listed an oceanfront condominium within the iconic Mauna Kea Resort (pictured above). Hapuna Beach Residences A25 is a luxurious 2 BD 2.5 BA unit + bonus room which is one of the most sought after floor plans. Consisting of 1,646 square feet of interior living area, and 66 square feet of outdoor patio space, the unit enjoys expansive ocean, coastline and sunset views while sitting within a stones throw from Hapuna Beach. (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 Events
ROSEWOOD KONA VILLAGE OPENING JULY 2023:
Twelve years after a earthquake-generated tsunami damaged the iconic Kona Village Resort, it is reopening under Rosewood Hotels & Resort’s management this summer. Conceptualized and developed by intrepid explorer Johnno Jackson in the early 1960s, the original Kona Village Resort was best known for its free-standing, palm thatch roof hales and tranquil location. When Kona Village debuted in 1965, it was so isolated that guests had to arrive by boat or air taxi.
Located on Kahuwai Bay along the North Kona Coast, this special site was inhabited nearly 1,000 years ago, and was once home to migrating settlers from Polynesia. Navigators and sailors by nature, the village became a place of trade and commerce due to easy access by the coast. Memories of the destination’s renowned deep-sea fisherman are immortalized in the petroglyphs that can be found in and around the boundaries of Kona Village, A Rosewood Resort today.
The Rosewood Kona Village is accepting reservations for stays as of July 1, 2023. The Rosewood spans 81 acres, with 150 standalone guest hales (standalone, palm thatch roof structures), each with a private lanai, an outdoor shower, and a sense of seclusion. Kona Village will feature several dining outlets (including the original Shipwreck Bar and Talk Story Bar), an Asaya Spa, two outdoor pools, tennis courts, a gym, and a cultural center.
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