Mauna Kea Resort October Market Update: Q1-Q3 Sales Statistics Enclosed

Aloha from Jake at Mauna Kea Realty,

It remains evident that the high-end of the real estate market on the Kohala Coast is strongly influenced by desire and location, rather than cost and affordability. In Q1-Q3 of 2022, we saw 61 closed transactions within Mauna Kea Resort totaling over $243M in sales volume which represents a 39% increase in sales volume from Q1-Q3 of 2021 when we witnessed 54 sales making up $175M in sales volume, and a 212% increase in sales volume from Q1-Q3 of 2020 when there were 29 recorded sales for $78M in volume.

As we progress into the final stretch of 2022 on the Kohala Coast, we do not anticipate a slowdown in demand; however, the diminishing number of quality properties available for sale at the high-end is proving to be our market’s biggest challenge this year.

Mauna Kea Realty’s inventory of available properties within Mauna Kea Resort and along the Kona-Kohala Coast is very low. This is an opportune time for owners who may be considering selling to take advantage of a strong and bullish market.

The strong Q1-Q3 2022 Mauna Kea Resort & Kohala Coast outputs below elucidate the high levels of demand in our market. Inventory in the resort segment is as low as it’s ever been, but quality, strategically located properties are still in high demand with properties in certain resort nodes selling almost immediately as they come on the market. Prices continue push upwards, however total sales volume and the number of sales in certain market segments are contracting due to the lack of inventory.

Mauna Kea Resort Sales

2022 Q1-Q3: 61 Sales     (13% Increase Year-Over-Year)
2021 Q1-Q3: 54 Sales
2020 Q1-Q3: 29 Sales
2019 Q1-Q3: 26 Sales

Mauna Kea Resort Average Sales Price

2022 Q1-Q3: $3.99M     (23% Increase Year-Over-Year)
2021 Q1-Q3: $3.25M
2020 Q1-Q3: $2.70M
2019 Q1-Q3: $1.82M

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

2022 Q1-Q3: 207 Sales     (4% Decrease Year-Over-Year)
2021 Q1-Q3: 216 Sales
2020 Q1-Q3: 88 Sales
2019 Q1-Q3: 81 Sales

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

2022 Q1-Q3: 58 Sales          (14% Increase Year-Over-Year)
2021 Q1-Q3: 51Sales
2020 Q1-Q3: 23 Sale
2019 Q1-Q3: 4 Sales

Kohala Coast Average Sales Price (District of South Kohala)

2022 Q1-Q3: $1.50M      (20% Increase Year-Over-Year)   
2021 Q1-Q3: $1.25M
2020 Q1-Q3: $923K
2019 Q1-Q3: $688K

Kohala Coast Total Sales Volume (District of South Kohala)

2022 Q1-Q3: $698M        (18% Decrease Year-Over-Year)
2021 Q1-Q3: $855M
2020 Q1-Q3: $389M
2019 Q1-Q3: $342M

Find below the Mauna Kea Resort’s October real estate market update highlighting last month’s (September) sales, resort offerings, and local events. I hope you find this information interesting and helpful.

September Sales

There were 2 sales within Mauna Kea Resort in September of 2022.

Both sales were development parcels in the Hapuna Estates Community located in the Uplands of Mauna Kea Resort.

Parcel D-5 is an approx. 6.5 acre property which sold for just over $6M. The property has preliminary entitlements for a 16-unit condominium development (8 duplex buildings) with amazing ocean, Kona Coast, Maui and mountain views. The preliminary plans are for single-story contemporary residences consisting of approximately 2,350 SF.

Parcel D-2 is an approx. 9.4 acre property which sold for $14.4M. The property has preliminary entitlements for a 36-unit condominium development (18 duplex buildings) with golf course and ocean views. The preliminary plans are for two-story townhome style residences consisting of approximately 3,200 SF.

Please feel free to contact me for similar development opportunities along the Kohala Coast.

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

New on the Market

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 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 Events

Bourbon, Beer & BBQ

October 28, 2022

The Mauna Kea Beach Hotel will be the sight for the kick-off of Hawaii Island’s celebration of the Twelfth Annual Hawaii Food & Wine Festival on Friday, October 28, 2022. It will be an evening of Bourbon, Beer & BBQ from 6:00 pm to 9:00 pm.

The Hawaii Food & Wine Festival has attracted notable attention over the last 11 years in highlighting Hawaii’s exceptional agricultural produce, livestock and seafood through our corps of world-class chef participants. The Festival experience serves to not only reflect our island culture but also gives back to the local community, with proceeds from every purchase donated to local nonprofits and ‘aina-based organizations.

(Click Here) for Details & Reservations.

Mahalo,

Jake Chancer
REALTOR, RS-80158

Jake@MaunaKeaRealty.com
808.937.6958

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