Market Trends

Mauna Kea Resort 2022 Year-End Market Update and Recap: Exciting News About Future Plans at Mauna Kea Resort Enclosed

Now that 2023 has arrived the team at Mauna Kea Realty has finalized its transition to our affiliate, Hawaii Life and our new website, I thought it is important to let you know that I will continue to provide my monthly Mauna Kea Resort Market Updates. Before looking back at the Mauna Kea Resort real estate market in 2022, I would like to share exciting news about some future plans at Mauna Kea Resort.

Islander Sake Brewery, an Oahu-based sake brewery and sushi restaurant will soon be expanding their brewery operations to the old Arnie’s Restaurant site at the Hapuna Golf Clubhouse. In the near future, Islander Sake Brewery will roll out the brewery operation with plans to eventually open a restaurant at a later late.

Mauna Kea Resort will be moving forward with its plans for an extensive renovation to the Mauna Kea Beach Hotel that were put on hold due to the pandemic. The resort plans on obtaining permits at some point this year with an estimated start date of April 2024. Renovations will include all guest rooms, and a new spa is planned for 2025. Other plans include additional parking, some of which will be covered with photovoltaic panels, and golf course improvements which include new greens and bunkers. Also, Kohala Coast Urgent Care is now located at the Westin Hapuna Beach Hotel on the 6th floor.

Transitioning back to real estate, the Mauna Kea Resort and the greater Kona-Kohala coast market remained quite resilient in 2022 despite the numerous factors that adversely affected the world economy and money markets. This led to fear of a recession and home sales cooling significantly in certain markets, accompanied with mortgage rates recently crossing the 6 percent threshold for the first time since 2008. And as history continues to show, the Big Island’s Kona-Kohala Coast has fared better than other markets during slowdowns.

In 2022 there was a total of 65 closed sales within Mauna Kea Resort which represents a 10% decrease compared to the 72 closed transactions in all of 2021, and a 10% increase compared to the 59 closed transactions in all of 2020. Furthermore, there was approximately $258 Million in sales volume recorded within the Mauna Kea Resort in 2022 which is a 14% increase compared to the $226 Million in sales recorded in 2021, and a 43% increase compared to the $180 Million in sales recorded in 2020.

Although there were 7 fewer recorded sales in 2022 compared to the previous year when we witnessed the most closings ever in one calendar year within Mauna Kea Resort, sales volume last year was up $32 Million compared to 2021, which was the strongest year for real estate in the history of the Kona-Kohala coast. The decrease in number of sales coupled with the increase in sales volume elucidates that prices continue to push upwards; a 28% average sales price increase in 2022 compared to the previous year within Mauna Kea Resort.

Mauna Kea Resort Year-End Statistics

Mauna Kea Resort Sales:

2022 : 65 Sales     (10% Decrease Year-Over-Year)
2021 :  72 Sales
2020:  59 Sales
2019:   31 Sales

Mauna Kea Resort Average Sales Price:

2022:  $3.97M       (28% Increase Year-Over-Year)
2021:    $3.10M
2020:   $3.06M
2019:    $2.26M

Mauna Kea Resort Total Sales Volume:

2022:  $258M       (14% Increase Year-Over-Year)
2021:    $226M
2020:   $180M
2019:    $70M

Greater Kona-Kohala Coast Overview

The South Kohala & North Kona statistics below outline a year-over-year (YOY) assimilation of 2022 compared to recent previous years. These outputs highlight the buoyant levels of demand in our market segment. This year’s sales production and overall sales volume slightly trail those of 2021, however as previously mentioned, 2021 was the strongest year in the history of real estate on Hawaii Island.

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.

Kona-Kohala Coast Sales Above $1M

2022: 601 Sales    (17% Decrease Year-Over-Year)
2021:  721  Sales
2020: 387 Sales
2019:  274 Sales

Kona-Kohala Coast Sales Above $3M 

2022:  146 Sales    (23% Decrease Year-Over-Year)
2021:   190 Sales
2020:  103 Sales
2019:   57 Sales

Kona-Kohala Coast Sales Above $10M 

2022: 16 Sales      (47% Decrease Year-Over-Year)
2021:  30 Sales
2020: 6 Sales
2019:  6 Sales

Kona-Kohala Coast Average Sales Price

2022: $1.41M         (11% Increase Year-Over-Year)   
2021:  $1.27M
2020: $966K
2019:  $806K

Kona-Kohala Coast Total Sales Volume

2022: $2.19B         (29% Decrease Year-Over-Year)
2021:  $3.07B
2020: $1.74B
2019: $1.45B

Looking Ahead

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. Last year over 70% of the residential/condo sales within Mauna Kea Resort sold at, or over the list price.

Looking ahead, Matt Beall, CEO and principal broker for Hawaii Life, said the new year will bring a few surprises in Hawaii’s ultra-luxury real estate market. “At a time when the overall market is contracting, I think we’re going to see several very high-end transactions this year, if not record-breaking prices,” Beall said in a statement provided to Pacific Business News. “There’s still a lot of very well-funded demand and the other options for investment are less appealing than they have been in recent years. The lack of inventory will be an issue for the real estate market at large, but in the ultra-luxury segment, deals will go together whether the properties are publicly listed for sale or not.”

As a result of a strong year, our team’s inventory of available properties is very low. As we progress through the winter season there is need for additional inventory in all segments of the market, particularly behind the main gated entrance to the Mauna Kea Resort. The current lack of inventory is sure to create a demand for owners who may be considering selling.

If you have considered selling, or would like to explore that option, this is an opportune time to take advantage of a strong market. If you have any questions about recently sold properties or if you are curious about the value of your property, our team is here to help. As Hawai’i Island’s Real Estate market continues to evolve, I’m here to help. Feel free to contact me with any of your real estate questions.  I look forward to continuing to provide you with the highest level of personalized real estate services in Hawaii.

Below please find a breakdown of the 2022 sales categorized by community or sub areas within the Mauna Kea Resort.  

2022 Sales Breakdown

(Click Here) to view the locations of the respective communities below.

Fairways South: There were two (2) single family home sales that traded for $3.095M ($892 PSF) and $6.9M ($1,751 PSF). For detailed information on these sales in the Fairways South (Click Here).

Fairways North: There were two (2) vacant land sales. A consolidated 2.7 acre Lot #27 sold for $2.1M, and the 39,000 SF Lot #15 sold for $3.045M. For details on the 2022 sales in the Fairways North (Click Here).

The Villas: Villa #3, #13, and #22 sold at the median price of $5.5M. All three of these Villas were upgraded 3 bedroom units from their original 2 bedroom configuration.  The 2,684 square foot 3 bedroom 2.5 bathroom units sold after an average of 9 days on market (DOM). For details on the Villa sales (Click Here).

Kauna’oa: There were two (2) sales. A  5 bedroom 6.5 bathroom (4,787 SF) single family home on Lot #2 sold for $8.575M ($1,791 PSF) and Halia Hale 9B townhome sold off-market for $6M ($1,677 PSF). For a detailed list of 2022 sales within Kauna’oa (Click Here).

The Bluffs: A second row single family home consisting of approx. 8,141 interior square feet sold last August for $15M ($1,849 PSF). The home consists of 4 bedrooms, 4 bathrooms, and 2 half bathrooms. (Click here) to view the property details of Bluffs #22.

High Bluffs: A vacant Lot in the High Bluffs sold for $1.699M in early 2022. (Click Here) to view the property details of High Bluffs Lot #3.

Wai’ula’ula: There were a total of nine (9) sales. Seven (7) four-plex units sold, and two (2) duplex Villas sold. The four-plex units had an average sales price of $2.54M, up 74% from the average sales price of $1.41M in 2021. The duplex Villa units had an average sales price of $3.22M, up 50% from the average sales price of $2.15M in 2021. The four-plex units had an average of 28 days on market (DOM) and the duplex Villas averaged 4 days on the market (DOM). For a detailed list of 2022 sales within Wai’ula’ula (Click Here).

Kumulani: There were three (3) condominium sales with an average sales price of 1.5M, up 30% from the average sales price of $1.16M in 2021. The sold units averaged of 8 days on market (DOM). For a detailed list of 2022 sales within Kumulani (Click Here).

Moani Heights: There were two (2) single family home sales within the Uplands Community of Moani Heights. Moani Heights #16 sold for $3.625M after 16 days on the market (DOM) and Moani Heights #11 sold off-market for $4.35M. For a details (Click Here).

Hapuna Beach Residences: In addition to two (2) resales, twenty-four (24) of the 68 developer units at Hapuna Beach Residences at Mauna Kea Resort closed escrow in 2022. For a detailed list of the Hapuna condominium sales (Click Here).

Hapuna Estates in the Uplands: There was a total of twelve (12) sales. Most notable, two development parcels sold for a combined $20.4M. These parcels make up over 15 acres and have preliminary entitlements for a mix of 52 duplex style units ranging from 2,350 SF to 3,200. Furthermore, eight (8) ± half acre vacant lots sold at the average price of $1.6M. Lastly, two (2) brand new single family spec homes sold for $5.7M and $6.9M. (Click Here) for detailed information on all the Hapuna Estates sales in the Uplands at Mauna Kea Resort.

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).

Team Track Record & Success Stories

Our team proudly serves all of the Kona-Kohala Coast. Over the past decade, our firm has sold over $1.4 Billion of real estate in the resort market segment. Within Mauna Kea Resort, over the past decade our team has sold over $600M of real estate, which is 50% more than the closest competing brokerage. Performance based on results, not promises.

The Kohala Coast is our home. This is where we live, work, play, and serve our clients. Our expertise is the result of more than four decades of specialization in Kona-Kohala Coast real estate. Our team understands every feature, benefit and offering at each resort and community along the coast.

Our area knowledge and long-term perspective are enhanced by the unrivaled statewide network, global affiliations, brand recognition, and digital platforms of Hawai‘i Life, making us the brokerage firm for all your Kona-Kohala Coast needs. With 350+ agents and now 24 offices statewide, Hawai’i Life is the exclusive statewide affiliate of Forbes Global Properties and an affiliate of Luxury Portfolio International®. Both networks serve top-tier markets around the world, adding tremendous reach and exposure for our clients. We invite you to consult our team of highly talented professionals, who service all sectors of the real estate market, including oceanfront, resort, ranch, single-family, condominium and vacant land properties.

(Click Here) to read my “Success Stories” testimonials. If you have specific needs with which I might be able to assist you, please do not hesitate to call or email.

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