Mauna Kea Resort 2023 Mid-Year Market Update: Sales and Trends in Hawai‘i’s Upscale Real Estate Market
In the first half of 2023, there were 9 closed transactions within Mauna Kea Resort amounting to just over $24M in sales volume. This represents an 87% decrease in sales volume from the first half of 2022, when there were 54 sales totaling $188M. Similarly, the first half of this year saw a 78% decrease in sales volume compared to the first half of 2021, which had 39 recorded sales with a volume of $111M.
The outputs below indicate a general decline in sales and market performance in both Mauna Kea Resort and the Kohala Coast, with significant decreases in sales and total sales volume in the first and second quarters of 2023 compared to the previous year.
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. Analyzing data from the past decade is crucial. Currently, average sales prices in the District of South Kohala are still approximately 65% higher compared to the last decade (2010-2020) and roughly 75% higher than average sales prices in South Kohala from 2000-2010. Additionally, it is worth noting that during the first half of this year, there were 9 sales that exceeded $3 million. This number surpasses Q1 – Q2 quantities of sales over $3M in 9 out of the last 15 years.
While the post-pandemic economy and rate hikes have undeniably impacted demand, the scarcity of quality inventory continues to be one of the biggest challenges in the resort housing market on the Kona-Kohala Coast.
Please find below a summary of the sales data for your reference:
Mauna Kea Resort Sales
- 2023 Q1 & Q2: 9 Sales (83% Decrease Year-Over-Year)
- 2022 Q1 & Q2: 54 Sales
- 2021 Q1 & Q2: 39 Sales
- 2020 Q1 & Q2: 20 Sales
- 2019 Q1 & Q2: 18 Sales
Kohala Coast Sales Above $1M (District of South Kohala)
- 2023 Q1 & Q2: 80 Sales (52% Decrease Year-Over-Year)
- 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)
- 2023 Q1 & Q2 9 Sales (82% Decrease Year-Over-Year)
- 2022 Q1 & Q2: 50 Sales
- 2021 Q1 & Q2: 31 Sales
- 2020 Q1 & Q2: 14 Sale
- 2019 Q1 &Q2: 4 Sales
Kohala Coast Average Sales Price (District of South Kohala)
- 2023 Q1 & Q2: $1.092M (28% Decrease Year-Over-Year)
- 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)
- 2023 Q1 & Q2: $249M (55% Decrease Year-Over-Year)
- 2022 Q1 & Q2: $550M
- 2021 Q1 & Q2: $587M
- 2020 Q1 &Q2: $248M
- 2019 Q1 &Q2: $234M
Below please find the Mauna Kea Resort’s July Real Estate Market Update highlighting last month’s (June) sales, resort offerings and local events. I hope you find this information interesting and helpful.
There were three (3) sales within Mauna Kea Resort in June of 2023.
An approx. 3/4 acre vacant lot in the High Bluffs sold for $1.575M.
Unit B47 in the oceanfront Hapuna Beach Residences sold for $2.5M in June. The 1 bedroom 1 bathroom unit consists of 677 square feet of living area.
The first developer sale in The Amaui Villas within Hapuna Estates recorded in late June. Unit 13, which sold for $4.3M is a 4-bedroom, 4.5-bath detached villa home with a private pool & spa and detached garages. The Amaui Villas is the newest development within Mauna Kea Resort, and ONLY 3 of these 15 detached units remain available for sale.
(Click Here) to view detailed information on June sales within Mauna Kea Resort.
New on the Market
The Hawaii Life Mauna Kea team recently listed a Mauna Kea Fairways North classic (pictured above). One of the best locations at Mauna Kea proper, at the end of a private cul de sac, with no rooftops in the view. 6 bedrooms, 6 full baths & 2 half baths, office and media room, with over 5,000+ square feet of living and 1,800 sq. ft. of covered lanai space. Includes private “ohana” above the garage. Ideal indoor/outdoor setting for entertaining family, friends, vacation rental or corporate retreat. Lots of outdoor space upstairs and down, 2 kitchens, formal and informal living rooms and the sound of water throughout. Located on the 5th fairway of the famed Mauna Kea Golf course, the home offers amazing year around unobstructed ocean/sunset and coastline views, plus Mauna Kea and Kohala Mountain views! (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).
ROSEWOOD KONA VILLAGE NOW OPEN:
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 1960’s, 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.