Mauna Kea Resort August Market Update: Sales and Trends in Hawai‘i’s Upscale Real Estate Market
Aloha from Jake at Mauna Kea Realty,
Mauna Kea Realty’s parent company Hawai’i Life just released their 2022 Midyear Q1 + Q2 Hawai’i Luxury Market Report.
The report states that, at the end of the second quarter, statewide luxury sales outpaced the same period in 2021 in the number of transactions and total dollar value, by 1.4% and 2.15%, respectively. The report defines luxury as sales over $3 million and ultra-luxury as sales above $10 million.
Hawaii Life noted that overall luxury sales volume has increased nearly 563% in the past decade, from $373 million in the first half of 2012 to nearly $2.48 billion in the first half of 2022.
The report also states Hawai‘i Life and Mauna Kea Realty were the statewide market leader in sales over $3M, representing 101 of the 848 sides of business in 2022 Q1-Q2, making our team the leading brokerage statewide in high-end listings and sales, with 12% of the market share of all sales above $3M.
Furthermore, our team was the statewide market leader in the highest end of the luxury market this year, representing 13 of the 94 sides of business that closed above $10M in Q1+Q2, capturing a 14% market share. The average ultra-luxury real estate sale was $16.6M. This is a hyper-competitive market driven by timeless relationships and an exceptional standard of service. Securing market share in the market’s top tier is only accomplished with sustained relationships of trust and fidelity, remarkable leadership, service, and insight. Our team demonstrates a capacity to handle the market’s (new) volume at scale, and without compromise.
The Big Island Luxury Market Overview can be found on page 29 of the report. The report states, Hawai‘i Island home buyers paid an average of 95.48% of the listing price for their luxury property in Q1 and Q2, while the island’s average sales price per sq. ft. was $1,867. The average days on market (DOM) for the first half of 2022 was 78.53, down -36.97% from 124.59 days in the first two quarters of 2021.
You can access the full 2022 Midyear Q1 + Q2 Hawai’i Luxury Market Report by (Clicking Here).
Find below the Mauna Kea Resort’s August Real Estate Market Update highlighting last month’s (July) sales, resort offerings and local trends. I hope you find this information interesting and helpful.
There were 3 sales within Mauna Kea Resort in July of 2022.
Most notably, Mauna Kea Realty represented the Seller and worked directly with the Buyer of Hali’a Hale #9B at Kauna’oa which sold for $6M. By way of unparalleled marketing, diligence and skilled negotiating, our team participated in the highest priced sale for a Hali’a Hale townhome in the history of the community. Average sales prices in Mauna Kea Resort have increased 14% compared to last year when we witnessed the strongest year ever for real estate on the Kohala Coast.
Furthermore, Mauna Kea Realty represented the Seller of Wai’ula’ula #C102. The unit sold in early July for $2.931M which is the highest-priced sale for a fourplex unit in the history of Wai’ula’ula at Mauna Kea Resort.
Lastly, a 1,341 SF 2 bedroom 2 bathroom developer unit at the Hapuna Beach Residences sold for $3.95M.
The Hapuna Beach Residences at Mauna Kea Resort are 68 whole-ownership condominiums ranging from one to four bedrooms in a variety of floor plans — some with pools, all with incredible ocean and coastline views located within a stone’s throw to one of the most beautiful crescent white sand beaches in Hawai’i. At this time, there is only one (1) 1BD unit being offered for resale within the development. Please feel free to contact me for additional information regarding resale units and/or to tour the Hapuna Beach Residences.
(Click Here) to view the detailed list of July sales within Mauna Kea Resort.
Highlighted Property of the Month
Mauna Kea Realty is offering one of the last remaining building sites within the desirable Kauna’oa at Mauna Kea Community. This homesite overlooks the private par 3 Weiskopf practice course and fronts on the 13th fairway of the Mauna Kea Golf Course with views of the Kohala Mountains. This level, graded lot has a building envelope area of approx. 29,827 square feet.
The owner has obtained preliminary Kauna’oa community and County of Hawaii approvals and permits for a 5 bedroom 5 1/2 bath home with special features such as a fitness room, large private interior courtyard with swimming pool, spa, and sun deck. House plans by architect Stephen Green are included. SGA designs reflect the highest degree of creativity, eloquence and innovation combined with a perfect balance of indoor-outdoor living.
In addition to the privileges offered by the Mauna Kea Beach Hotel and Westin Hapuna Beach Hotel through the Club at Mauna Kea Membership program, homeowners at Kauna’oa can enjoy the private Kauna’oa Club amenities including a private fitness center, pool, spa, meeting room, concierge services, locker room with steam, sauna and massage rooms. Kauna’oa homeowners also enjoy the privilege of accessing the white sand beach, golf clubhouse and hotels via private golf carts. (Click Here) to view the property details and renderings for this spectacular offering.
SELL YOUR HAWAII HOME AND YOU’LL LIKELY MAKE A BIG PROFIT: One analysis says there were huge gains statewide, with the biggest average gain during the second quarter of this year at 110.5% on Hawai‘i Island. The average margins in the second quarter were 62.1% on Kauaʻi, 79.4% on Maui and 110.5% on Hawaiʻi Island. The average gain for Hawaiʻi Island went from $119,900 two years ago to $246,719 in the second quarter of 2021 to $261,875 in the second quarter of this year. Nationally, the average gain in the second quarter was $123,869, a 38% boost from $90,000 a year ago, according to ATTOM. (www.hawaiibusiness.com/)