Mauna Kea Resort June Market Update: Sales and Trends in Hawai‘i’s Upscale Real Estate Market
As we advance into the second half of 2022, the Kona-Kohala Coast real estate market is still witnessing unprecedented levels of demand even in spite of the decline in number of quality properties available for sale at the high-end, which has proven to be our market’s biggest conundrum this year.
With the Consumer Price Index increasing by 8.6% from a year earlier, the U.S. inflation rate accelerated to a 40-year high in May. This has prompted the Fed to raise its benchmark interest rates by 0.75% to 1.50%–1.75% this past Wednesday as the new target range for the federal rate. Helping to mitigate the effects of inflation is a strong labor market with the economy creating close to half a million jobs every month and unemployment is hovering below a historically low rate of 4%.
Locally, we have yet to see a correction in real estate prices or demand. In fact, prices on the Big Island continued to climb last month, according to newly released statistics. Bear in mind, last year was one of the strongest years for real estate ever recorded in the state of Hawaii with regard to sales volume and peak prices. Although we have seen fewer sales transactions this year, and a decrease in overall sales volume due to an inventory shortage, median sales prices continue to ascend. While headlines have proclaimed the arrival of a bear market on Wall Street, property owners on the Big Island choosing to sell are taking advantage of a strong and bullish local real estate market.
The South Kohala & North Kona statistics below outline a year-to-date (YTD) assimilation of the first 6 months of 2022 compared to the first 6 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.
Median price: YTD $999K up 17% from $855K last year.
Closed sales: YTD 368, down 32% from 546 last year.
Median price: YTD $858K up 49% from $576K last year.
Closed sales: YTD 398, down 38% from 638 last year.
Median price: YTD $614K up 51% from $405K last year.
Closed sales: YTD 106, down 50% from 211 last year.
While real estate is more expensive today for those financing, demand remains strong in one of the most desirable places to own a property. Until the market sees more inventory, expect prices to remain near current highs.
Find below the Mauna Kea Resort’s June Real Estate Market Update highlighting last month’s (May) sales, resort offerings, and homeowner & club member events. I hope you find this information interesting and helpful.
There were 11 sales within Mauna Kea Resort in May 2022.
Most notably, Mauna Kea Realty successfully represented the Buyer and was able to pinpoint the property for the client in the off-market transaction of Fairways South #31 which sold last month for $6.9M. In this competitive market, the insider knowledge of an experienced and professional agent is an integral asset in achieving one’s real estate goals.
Furthermore, Ten (10) units at the Hapuna Beach Residences sold at a median price of $3.85.
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 May sales within Mauna Kea Resort.
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.
ICONS of WINE Weekend: Special GUEST Silvio Di Silvio – June 24 – 26
Please join us for our NEXT Icons of Wine Weekend featuring Special Guest Silvio Di Silvio of Antinori Wines. Enjoy three glorious evenings beginning on Friday, June 24 at Manta with special dishes by Chef Ryan Brannigan accompanied with wines from the Prunotto Winery. Then Saturday, June 25 takes you to Meridia for The Black Rooster and dishes prepared by Chef Junior Ulep accompanied by Chianti Classico wines. The weekend concludes on Sunday, June 26 at Manta with Special Guest Silvio di Silvio and a 4 course dinner paired with a selection of exquisite wines from Tuscany!
Reservations can be made through Mauna Kea Concierge desk or by calling 808-882-5707. For Details (Click Here).