Mauna Kea Resort October Market Update: Strong Growth Continues For Big Island Market Year To Date
Mauna Kea Resort October Market Update
The total number of homes sold on the Big Island in October increased by approximately 17% compared to October of 2018. This October 214 homes sold, which was a significant increase from the 183 homes sold in October of 2018. The median price of the homes sold this October increased by 4.5% compared to October of last year, according to statistics provided by Hawaii Information Service.
Meanwhile, the median price of condominiums on the Big Island rose 14% this October compared to October of last year. That was based on sales of 75 units, which was an increase of approximately 9% from the 69 condominiums sold in October of last year.
Year-to-date sales and median prices for homes and condominiums were both higher for the first 10 months of this year than they were in 2018, which indicates that the Big Island market continues to grow stronger as we steadily approach our winter selling season on the Kohala Coast.
Within Mauna Kea Resort, we have witnessed 30 sales since January 2019. Mauna Kea Realty has represented clients in 18, or 60% of those transactions totaling over $48 Million in sales volume. Year-to-date Mauna Kea Realty has done more than twice as much in sales volume within the resort compared to our closest competitor; 153% more in sales volume to be exact.
Find below the Mauna Kea Resort’s October Real Estate Market Update highlighting October sales, new offerings, and local trends. I hope you find this information interesting and helpful*.
There were two closed transactions within Mauna Kea Resort in the month of October.
Wai’ula’ula I-101 sold last month for $1.2 Million after being on the market for 289 days. The 3 bedroom, 3 bath unit has 2 master bedrooms on the view with 2,082 SF of air-conditioned living space, 506 square feet of covered and open lanai patio together with a spacious one car garage with storage, plus 1 uncovered undesignated parking stall. (Click Here) to view the property details.
Mauna Kea Realty represented the Seller and worked directly with the Buyer of Kumulani I-1, which sold for $735K in early October. Kumulani I-1 is a 1,375 square foot downstairs unit comprised of 2 bedrooms and 2 bathrooms. The unit offers sweeping ocean views and has a large wrap-around lanai. (Click Here) to view the property details.
New On The Market
Two properties were recently listed within Mauna Kea Resort.
Mauna Kea Realty just listed a clean and updated unit within the private gated community of Wai’ula’ula at Mauna Kea Resort. Wai’ula’ula M201 overlooks the 11th fairway and green of the Hapuna Golf Course while offering unobstructed ocean, coastline, sunset, Kohala Mountain, and Maui views. Wai’ula’ula M201, which is being offered for $1.35 Million, was recently updated with all new interior paint, furnishings, art, and interior design. The unit is being sold fully furnished and in “move-in” condition. The 3 bedroom, 3 bath unit has 2 master bedrooms on the view with 2,111 SF of air-conditioned living space, 253 square feet of covered lanai and patio together with a spacious one car garage with storage, plus 1 uncovered undesignated parking stall. The unit has a strong vacation rental history with advanced bookings in place. (Click Here) to view the listing details.
Kumulani J4 recently hit the market and is being offered for $939K. The 3 bedroom, 2 bathroom unit consists of 1,541 square feet and enjoys panoramic ocean, sunset and mountain views from the 375 square foot wrap-around, covered lanai. (Click Here) to view the property details.
Mauna Kea Realty has an off-market exclusive in-house listing located in the desert highlands of the Big Island, midway between the Mauna Kea Resort and the rural town of Waimea. The house, which is featured on the popular architecture, design, and technology website Dwell, is sited on a dry hillside facing southwest with sweeping views of three towering volcano peaks, vast lava escarpments and a broad expanse of Pacific Ocean. A wild episodic stream cascades through desert rocks when rain falls in the mountains high above the house to the north. The intention of this project is elemental—to make it possible to live comfortably outdoors on this wild site with minimal intervention and only the rawest material construction. This intention requires thoughtful shaping of wind, light, temperature, humidity, and views. The home is constructed out of site-cast concrete; local hardwoods; prefabricated galvanized steel; prefabricated weathering sheet steel; local lava rock and blue stone gravel; glass and translucent polycarbonate. The house is off-grid and self-contained with all power provided by a rooftop PV array. Priced at $3.4 million (Click Here) to view this spectacular new offering. Please feel free to contact me for additional information.
SUPPLY, DEMAND, AND OCCUPANCY FOR VACATION RENTAL UNITS GROWS STATEWIDE
The supply, demand, and occupancy rate of vacation rental units throughout the state were all up year-over-year compared to the same period last year. According to the Hawaii Vacation Rental Performance Report, the total supply of vacation rental units grew 13% to nearly 913,300, while demand grew 18% to more than 622,000. That resulted in a unit occupancy of 68%, marking an increase of nearly 3 percentage points. Hawaii Island saw substantial increases in both supply and demand (up 15% and 24%, respectively). The occupancy rate and ADR for Hawaii Island vacation rental units also both saw increases but were the lowest among the four counties. (Source: www.bizjournals.com)
HAWAII HOTELS LEAD TOP US MARKETS
Hotels throughout Hawaii are having a good year. In fact, Hawaii hotels had higher RevPAR and ADR then all the other top markets in the United States for the first three quarters of 2019, according to the Hawaii Hotel Performance Report, which is published by the Hawai‘i Tourism Authority (HTA). When compared to other top U.S. markets, the hotels of the Hawaiian Islands earned the highest RevPAR at $228 for the first nine months of 2019, followed by San Francisco/San Mateo at $211 and New York City at $207. Hawaii also led the U.S. markets in ADR at $281, followed by San Francisco/San Mateo at $254 and New York City at $243. The Hawaiian Islands ranked third for occupancy at 81.3 percent, with New York City topping the list at 85.4 percent. (Source: www.travelpulse.com)