Mauna Kea Resort 2024 Mid-Year Market Update: Sales and Trends in Hawai’i’s Upscale Real Estate Market
In the first half of 2024, there were 19 closed transactions within Mauna Kea Resort amounting to just over $82M in sales volume. This represents a 242% increase in sales volume from the first half of 2023, when there were 9 sales totaling $24M in volume. Furthermore, the first half of this year saw a 56% decrease from 2022, when there were 54 sales totaling $188M in volume. 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.
The data below reveals a significant rebound in the market following the uncertainty of the post-pandemic economy and the peak interest rates we saw in 2023, the highest in 20 years. In summary, the Hawaii housing market for the first half of 2024 shows robust demand, increasing home prices, and promising opportunities for both sellers and buyers. Despite the high cost of living, the unique advantages of residing in this clean, safe tropical paradise continue to attract interest and investment.
Although average home prices are reaching new highs, a major challenge in the resort housing market on the Kona-Kohala Coast is the limited availability of quality inventory. Turnkey properties in prime locations are in high demand, with some selling almost immediately upon listing.
Looking ahead, it is expected that buyers and sellers may need to make concessions to close deals as we enter Q3. While there was some hesitation in Q2, we anticipate that both parties will adjust to the current market conditions. Given buyer price sensitivity, we anticipate that motivated sellers in certain areas may need to accept price reductions as we progress through the third quarter.
Please find below a summary of the sales data for your reference:
Mauna Kea Resort Sales
- 2024 Q1 & Q2: 19 Sales (111% Increase Year-Over-Year)
- 2023 Q1 & Q2: 9 Sales
- 2022 Q1 & Q2: 54 Sales
- 2021 Q1 & Q2: 39 Sales
- 2020 Q1 & Q2: 20 Sales
- 2019 Q1 & Q2: 18 Sales
Mauna Kea Resort Average Sales Price
- 2024 Q1 & Q2: $4.34M (61% Increase Year-Over-Year)
- 2023 Q1 & Q2: $2.70M
- 2022 Q1 & Q2: $3.49M
- 2021 Q1 & Q2: $2.85M
- 2020 Q1 & Q2: $2.96M
- 2019 Q1 & Q2: $1.80M
Mauna Kea Resort Total Sales Volume:
- 2024 Q1 & Q2: $82M (242% Increase Year-Over-Year)
- 2023 Q1 & Q2: $24M
- 2022 Q1 & Q2: $188M
- 2021 Q1 & Q2: $111M
- 2020 Q1 & Q2: $59M
- 2019 Q1 & Q2: $32M
Kohala Coast Sales Above $1M (District of South Kohala)
- 2024 Q1 & Q2: 119 Sales (49% Increase Year-Over-Year)
- 2023 Q1 & Q2: 80 Sales
- 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)
- 2024 Q1 & Q2: 25 Sales (178% Increase Year-Over-Year)
- 2023 Q1 & Q2: 9 Sales
- 2022 Q1 & Q2: 50 Sales
- 2021 Q1 & Q2: 31 Sales
- 2020 Q1 & Q2: 14 Sales
- 2019 Q1 &Q2: 4 Sales
Kohala Coast Average Sales Price (District of South Kohala)
- 2024 Q1 & Q2: $1.676M (53% Increase Year-Over-Year)
- 2023 Q1 & Q2: $1.092M
- 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)
- 2024 Q1 & Q2: $370M (49% Increase Year-Over-Year)
- 2023 Q1 & Q2: $249M
- 2022 Q1 & Q2: $550M
- 2021 Q1 & Q2: $587M
- 2020 Q1 &Q2: $248M
- 2019 Q1 &Q2: $234M
Below please find the Mauna Kea Resort’s Mid-Year Real Estate Market Update highlighting recent sales, resort offerings and the latest update on the Mauna Kea Beach Hotel Renovations. I hope you find this information interesting and helpful.
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