Mauna Kea Resort April Market Update: Sales and Trends in Hawai‘i’s Upscale Real Estate Market

Aloha from Jake at Mauna Kea Realty,

Year-to-date, 730 residential homes were sold island-wide, compared to 805 in the first quarter of 2021, a decrease of ↓9%; 236 condos sold, compared to 323 in Q1 2021, a decline of ↓27%; and there were 754 sales of vacant land, compared to 747 during the same period last year, a slight increase of ↑2%.

Furthermore, median sales prices island-wide for residential properties are up ↑17% year-over-year. Likewise, median sales prices for condominiums are up ↑14% year-over-year, and the median sales prices for vacant land are up ↑26% this year compared to the first 3 and a half months of last year.

As we progress through Q2 of 2022 on the Kohala Coast, we are witnessing unprecedented levels of demand with virtually no inventory. We do not anticipate a slowdown in demand; however, the diminishing number of quality properties available for sale at the high-end is proving to be our market’s biggest challenge in 2022.

The strong Q1 2022 Mauna Kea Resort & Kohala Coast outputs below elucidate the unprecedented levels of demand in our market. Inventory is as low as it’s ever been, but properties are getting “snapped up” at the fastest pace they ever have, selling almost immediately as they come on the market. Prices continue to push upwards, however total sales volume and number of sales are contracting due to the lack of inventory.

Mauna Kea Realty’s inventory of available properties within Mauna Kea Resort and along the Kona-Kohala Coast is very low. This is an opportune time for owners who may be considering selling to take advantage of a strong and bullish market.

Mauna Kea Resort Sales

2022 Q1: 23 Sales     (8% Decrease Year-Over-Year)
2021 Q1: 25 Sales
2020 Q1: 9 Sales
2019 Q1: 6 Sales

Kohala Coast Sales Above $1M (District of South Kohala)

2022 Q1: 77 Sales     (3% Increase Year-Over-Year)
2021 Q1: 75 Sales
2020 Q1: 32 Sales
2019 Q1: 19 Sales

Kohala Coast Sales Above $3M (District of South Kohala)

2022 Q1: 20 Sales     (54% Increase Year-Over-Year)
2021 Q1: 13 Sales
2020 Q1: 10 Sales
2019 Q1: 1 Sale

Mauna Kea Resort Average Sales Price

2022 Q1: $3.313M     (21% Increase Year-Over-Year)
2021 Q1: $2.729M
2020 Q1: $3.212M
2019 Q1: $1.651M

Kohala Coast Average Sales Price (District of South Kohala)

2022 Q1: $1.432M     (22% Increase Year-Over-Year)   
2021 Q1: $1.170M
2020 Q1: $874K
2019 Q1: $633K

Kohala Coast Total Sales Volume (District of South Kohala)

2021 Q1: $250M        (6% Decrease Year-Over-Year)
2020 Q1: $266M
2019 Q1: $176M
2018 Q1: $89M

Find below the Mauna Kea Resort’s April real estate market update highlighting last month’s (March) sales, resort offerings, and local trends. I hope you find this information interesting and helpful.

March Sales

There were 9 sales within Mauna Kea Resort in March 2022.

Most notably, Mauna Kea Realty represents the Seller and Buyer in the sale of Villa #3 which closed escrow for $5.51M in early March.

A 37,206 square foot vacant lot in the High Bluffs sold for $1.699M after 2,225 days on the market.

Kumulani #D4 sold after 2 days on the market for $1.5M. The 2 bedroom 2 bathroom unit consists of 1,541 SF.

There were two sales within Wai’ula’ula. Four-plex unit J201 and Duplex unit #322 sold in late March.

Lastly, four (4) approx. 1,500 SF 2 bedroom 2 bathroom units at the Hapuna Beach Residences sold at a median price of $3.9M.

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 are zero (0) units left for sale 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 March sales within Mauna Kea Resort.

Resort Offerings

Mauna Kea Realty is offering the ONLY 3 bedroom condominium unit available for sale within the Mauna Kea Resort. Wai’ula’ula C102 is one of only three 3 bedroom units currently available for sale on the entire Kohala Coast.

This is an opportunity to own arguably the best located unit within the private gated community of Wai’ula’ula at Mauna Kea Resort! Wai’ula’ula C102 overlooks the 15th fairway and green of the Hapuna Golf Course while enjoying expansive unobstructed ocean, coastline, and year round sunset views.

Wai’ula’ula C102 is being sold fully furnished and in “move in” condition. The 3 bedroom 3 bath unit has 2 master bedrooms on the view with 2,082 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.

Features include stone floors, wall to wall carpet in the living and bedrooms, coffered ceilings with crown molding, cherry wood cabinetry throughout, framed pocket doors, granite countertops, Wolf stainless steel gas cook-top, wall oven and microwave as well as a SubZero stainless steel refrigerator. The built-in outdoor kitchen boasts marble countertops and backsplash and is equipped with a Wolf BBQ, SubZero mini fridge, and a wet-bar sink.

In addition to the Mauna Kea Club amenity opportunities, owners at Wai’ula’ula enjoy the benefits of the private amenity center with a fitness room, infinity pool, keiki (children’s) pool, spa, recreational pavilion with meeting room, and an outdoor BBQ area. The clubhouse is equipped with a complete kitchen, a large flat screen TV, and ample seating. The clubhouse is a special feature that can be reserved for private meetings or entertaining. Owners and guests at Wai’ula’ula enjoy the convenience of being within close proximity to Mauna Kea Beach and Hapuna Beach, two of the finest white sand beaches in Hawaii. (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).

Local Trends

West Coast Buyers Make Big Splash on Hawaii Island

California homebuyers accounted for nearly a third of the total sales volume on each of the two islands last year – $1.1 billion of the $4 billion spent purchasing Hawaiʻi Island homes, and $495 million of $1.6 billion on Kauai.

Here are some interesting details inside those overall numbers:

Double 2019: Hawaiʻi Island’s sales volume of just under $4 billion last year was double the sales volume for 2019, the last full year before the Covid-19 pandemic. More homes were sold on Hawaiʻi Island last year, too – 5,724 homes and condos traded hands, a 47% jump from 2019, according to Title Guaranty statistics.

Kohala Coast: More than three-quarters of Hawaiʻi Island’s total sales volume in 2021 – $3.1 billion, or 78% – was generated on the Kohala Coast district, which in Title Guaranty Hawaii’s data also includes the North Kona coast. The 2,450 sales in that district were 43% of the island’s total.

Local vs. Mainland Buyers: While 48% of the individual sales in the Kohala Coast were to Hawaiʻi buyers, they accounted for just 28.5% of the dollar volume in that area. Only 22% of the buyers were from California, but they accounted for 31% of the dollar volume. Similarly, 8% of buyers were from Washington state and accounted for 12% of the volume.          (https://www.hawaiibusiness.com/)