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

Aloha from Jake at Mauna Kea Realty,

Hawaii’s luxury real estate market remains a strong Seller’s market. Prices continue to rise as inventory contracts.

As inventory continues to whittle along the Kona-Kohala Coast, the number of residential and condominium sales on the Big Island are slowing, and were lower last month than each of the last 12 months. In fact, inventory has decreased by more than -35% in the last 12 months, while the volume of sales has fallen slightly over -6% over the same period. Each of the last 12 months have seen fewer and fewer active listings. However, prices are holding and continuing to rise, as inventory continues its downward trend.

According to January statistics provided by Hawaii Information Services, there were 32 fewer single-family home sales last month on the Big Island than in January 2021, 216 compared to 248, a -13% decrease. There were also 20 fewer condominiums sold on the Big Island January over January – 65 last month compared to 85 in 2021, a -24% decrease.

Additionally, median residential home prices on the Big Island rose by +20% in January compared to the prior year, and median condominium prices increased +11%. Median sale prices for vacant land climbed +27%, and rose +124% for commercial properties.

As we progress through the first quarter 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 may prove our market’s biggest challenge in 2022.

If you have considered selling, or would like to explore that option, this is an opportune time to take advantage of a strong and bullish market. If you have any questions about recently sold properties or if you are curious about the value of your property, our team is here to help. Feel free to contact me with any of your real estate questions.

Find below the Mauna Kea Resort’s February Real Estate Market Update highlighting last month’s (January) sales, resort offerings, and upcoming local events. I hope you find this information interesting and helpful.

January Sales

There were 6 sales within Mauna Kea Resort in the first month of 2022.

Most notably, Mauna Kea Realty represent the Seller and Buyer in the sale of a new, high-quality home in the prestigious private gated community of Kauna’oa. The home sold for $8.575M in early January.

Three vacant lots in the Uplands community of Hapuna Estates sold at the median price of $1.9M.

Furthermore, a 4 bedroom 4 bathroom 3,000 square foot home located in the Uplands community of Moani Heights sold for $3.625M after only 16 days on the market.

Lastly, one of the January recordings was a resale within the Hapuna Beach Residences. A ground level 2 bedroom 2 bathroom unit with a plunge pool sold last month for $6.1M. The unit originally sold in July of 2021 for $3.995M.

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 less than 10 units left for sale within the development. Please feel free to contact me for additional information regarding available units and/or to tour the Hapuna Beach Residences.

(Click Here) to view the detailed list of January sales within Mauna Kea Resort.

New On The Market

Currently, there is an off-market single-family home being offered for sale on the ocean side of the highway at Mauna Kea Resort. Please feel free to contact me for photos and additional information regarding this rare opportunity.

Furthermore, Mauna Kea Realty is proud to announce the fourth offering by Greg Brown of Brown Development in the prestigious private gated community of Kauna’oa at Mauna Kea. “Makai Hale” is situated overlooking the private Weiskopf designed Par 3 Practice Course with sweeping golf course views out to the signature water feature.

Under construction and scheduled for completion in January 2023, “Makai Hale” provides 4,288 square feet of single-level living with five bedrooms plus a media room and six bathrooms and 1,466 square feet of covered lanai situated on a site of close to 27,000 square feet. “Makai Hale” offers a unique layout with two separate outdoor entertaining areas.

The primary outdoor space with its generous pool and spa, outdoor kitchen and tiki torches overlooks the golf course while the secondary interior courtyard space provides additional outdoor space to read, relax and enjoy. Top-of-the-line appliances and high-quality finishes coordinated with the assistance of Shirley Wagner of Fine Design Interiors, “Makai Hale” will be the next shining star within this quality community located in the iconic Mauna Kea Resort.

“Makai Hale” is located in close proximity to the path to the world-famous Mauna Kea beach. Walk or bike to the white sand beach of Kauna’oa Bay providing all the amenities the Mauna Kea Resort has to offer. Golf cart access is also an option to drive near the beach with convenient parking located at the bottom of the path for Kauna’oa homeowners.

Owners within Kauna’oa will enjoy the benefits of the Kauna’oa Homeowners Clubhouse facility including a fitness center, pool, spa, indoor and outdoor massage hales, meeting room, concierge services and the private Weiskopf Par 3 practice course with no tee times required. Mauna Kea Resort Club benefits are also available to the new owners of this very special home. (Click Here) to view the property details and architectural renderings of the home.

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 Events

NUMBER 3 RESTAURANT IS NOW REOPEN

Just a reminder that Number 3 restaurant located at the Mauna Kea Golf Course is now reopen with hours of 11:30 am to 2:30 pm.

NORTH KOHALA COMMUNITY RESOURCE CENTER 5TH ANNUAL GOLF TOURNAMENT: 

Tee it up with us to support the North Kohala Community Resource Center’s 5th annual golf tournament at the Hapuna Golf Course at Mauna Kea Resort. The North Kohala Community Resource Center provides local support, bridges to funding and education for projects that benefit the community of North Kohala.

Four-person scramble shotgun start begins at 9:00am. $160 per person entry includes shared cart, green fees, practice facilities, lunch sponsored by Mauna Kea Resort, fun camaraderie and great prizes! Donations and sponsor opportunities welcomed.

Contact Phone: 808-889-5523
info@northkohala.org
Contact Name: Michelle Kawai
Contact Organization: North Kohala Community Resource Center