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November 20th, 2015 9:18 AM by Korby Matsen
Search all homes for sale on the Kohala Coast by Clicking This Link.The number of single family homes sold in Oct 2015 in Kohala decreased slightly compared to Oct 2014, with 24 homes selling this year, down from 28 homes selling in Oct 2014. This decrease was isolated to South Kohala only (from 25 homes down to 21), with North Kohala remaining unchanged (3 homes in both years). The condo market also experienced a decrease, with the number of condos sold in Kohala decreasing from 15 units in Oct 2014 to 11 units in Oct 2015.
Although there was a slight decrease in the number of single family homes sold in October, the overall year-to-date volume saw an increase in 2015 over 2014, with 245 homes being by this time last year and 268 homes being sold this year. Although that year-to-date increase did not happen in both parts of Kohala, North Kohala had a decrease of 17 homes sold, dropping from 53 homes sold by this time last year to 36 homes this year. But South Kohala helped picked up the slack, with the number of single family homes jumping from 192 homes last year to 232 homes sold this year. The number of condos sold year-to-date also saw a decline, with 171 units selling this year, down from 192 units sold in 2014.
The decrease in the number of single family homes sold in Oct 2015 from Oct 2014 in South Kohala may be one of the contributing factors in the decrease of the median sales price, but probably not in North Kohala. Because of the low volume in homes sold in North Kohala, the median sales price can vary widely when a higher or lower priced home, outside the norm, sells. This is one of the reasons that North Kohala experienced a dramatic decrease in median sales price, dipping from $620,000 in Oct 2014 to $510,000 in Oct of this year. As with the number of homes sold in North Kohala, South Kohala’s median sales price in Oct remained unchanged at $450,000 for both 2014 and 2015. The condo market also saw a softening of median sales price, with the Oct 2015 median sales price decreasing to $392,000 from $450,000 in Oct 2014.
With the median sales price statistic either down or unchanged in Oct 2015, it is not a surprise that the year-to-date numbers were also somewhat mixed. The only market segment that saw an increase in year-to-date median sales price were the single family homes in South Kohala, increasing 8.01% from $449,500 in 2014 to $485,500. The single family homes in North Kohala decreased 3.72%, going from $605,000 in 2014 to $582,500 this year. The condo market also had a decrease, dropping a slight 0.53% from $472,500 in 2014 to $470,000 this year. Even with the mixed numbers for October, as a long term investment, buying a home or condo on the Kohala Coast remains a wise decision.
If you are thinking of buying or selling a home on the Kohala Coast, contact me today. I will produce a customized market report for the neighborhood or area you are interested in. Read more about the Kohala Coast on My Blog page. Mahalo.
Oct 2015 Market Highlights