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September 30th, 2017 2:27 PM by Korby Matsen
The Kohala Coast is located on the west coast of the Big Island of Hawaii. It is called the Big Island as to not confuse it between the State of Hawaii and the Island of Hawaii. Kohala is split into two areas, North Kohala and South Kohala, with North Kohala covering the more rural northern end of the island.South Kohala covers the major, world class resorts of Mauna Kea Resort, Mauna Lani Resort and Waikoloa Beach Resort, the small town of Waikoloa Village, located 6 miles inland from the resorts and Waimea, the beautiful town in the interior Waimea Valley. You can find market updates for many of these areas by visiting the Market Update Page on my website.
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The number of single family homes sold in August 2017 in Kohala increased moderately over August 2016, with 28 homes selling in August this year, up from 22 homes selling in August 2016. This marginal increase happened in both parts of Kohala, with the volume in North Kohala rising from 3 homes sold in August 2016 to 4 homes this year, and South Kohala’s August 2017 number rising to 24 homes from 19 homes last August. The number of condos sold in August 2017 however, saw a dramatic decrease from 2016, dropping from 31 units last August to 17 units this year. Even with the moderate increase in the monthly numbers, the year to date volume in 2017 has yet to catch up with 2016, with 212 homes being sold this year, down from 218 homes being sold by this time in 2016. This slight decrease was not felt in both parts of Kohala with number of single family homes sold in North Kohala actually increasing a little (from 40 homes in 2016 to 42 homes this year) while the sales volume in South Kohala experienced a decrease (from 178 sold homes last year to 170 homes this year). In spite of the large drop in their monthly number, the year-to-date number of condos sold is still ahead of last year’s pace, rising from 170 units sold last year, to 184 units sold in 2017.
Even though this marginal increase in the volume of single family homes sold in August 2017 compared to August 2016 happened in both parts of Kohala, the change in median sales price did not fare so well in both the North Kohala and South Kohala regions. The median sale price in North Kohala dropped from $702,500 in August 2016 to $640,000 in August of this year, while in South Kohala, the median sales price saw a significant rise, from $482,000 in August 2016 to $608,000 in August this year. The change in median sales price in North Kohala can easily be skewed in one direction or the other when dealing with such a low volume of sales. The condo market also experienced a modest price increase, with the August 2017 median sales price rising to $565,000 from $440,000 in August 2016.
As with the monthly sales price numbers, the year-to-date numbers also did not rise across all markets, although, the only region to see a decrease was North Kohala. The median year-to-date sales price in the condo market saw a modest gain of 12.46% from $445,000 in 2016 to $500,444 this year. Meanwhile, South Kohala’s single family home median sales price also received a nice gain, increasing a 13.27% from $495,000 in 2016 to $560,700 this year. The single family homes in North Kohala saw the only decrease, dropping 12.54%, from $737,500 in 2016 to $645,000 this year. Again, this had more to do with the volatility of a low volume market, than any kind of trend.
Analysis: As we progress through 2017, both the monthly and year-to-date sales volume numbers in Kohala go up a little some months and down a little other during other months. One trend that continues upward is sales prices. So when it comes to amount of inventory Buyers will be happy, and when it comes to sales price, Sellers will be happy.
If you are thinking of buying or selling a home anywhere on the Kohala Coast, contact me today. I will produce a customized market report for the neighborhood or area you are interested in. To view more Market Updates from the different areas of the Kohala Coast, visit the Market Update Page on my website. Mahalo.
August 2017 Kohala Coast Market Highlights
If you enjoyed this update, you might like North Kohala Market Update for Q2.