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March 24th, 2016 1:44 PM by Korby Matsen
The Kohala Coast is located on the west coast of the Big Island of Hawaii. The Big Island received its name 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 each of these areas by visiting my Market Report Page.
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The number of single family homes sold in February 2016 in Kohala increased ever so slightly from February 2015, with 26 homes selling in February 2015 up to 27 homes in February 2016. That increase came from an uptick in volume in North Kohala(from 2 homes up to 4), because South Kohala lost a little ground during this time(from 24 homes down to 23). The number of condos sold year over year in February also saw a slight decrease, dipping from 17 units last year to 14 units this year.
With February only being the second month of the year, the monthly volume was a little under half of what the overall year-to-date volume was, with 49 homes being sold this year, as opposed to 47 homes being sold by this time in 2015. As with the February monthly number, this overall increase did not happen in both parts of Kohala. The number of single family homes in North Kohala increased from 3 homes sold by this time in 2015, to 10 homes this year. South Kohala, however, saw a slight decrease in volume, dropping from 44 homes last year to 39 homes sold this year. The number of condos sold year-to-date also was up, rising slightly from 24 units sold last year, to 26 units sold in 2016.
Even though the volume of single family homes sold in February 2016 from February 2015 in North and South Kohala was virtually unchanged, the change in median sales price saw healthy increases in both North and South Kohola. The median sale price in South Kohala rose from $470,200 in February 2015 to $537,500 in February of this year, while in North Kohala, the median sales price in February 2016 increased a whopping $332,500 to $745,000 from $412,500 in February 2015. This type of a wild swings in median price is quite common when dealing with such a low volume of sales. The condo market experienced a more stable price increase, with the February 2016 median sales price rising to $492,500 from $460,000 in February 2015.
With such healthy rises in the monthly median sales price in all areas and sectors in February 2016, you would expect the same with the year-to-date numbers, well you would be partly right. The only sector to see a decrease was the condo market, and quite a decrease it was. The median year-to-date sales price in the condo market dropped a surprising 20.11% from $497,500 in 2015 to $397,450 this year. Meanwhile, North Kohala saw a double digit change in the other direction for its median sales price, increasing 24.65% from $355,000 in 2015 to $442,500 this year, again, more to do with the low number of sales in that area. The single family homes in South Kohala had a more modest increase, edging upward 3.13%, from $457,200 in 2015 to $471,500 this year.
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, or you can find out what your Kohala Coast home is worth instantly by visiting my Home Valuation Page.
February 2016 Market Highlights