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Kohala Coast Real Estate News

Kohala Real Estate Market Report for July 2016

August 27th, 2016 4:52 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.

 

To view all homes for sale on the Kohala Coast visit my Home Search Page.

To instantly find out what your Kohala Coast home is worth visit my Home ValuationPage.

Learn more about our low Vacation Rental Management Fees on my Vacation Rental Page.

 

The number of single family homes sold in July 2016 in Kohala decreased notably over July 2015, with 25 homes selling in July this year, down from 41 homes selling in July 2015. That decrease came in large part because of the decrease in sales in South Kohala, as the volume in North Kohala actually increased slightly (4 homes sold in 2015 to 5 homes this year). South Kohala saw its sales volume in July 2016 drop significantly over July of last year (from 36 homes down to 21 homes). The number of condos sold in July also saw slight increase, rising from 13 units last year to 15 units this year.    

 

Along with the drop in the monthly number, the year to date volume also saw a decrease in 2016, with 190 homes being sold this year, as opposed to 193 homes being sold by this time in 2015.  This decrease was not experienced in both parts of Kohala, with the number of single family homes in North Kohala increasing modestly from 23 homes sold in 2015, to 36 homes this year, while the South Kohala sales volume dropped from 170 sold homes last year to 154 homes sold this year. The year-to-date number of condos sold enjoyed a healthy increase, rising from 128 units sold last year, to 137 units sold in 2016.

 

Although the increase in volume of single family homes sold in July 2016 compared to July 2015 was not enjoyed in both parts of Kohala, the change in median sales price did increase in both the North Kohala and South Kohala regions. The median sale price in South Kohala rose from $519,000 in July 2015 to $565,000 in July of this year, while in North Kohala, the median sales price in July 2016 raised a significant $283,500 to $838,500 from $555,000 in June 2015. The change in median sales prices 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 July 2016 median sales price rising to $529,000 from $490,000 in July 2015.

 

The year-to-date numbers did not enjoy the same across the board rises as the monthly median sales prices did, although he only sector to see a decrease was the condo market. The median year-to-date sales price in the condo market has continued a trend that first started in January by dropping a modest 5.32% from $470,000 in 2015 to $445,000 this year. Meanwhile, North Kohala saw a double digit change in the other direction for its median sales price, increasing an robust 26.02% from $615,000 in 2015 to $775,000 this year, again, this had more to do with the “skewing effect” that low number of sales brings. The single family homes in South Kohala had a slight increase, edging upward 2.06%, from $485,000 in 2015 to $495,000 this year.

 


Analysis
: The best way I can think to describe the current state of the Real Estate Market on the Kohala Coast is “muddling” slightly upwards. As we progress through 2016, both the monthly and year-to-date numbers go up a little some months and down a little other months.  Although the trend is upwards, the pace is very slow. Whether you find this to be good news or bad news will depend on whether you are a Buyer or a Seller.

 

If you are thinking of buying or selling a home anywhere on the Kohala Coast, contact me. 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. To view more Market Updates from the different areas of the Kohala Coast, visit the Market Update Page.

Mahalo.

 

July 2016 Kohala Coast Real Estate Market Highlights

  • No. of single family homes sold in North Kohala – 4
  • No. of single family homes sold in South Kohala - 21
  • No. of condo units sold in South Kohala - 15
  • YTD No. of single family homes sold in North Kohala – 36
  • YTD No. of single family homes sold in South Kohala – 154
  • YTD No. of condo units sold in South Kohala - 137
  • Median sales price of a single family home in North Kohala - $838,500
  • Median sales price of a single family home in South Kohala - $565,000
  • Median sales price of a condo in South Kohala - $529,000
  • YTD median sales price of a single family home in North Kohala - $775,000
  • YTD median sales price of a single family home in South Kohala - $495,000
  • YTD median sales price of a condo in South Kohala - $445,000           

 








 


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