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Kohala Coast Real Estate News

Kohala Real Estate Market Update for November 2016

December 29th, 2016 9:43 AM 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. 

 


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The number of single family homes sold in Kohala in November 2016 remained the same as November 2015, with 23 homes selling in both November 2015 and 2016. But the change in sales volume was not the same in all parts of Kohala. In South Kohala, the volume decreased (from 20 homes down to 17), while North Kohala had an uptick in volume (from 3 homes up to 6). The number of condos sold also increased year over year in November from 10 to 19 units.  

 

Although the number of single family homes sold in November from year to year remained the same, the overall year-to-date volume actually decreased in 2016 over 2015, with 291 homes being by this time last year and 286 homes sold this year. This overall decrease did not happen in both parts of Kohala. As with the monthly number, the number of single family homes in North Kohala increased from 39 homes sold last year to 55 sold homes this year. South Kohala, however, saw the number of single family homes sold dropping from 252 homes last year to 233 homes sold this year. The number of condos sold year-to-date was a bright spot, rising from 183 units sold in 2015, to an encouraging 227 units sold this year.

 

Even though the volume of single family homes sold in November 2016 from November 2015 in Kohala was stagnant, the change in median sales price varied between North and South Kohala. The median sale price in South Kohala increased a healthy $40,500, from $509,000 in November 2015 to $550,000 in November of this year, while in North Kohala the median sales price in November 2016 decreased a whopping $150,000 to $525,000 from $675,000 in November 2015. But with such a few number of homes selling, wide swings in sales price are to be expected. The condo market also experienced a dramatic price drop, with the November 2016 median sales price decreasing to $230,000 from $418,000 in November 2015.

 

As with the monthly median sales price, the November 2016 year-to-date numbers were also a mixed bag. Single family homes in North Kohala had the largest increase, increasing 18.85% from $610,000 in 2015 to $725,000 this year. But again, with a low volume of homes selling, wide swings in sales price are to be cexpected. The single family homes in South Kohala had a slight increase of 2.36%, going from $487,000 in 2015 to $499,000 this year, while the condo market did not fare so well, decreasing 2.17% from $460,000 in 2015 to $450,000 this year.

 

Analysis:  With the monthly sales volume in November of single family homes remaining the same as last year and the year-to-date number decreasing, it is safe to say that single family home sales have stalled. The bright spot is the condo market, which saw increases in the monthly and year-to-date sales volume. But with this increase in volume also came a decrease in sales price.  The November numbers continue the “mixed bag” trend we have seen throughout 2016, little to no increase in sales volume or prices.


 

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 buying or selling in. You can also instantly find out the value of your Kohala Coast home by visiting my Home Valuation Page.

 

If you found this Market Update informative, see more updates from other areas on the Kohala Coast on my Market Update Page. Mahalo.

 

Nov 2016 Market Highlights

  • No. of single family homes sold in North Kohala – 6
  • No. of single family homes sold in South Kohala - 17
  • No. of condo units sold in Kohala - 19
  • YTD No. of single family homes sold in North Kohala – 53
  • YTD No. of single family homes sold in South Kohala – 233
  • YTD No. of condo units sold in Kohala - 227
  • Median sales price of a single family home in North Kohala - $525,000
  • Median sales price of a single family home in South Kohala - $550,000
  • Median sales price of a condo in Kohala - $230,000
  • YTD median sales price of a single family home in North Kohala - $725,000
  • YTD median sales price of a single family home in South Kohala - $499,000
  • YTD median sales price of a condo in Kohala - $450,000



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