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Kohala Coast Real Estate News

Kohala Real Estate Update for November 2017

December 24th, 2017 3:40 PM by Korby Matsen

49 Black Sand
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.

 

Queens MarketplaceSouth 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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Puako BeachThe number of single family homes sold in Kohala in November 2017 rose marginally over November 2016, with 24 homes selling in November 2016, while 30 homes were sold this November. But the change in sales volume did not rise in all parts of Kohala. In South Kohala, the volume increased (from 18 homes to 25), but North Kohala experienced a slight decrease of one home (from 6 homes down to 5). The number of condos sold also increased by a single unit year over year in November, from 20 to 21 units.  

 

As like the number of single family homes sold in November, the overall year-to-date Villages at Mauna Lanivolume also increased in 2017 over 2016, with 287 homes being by this time last year and 296 homes sold this year. This overall increase was enjoyed in both parts of Kohala, with the number of single family homes in North Kohala increasing from 53 homes sold last year to 58 sold homes this year and South Kohala increasing from 234 homes last year to 238 homes sold this year. The number of condos sold year-to-date was also a bright spot, rising from 228 units sold in 2016, to an encouraging 259 units sold this year.

 

Although the volume of homes sold in November 2017 from November 2016 inNorth Kohala Kohala increased in all segments, the change in median sales price varied. The median sale price in South Kohala increased a healthy $25,000, from $514,000 in November 2016 to $539,000 in November of this year, while in North Kohala the median sales price in November 2017 decreased a whopping $160,500 to $364,500 from $525,000 in November 2016. But with such a few number of homes selling, wide swings in sales price are to be expected. The condo market experienced a dramatic price change in the other direction, with the November 2017 median sales price increasing to $400,000 from $265,000 in November 2016.

 

Mauna Lani pointThe year-to-date numbers in November 2017 mirrored the changes seen in the monthly numbers. Single family homes in North Kohala was the only segment to see a decrease, dropping 11.03% from $725,000 in 2016 to $645,000 this year. The single-family homes in South Kohala had a similar change in the other direction, increasing 12.47% from $499,000 in 2016 to $561,250 this year, while the condo market increased at a smaller rate, rising 7.26% from $447,500 in 2015 to $480,000 this year.

 

Analysis:  With the monthly and year-to-date sales volumes both increasing in November, median sales prices rising in all segments (besides the North Kohala aberration), and the gradual drop in inventory levels, it appears that the Kohala Coast is finally in a balanced market (5 to 6 months of inventory).

 

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. Read more updates from other areas on the Kohala Coast on my Market Update Page. Mahalo.

 

November 2017 Kohala Market Highlights

  • No. of single family homes sold in North Kohala – 5
  • No. of single family homes sold in South Kohala - 25
  • No. of condo units sold in Kohala – 21
  • YTD No. of single family homes sold in North Kohala – 58
  • YTD No. of single family homes sold in South Kohala – 238
  • YTD No. of condo units sold in Kohala - 259
  • Median sales price of a single-family home in North Kohala - $364,500
  • Median sales price of a single-family home in South Kohala - $539,000
  • Median sales price of a condo in Kohala - $400,000
  • YTD median sales price of a single-family home in North Kohala - $645,000
  • YTD median sales price of a single-family home in South Kohala - $561,250
  • YTD median sales price of a condo in Kohala - $480,000

 

If you enjoyed this update, you may like Mauna Lani ResortReal Estate Update for Q3 2017.

 


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