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March 2nd, 2017 5:47 PM by Korby Matsen RB-21643
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 tip of the island and Waimea, the beautiful town in the interior Waimea Valley. 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 most of these areas by visiting the Market Update page on my website.
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The number of single family homes sold in January 2017 in Kohala remained the same as the sales volume of January 2016, with 22 homes selling in both months. That equal number pattern also continued in both North Kohala (6 homes in both months), and South Kohala (16 homes in both months). The number of condos sold year over year in January broke that pattern with a healthy increase, rising from 12 units last year to 19 units this year.
With January being the first month of the year, the year-to-date volume for 2017 will, of course, be the same as January’s monthly number, with 22 homes being sold in both 2016 and this year. As with the January monthly number, this zero change happened in both parts of Kohala. The number of single family homes in North Kohala remained the same with 6 home sold by this time last year as well as this year. South Kohala also remained stagnant, with 16 homes selling last year as well as this year. The number of condos sold year-to-date was the only market segment that was up, rising from 12 units sold last year, to a surprising 19 units sold in this very early 2017.
Even though the volume of single family homes sold in January 2017 and January 2016 in North and South Kohala was unchanged, the change in median sales price was up in both North and South Kohala. The median sale price in South Kohala raised an incredible $197,000 from $427,500 in January 2016 to $625,000 in January of this year, while in North Kohala, the median sales price in January 2017 raised a smaller, but still impressive $70,000 to $387,500 from $317,000 in January 2016. The condo market also experienced a healthy price rise, with the January 2017 median sales price increasing $72,000 to $449,500 from $377,500 in January 2016.
With the median sales price statistic up in all areas and sectors in January 2017, the year-to-date numbers all experienced the same movement as well. The South Kohala market had the largest increase of the two areas of Kohala, with the median sales price increasing 46.20% from $427,500 in 2016 to $625,500 this year. North Kohala also saw a double digit rise in median sales price, increasing 22.05% from $317,500 in 2015 to $387,500 this year. The condo market had the smallest increase but still increased 19.07%, from $377,500 in 2016 to $449,500 this year.
Analysis: Even though the sales volume remained stagnant year over year, the impressive rises in sales prices are encouraging. An increase in sales volume would be an even more encouraging data point, the year is still young and at least the downward trend from December has stopped. Even though we are still in a Buyer’s Market, a lot of the economic indicators are positive, so I look forward to 2017 with guarded optimism.
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. If you own a vacation home in Kohala, learn more about our Vacation Rental Management Program. Mahalo.
January 2017 Kohala Market Highlights
If you enjoyed this Update, you may like Mauna Lani Resort Q4 2016 Market Update