Want Market Reports sent to your Inbox ? Sign up here for Monthly Updates.
January 13th, 2019 11:11 AM by Korby Matsen
The Kohala Coast is the majestic area located on the west coast of the Big Island of Hawaii. The name Big Island came about as to distinguish it from the State of Hawaii. Kohala is split into two areas, North Kohala and South Kohala, with North Kohala covering the northern, more rural end of the island, which includes the small towns of Hawi and Kapa’au, as well as the Kohala Ranch neighborhoods a little farther south.
South Kohala covers the world class resorts of Mauna Kea, Mauna Lani and Waikoloa Beach Resorts, 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.
The overall sales volume of single-family homes in Kohala increased marginally in 2018 over 2017, with 326 homes being sold last year and 341 sold in 2018. However, this overall increase did not happen in both parts of Kohala. In North Kohala the volume decreased by one, falling from 67 homes sold in 2017 to 66 sold in this year, but the number of single-family homes sold in South Kohala increased from 259 homes in 2017 to 275 homes sold this year. The number of condos sold in 2018 also had a healthy increase, rising from 275 units sold in 2017, to 303 units sold this year.
When it comes to the median sale price, single-family homes all areas of Kohala experienced an increase. North Kohala had the largest increase, rising a dramatic 19.45% from $640,000 in 2017 to $764,000 this year. The single-family homes in South Kohala had a more subdued increase, rising 5.66%, rising from $565,000 last year to $597,000 in 2018. The condo market also did well price wise, increasing an impressive 10.66% from $488,000 in 2017 to $540,000 this year.
Analysis: The sales volume and median sales price numbers on the Kohala Coast all saw an increase in every market segment. The is impressive in that 2017 was itself a pretty good year. Most communities on the Kohala Coast are in a Balanced Market (5-6 months of inventory) by varying degrees and that remained constant throughout the year. This all adds up to 2018 being an exceptional year in the Kohala Coast Real Estate Market.
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.
2018 Kohala Real Estate Market Highlights
If you enjoyed is update, you may like Mauna Lani Resort Market Update for Q3 2018.