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January 18th, 2020 1:50 PM 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 sales volume in all market segments moved slightly in one direction or another in 2019. North Kohala experienced the largest change, with the sales volume increasing by 9%, from 67 single-family homes sold in 2018 to 73 sold in 2019. The number of single-family homes sold in South Kohala increased by just one unit, from 276 homes in 2018 to 277 homes sold this past year. The number of condos sold in 2019 experienced a slight decline, falling from 304 units sold in 2018, to 301 units sold in 2019, a drop of 1%.
The same could be said about the median sale price in 2019, with single-family homes in all areas of Kohala experiencing slight variations from their 2018 numbers. North Kahala had the largest variation, falling a modest 3% from $755,000 in 2018 to $735,000 in 2019. The single-family homes in South Kohala had a small move in the other direction, rising a slight 0.50%, from $596,000 in 2018 to $599,000 in 2019. The condo market also had a very slight move, decreasing a minor 0.93% from $540,000 in 2018 to $535,000 in 2019.
Analysis: The sales volume and median sales price numbers on the Kohala Coast all experienced changes so small they could be considered insignificant. With 2017 and 2018 being two solid years, the sales volume in 2019 being the same amount is not necessarily a bad thing, but the stagnant median sales prices are somewhat surprising. As we enter 2020, it remains to be seen if this is a market “pause” or a trend.
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.
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2019 Kohala Real Estate Market Highlights
If you enjoyed is update, you may like Mauna Lani Resort Market Update for Q4 2019.