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July 18th, 2015 4:37 PM by Korby Matsen
The number of single family homes sold in June 2015 on the Kohala Coast increased slightly over last year, with 24 homes selling in June 2014 up to 26 homes in June 2015. That increased however, did not happen in both North Kohala and South Kohala. North Kohala saw a decrease from 5 to 2 homes sold, while South Kohala picked up the slack with an increase from 19 homes sold in June 2014 to 24 homes sold this year. The number of condos sold decreased slightly from 117 units sold in June 2014 to 114 units sold this year. The slight increase in the number of single family homes sold in June reflects the overall year-to-date volume increase of homes sold in Kohala, with 135 homes being sold by this time last year and 152 homes sold this year. That overall increase did not happen in both parts of Kohala. The number of single family homes in North Kohala has yet to catch up to last year’s numbers, with 34 homes sold by this time last year to just 18 homes this year. South Kohala though, is well ahead of last year, with the year-to-date number of single family homes jumping from 101 homes sold last year to 134 homes sold this year. The number of condos sold year-to-date also decreased slightly, down to 114 units sold from 117 units sold in 2014.
The decrease in the number of single family homes sold in June 2015 compared to June 2014 in North Kohala did not prevent the median sales price from spiking up dramatically. The median sale price in North Kohala increased from $525,000 in June 2014 to a whopping $1,033,750 in June of this year. Of course, with only two homes selling in June in North Kohala, this number is easily skewed with the sale of one high priced home. The South Kohala median sales price also increased, just not as dramatically, rising from $453,000 in June 2014 to $499,500 in June 2015. The condo market did not fare as well, with the June 2015 median sales price dropping to $415,500 from $507,000 in June 2014.
Despite the drop in the condo median sales price 2015, the year-to-date numbers of all sectors are all moving in an upward direction. Single family homes in South Kohala once again had the largest increase, percentage wise, increasing 8.98% from $440,000 in 2014 to $479,500 in 2015. The single family homes in North Kohala had a slight increase of 2.65%, going from $615,000 in 2014 to $632,500 this year, the condo market had an even smaller increase, rising 1.08% from $465,000 in 2014 to $470,000 this year. These year over year numbers prove that buying a home on the Kohala Coast continues to be a wise investment, as well as tropical dream come true.
If you are considering 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. Mahalo.
June 2015 Market Highlights