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October 24th, 2015 4:20 PM by Korby Matsen RB-21643
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The number of single family homes sold in Sept 2015 on the Kohala Coast increased slightly from Sept 2014, with 26 homes selling in Sept 2015 up from 23 homes in Sept 2014. That slight increase happened in both North Kohala (from 5 homes up to 7) and South Kohala (from 18 homes up to 19). The only number that saw a dip was the number of condos sold, a reduction of just 3 units from 24 units sold in Sept 2014 to 21 units in Sept 2015.
Along with the increase of the number of single family homes sold in Sept, the overall year-to-date volume also increased in 2015 over 2014, with 217 homes being by this time last year and 242 homes being sold this year. That overall increase, however, did not happen in both parts of the Kohala Coast. The number of single family homes in North Kohala decreased from 50 homes sold by this time last year to 32 homes this year. South Kohala picked up the slack though, with the number of single family homes jumping from 167 homes last year to 210 homes sold this year. The number of condos sold year-to-date is 160 units, down 17 units from 177 units sold in 2014.
The change in median price this Sept over last year was also a mixed bag, with North Kohala and the Condo Market seeing the median sales price decrease while South Kohala saw an increase. The median sale price decreased in North Kohala from $384,000 in Sept 2014 to $370,000 in Sept of this year. While the South Kohala median sales price in Sept 2015 increased a healthy $97,500, to $530,000 from $432,500 in Sept 2014. The condo market median sales price remained virtually unchanged, decreasing a mere $3,000 to $510,000 from $513,000 in Sept 2014.
With median sales price being mixed, the year-to-date in Sept 2015, the year-to-date numbers also continued that trend. Single family homes in South Kohala had the largest increase in its year-to-date numbers, increasing 9.02% from $449,000 in 2014 to $489,500 this year. While the single family homes in North Kohala had a slight increase of 1.12%, going from $578,500 in 2014 to $585,000 this year. The condo market was the number that went down, decreasing a slight 0.63% from $475,000 in 2014 to $472,000 this year. With September typically being one of the slowest months of the year for real estate in Hawaii, these stagnant-type numbers are not very surprising.
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. Mahalo.
Sept 2015 Market Highlights