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October 26th, 2016 11:34 AM by Korby Matsen RB-21643
The Kohala Coast is located on the west coast of the Big Island of Hawaii. It is called the Big Island 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 end of the island. 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 many of these areas by visiting the Market Update Page on my website.To view all homes for sale on the Kohala Coast visit my Home Search Page.To instantly find out what your Kohala Coast home is worth visit my Home Valuation Page.Find out more about our Vacation Rental Management Program on my Vacation Rental Page.
The number of single family homes sold in September 2016 on the Kohala Coast decreased slightly from September 2015, with 26 homes selling in September 2016 down from 28 homes in September 2015. That decrease only happened in North Kohala (from 8 homes down to 4), South Kohala (from 20 homes up to 22) saw a slight uptick. The other market that saw a dip was the condos market, with a reduction of 6 units sold, from 21 units sold in September 2015 to 15 units in September 2016.
Although there was a decrease in the number of single family homes sold in September, the overall year-to-date volume remained the same in 2016 as it did in 2015, with 244 homes being sold by this time last year as well as this year. Even though the overall Kohala number remained the same, this however, did not happen in both parts of the Kohala Coast. The number of single family homes in North Kohala increased from 33 homes sold by this time last year to 44 homes this year. South Kohala, however, lost ground, with the number of single family homes falling from 211 homes last year to 200 homes sold this year. The number of condos sold year-to-date improved slightly at 185 units, up 25 units from 160 units sold in 2015.
While the volume numbers were a mixed bag, the change in median price this September over last year was up across the board. The median sale price increased in North Kohala from $439,000 in September 2015 to a staggering $1,162,500 in September of this year. This type of wild changes in median sales price can be expected in this low sales volume environment. The South Kohala median sales price in September 2016 increased at a steadier rate to $538,000 from $524,000 in September 2015. The condo market median sales price also experienced a dramatic change, increasing a healthy $220,000 to $730,000 from $510,000 in September 2015.
Along with rise in monthly median sales prices in September 2016, the year-to-date numbers also continued that trend, except for the condo market. Single family homes in North Kohala had the largest increase in its year-to-date numbers, increasing an astounding 39.64% from $555,000 in 2015 to $775,000 this year. While the single family homes in South Kohala had a slight increase of 1.84%, going from $490,000 in 2015 to $499,000 this year. The condo market was the only number that went down, decreasing a slight 1.48% from $472,000 in 2015 to $465,000 this year.
Analysis: With the year-to-date volume in 2016 being the exact same number as 2015, the market can be officially called stagnant. Although the sales price trend is upwards, the pace is very slow. The market on the Kohala Coast continues to be a Buyers 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. To read market reports for other areas of the Kohala Coast, visit the Market Update Page. Mahalo.
September 2016 Market Highlights