Want Market Reports sent to your Inbox ? Sign up here for Monthly Updates.
November 9th, 2018 7:17 AM by Korby Matsen RB-21643
The Kohala Coast is located on the west coast of the Big Island of Hawaii. They call it The Big Island to avoid the confusion 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. containing the historic small towns of Hawi , Kapa’au, and the Kohala Ranch communities.
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.
View all Homes for Sale on the Kohala Coast. Instantly find out what your Kohala Coast home is worth. Discover how you can save $1000’s with my Vacation Rental Management Program.
The number of single-family homes sold on the Kohala Coast in September 2018 decreased ever so slightly from September 2017, with 20 homes selling in September 2018 down from 22 homes last September. That decrease only happened in North Kohala (from 5 homes down to 3), with South Kohala’s volume remaining unchanged (17 homes sold in both years). The condo market also had a fractional decrease, down from 27 units sold in September 2017 to 21 units this September.
The decrease in monthly sales volume in all the market segments in September did not affect the year-to-date volume in Kohala, with 268 homes being sold this year, up from 235 homes last year. This increase happened in both North and South Kohala, with the number of single-family homes in North Kohala increasing slightly from 47 homes sold by this time in 2017, to 51 homes this year. South Kohala, however, experienced a healthy increase with the number of single-family homes rising from 188 homes last year to 217 homes sold this year. As with their monthly number, the condo year-to-date volume also improved, rising to 242 units this year from 212 units sold in 2017.
Except for North Kohala, the change in the September median sales price was up across the board. The median sale price in North Kohala, experienced the only decrease in median sales price, dropping from $530,000 in September 2017 to $490,000 in September of this year. The South Kohala median sales price in September 2018 saw a modest increase, from $575,000 in September 2017 to $615,000 this year. The condo market median sales price was somewhat less dramatic, increasing from $465,000 in September 2017 to $477,000 this year.
The year-to-date median sales price continued its an upward trend in all market segments. Single-family homes in North Kohala experienced the largest increase, rising a dramatic 24.53% from $640,000 in 2017 to $797,000 this year. While in South Kohala, single-family homes had a modest increase of 6.12%, rising from $560,000 in 2017 to $595,000 this year. The condo market had a similar increase, rising 6.75% from $489,000 in 2017 to $522,000 this year
Analysis: Although September’s sales volume was down over last year, the year-to-date numbers continue their upward climb. Combined with the modest increase in median sales price, the Kohala Coast market is in a healthy place right now, for both Buyers and Sellers.
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.
September 2018 Market Highlights
If you enjoyed this update, you may like Waikoloa Beach Resort Market Update for Q3 2018.