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October 20th, 2019 9:22 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, 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.
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The number of single-family homes sold on the Kohala Coast in September 2019 remained the same as September 2018, with 20 homes selling in September of both years. That similarity was not felt in both parts of Kohala with North Kohala’s sales volume increasing (from 3 homes up to 6), and South Kohala’s decreasing (from 17 homes down to 14). The condo market also had a small decrease, down from 21 units sold in September 2018 to 18 units this September.
Although the monthly sales volume remained the same in September of both years, the year-to-date volume in Kohala experienced a decrease, with 254 homes being sold this year, down from 268 homes in 2018. This decrease was felt in all market segments, except for North Kohala where the number of single-family homes remained the same at 51 homes sold. South Kohala, however, experienced a substantial decrease, with the number of single-family homes falling from 217 homes last year to 203 homes sold this year. As with the other market segments, the condo year-to-date volume also fell, dropping to 236 units this year from 243 units sold in 2018.
Unlike the sales volume, the change in the September median sales price was up across the board. The median sale price in North Kohala experienced the biggest rise in median sales price, rising from $490,000 in September 2018 to an amazing $940,000 in September of this year. The South Kohala median sales price in September 2018 saw an impressive increase, rising from $615,000 in September 2018 to $641,250 this year. The condo market median sales price increase was also dramatic, increasing from $477,000 in September 2018 to $597,500 this year.
Other than North Kohala, the year-to-date median sales price continued its slowing trend. Single-family homes in North Kohala experienced the only increase, rising a dramatic 12.92% from $797,000 in 2018 to $900,000 this year. While in South Kohala, single-family homes remained unchanged at $595,000. The South Kohala condo market had a fractional decrease, falling 0.52% from $525,000 in 2018 to $522,250 this year.
Analysis: The September 2019 sales volume, as well as the year-to-date numbers, continue their cooling trend over 2018’s numbers. The September monthly median sales price did see gains over last September’s number, so it may be a sign that the cooling trend is ending.
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 2019 Market Highlights
If you enjoyed this update, you may like Waikoloa Beach Resort Market Update for Q3 2019.