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January 27th, 2017 4:09 PM 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. View all homes for sale by visiting my Home Search Page.The overall volume of single family homes sold in Kohala actually decreased in 2016 over 2015, with 325 homes being sold last year and 306 homes sold this year. This overall decrease, however, did not happen in both parts of Kohala, the number of single family homes in North Kohala increased from 45 homes sold last year to 57 sold this year. South Kohala, however, saw the number of single family homes sold dropping from 280 homes in 2015 to 249 homes sold this year. The number of condos sold this year was a bright spot, rising from 211 units sold in 2015, to an encouraging 251 units sold this year.
When it comes to the median sale price, single family homes in North Kohala had the largest increase, improving 12.7% from $630,000 in 2015 to $710,000 this year. But with a low number of only 45 homes selling, wide swings in sales price are to be expected. The single family homes in South Kohala had a more modest increase of 3.09%, going from $485,000 in 2015 to $500,000 this year. And even with its rise in sales volume in 2016, the condo market did not fare so well price wise, decreasing a slight 1.75% from $457,000 in 2015 to $449,000 this year.
Analysis: The Kohala Coast numbers are mixed from market segment to market segment, either the volume is up and prices are down, or prices are up and the volume is down. One thing is clear, the market in 2016 looks a lot like the market from 2015, which is listless and lethargic. The prevailing issue is the overabundance of inventory and not enough buyers to absorb it. One factor may be the drop in foreign buyers, namely Canadians but other countries as well, due to the strong US dollar. These factors add up to the Kohala Coast continuing to be a buyer’s 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. You can also instantly find out what your Kohala Coast home is worth by visiting my Home Valuation Page.
If you found this Market Update informative, see more updates from other areas on the Kohala Coast on my Market Update Page, and if you have a Vacation Rental, learn more about our Management Program on my Vacation Rental Page. Mahalo.
2016 Kohala Market Highlights