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February 1st, 2018 9:59 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.
When it comes to the median sale price, single family homes in North Kohala were the only ones to see a decrease, dropping 9.86% from $710,000 in 2016 to $640,000 this year. The single-family homes in South Kohala had an impressive increase of 12.75%, going from $500,000 in 2016 to $563,750 this year. The condo market also did well price wise, increasing a modest 9.17% from $447,000 in 2016 to $488,000 this year.
Analysis: Other than the median sales price decrease in North Kohala, the Kohala Coast numbers saw an increase in all market segments. The increase in sales in 2017 has gradually “eaten” way at the available inventory to the point where we can now be considered to be in a balanced market, the equilibrium between a Buyer and Sellers’ Market (5-6 months of inventory). Couple this with the increases in median sales price and 2017 adds up to a pretty good year in the Kohala Coast Real Estate Market. If the patterns remain the same, 2018 could be the beginning of a Sellers’ Market.
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.
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.
2017 Kohala Real Estate Market Highlights
If you enjoyed is update, you may like Mauna Lani Resort Market Update for Q4 2017.