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February 26th, 2016 1:16 PM by Korby Matsen
The Kohala Coast is located on the west coast of the Big Island of Hawaii. The Big Island received its name as to distinguish 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 tip of the island and Waimea, the beautiful town in the interior Waimea Valley. South Kohala covers the major, world class resorts of Mauna Kea Resort, Mauna Lani Resort and Waikoloa Beach Resort, as well as the small town of Waikoloa Village, located 6 miles inland from the resorts. You can find market updates for each of these areas by visiting my Market Report page.
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The number of single family homes sold in January 2016 in Kohala increased ever so slightly from January 2015, with 21 homes selling in January 2015 up to 22 homes in January 2016. That increase happened only in North Kohala (from 1 home up to 6), South Kohala lost some ground when it came to volume (from 20 homes down to 16). The number of condos sold year over year in January saw a healthy increase, rising from 7 units last year to 12 units this year.
With January being the first month of the year, the overall year-to-date volume in 2016 will be the same as January’s monthly number, with 22 homes being sold in 2015 and 21 homes being sold this year. As with the January monthly number, this overall increase did not happen in both parts of Kohala. The number of single family homes in North Kohala increased from just 1 home sold by this time last year to 6 homes this year. South Kohala started the year with an uptick in sales, rising from 16 homes last year to 20 homes sold this year. The number of condos sold year-to-date also was up, rising from 7 units sold last year, to a surprising 12 units sold in 2016.
Even though the volume of single family homes sold in January 2016 from January 2015 in North and South Kohala was virtually unchanged, the change in median sales price was down in both North and South Kohala. The median sale price in South Kohala dropped a slight $2,000 from $429,500 in January 2015 to $427,500 in January of this year, while in North Kohala, the median sales price in January 2016 decreased a whopping $35,500 to $317,500 from $355,000 in January 2015. The condo market also experienced a dramatic price drop, with the January 2016 median sales price decreasing to $377,500 from $575,000 in January 2015.
With the median sales price statistic down in all areas and sectors in January 2016, the year-to-date numbers all experienced the same movement as well. The condo market had the largest decrease of all sectors of Kohala, with the median sales price decreasing 34.35% from $575,000 in 2015 to $377,500 this year. North Kohala also saw a double digit drop in median sales price, decreasing 10.56% from $355,000 in 2015 to $317,500 this year. The single family homes in North Kohala had only slight decrease, edging downward 0.47%, from $429,500 in 2015 to $427,500 this year.
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, or you can find out what your Kohala Coast home is worth instantly by visiting my Home Valuation Page.
January 2016 Market Highlights