Want Market Reports sent to your Inbox ? Sign up here for Monthly Updates.
August 27th, 2016 4:52 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. 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 visit my Home Search Page.
instantly find out what your Kohala Coast home is worth visit my Home ValuationPage.
more about our low Vacation Rental Management Fees on my Vacation Rental Page.
number of single family homes sold in July 2016 in Kohala decreased notably
over July 2015, with 25 homes selling in July this year, down from 41 homes
selling in July 2015. That decrease came in large part because of the decrease
in sales in South Kohala, as the volume in North Kohala actually increased
slightly (4 homes sold in 2015 to 5 homes this year). South Kohala saw its
sales volume in July 2016 drop significantly over July of last year (from 36
homes down to 21 homes). The number of condos sold in July also saw slight
increase, rising from 13 units last year to 15 units this year.
with the drop in the monthly number, the year to date volume also saw a
decrease in 2016, with 190 homes being sold this year, as opposed to 193 homes
being sold by this time in 2015. This decrease
was not experienced in both parts of Kohala, with the number of single family
homes in North Kohala increasing modestly from 23 homes sold in 2015, to 36
homes this year, while the South Kohala sales volume dropped from 170 sold
homes last year to 154 homes sold this year. The year-to-date number of condos
sold enjoyed a healthy increase, rising from 128 units sold last year, to 137
units sold in 2016.
the increase in volume of single family homes sold in July 2016 compared to
July 2015 was not enjoyed in both parts of Kohala, the change in median sales
price did increase in both the North Kohala and South Kohala regions. The
median sale price in South Kohala rose from $519,000 in July 2015 to $565,000
in July of this year, while in North Kohala, the median sales price in July
2016 raised a significant $283,500 to $838,500 from $555,000 in June 2015. The
change in median sales prices can easily be skewed in one direction or the
other when dealing with such a low volume of sales. The condo market also
experienced a modest price increase, with the July 2016 median sales price
rising to $529,000 from $490,000 in July 2015.
year-to-date numbers did not enjoy the same across the board rises as the
monthly median sales prices did, although he only sector to see a decrease was
the condo market. The median year-to-date sales price in the condo market has continued
a trend that first started in January by dropping a modest 5.32% from $470,000
in 2015 to $445,000 this year. Meanwhile, North Kohala saw a double digit
change in the other direction for its median sales price, increasing an robust 26.02%
from $615,000 in 2015 to $775,000 this year, again, this had more to do with
the “skewing effect” that low number of sales brings. The single family homes
in South Kohala had a slight increase, edging upward 2.06%, from $485,000 in
2015 to $495,000 this year.
The best way I can think to describe the current state of the Real Estate Market on the Kohala Coast is “muddling” slightly upwards. As we progress
through 2016, both the monthly and year-to-date numbers go up a little some
months and down a little other months. Although
the trend is upwards, the pace is very slow. Whether you find this to be good
news or bad news will depend on whether you are a Buyer or a Seller.
you are thinking of buying or selling a home anywhere on the Kohala Coast,
contact me. 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. To view more Market Updates
from the different areas of the Kohala Coast, visit the Market Update Page.
2016 Kohala Coast Real Estate Market Highlights