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June 22nd, 2016 11:28 AM by Korby Matsen RB-21643
The Kohala Coast is located on the west coast of the Big Island of Hawaii. The Big Island received its name 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 Report Page on my website.
To view all homes for sale on the Kohala Coast visit my Home Search Page.To instantly find out what your Kohala Coast home is worth visit my Home Valuation Page.
The number of single family homes sold in May 2016 in Kohala increased modestly over May 2015, with 27 homes selling in May this year, up from 20 homes selling in May 2015. That increase came in large part because of the increase in sales in South Kohala, as the volume in North Kohala was only up by one sale (6 homes sold in 2015 and 7 homes this year). South Kohala saw its sales volume in May 2016 rise by 25% over May of last year (from 14 homes up to 20 homes). The number of condos sold in May saw a small dip, decreasing from 26 units last year to 22 units this year.
As with the monthly number, the year to date volume also saw an increase in 2016, with 144 homes being sold this year, as opposed to 126 homes being sold by this time in 2015. This overall increase was enjoyed in both parts of Kohala, with the number of single family homes in North Kohala increasing from 16 homes sold by this time in 2015, to 27 homes this year, and the South Kohala sales volume rising from 110 homes last year to 117 homes sold this year. The number of condos sold year-to-date also was up, rising from 99 units sold last year, to 108 units sold in 2016.
Although the volume of single family homes sold in May 2016 rose from May 2015 in both North Kohala and South Kohala, the change in median sales price did not increase in both regions. The median sale price in South Kohala rose from $401,363 in May 2015 to $483,000 in May of this year, while in North Kohala, the median sales price in May 2016 dropped a staggering $379,000 to $426,000 from $805,000 in May 2015. This type of dramatic decrease in median price is quite common when dealing with such a low volume of sales. The condo market also experienced a healthy price increase, with the May 2016 median sales price rising to $500,000 from $443,750 in May 2015.
With such healthy rises in the monthly median sales price in most areas and sectors in May 2016, you would expect the same with the year-to-date numbers; well you would be partly right. The only sector to see a decrease was the condo market, and quite a decrease it was. The median year-to-date sales price in the condo market continued a trend we first saw in January by dropping a surprising 25.01% from $470,000 in 2015 to $442,000 this year. Meanwhile, North Kohala saw a double digit change in the other direction for its median sales price, increasing an healthy 26.48% from $632,000 in 2015 to $800,000 this year, again, this had more to do with the low number of sales in that area. The single family homes in South Kohala had a more modest increase, edging upward 5.64%, from $457,200 in 2015 to $483,000 this year
If 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 see more Market Updates from the different areas of the Kohala Coast, visit the Market Update Page.
May 2016 Market Highlights