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December 18th, 2015 12:25 PM by Korby Matsen
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Although there was a slight decrease in the number of single family homes sold in November, the overall year-to-date volume has increase in 2015 over 2014, with 268 homes being by this time last year and 290 homes being sold this year. As with the monthly number, this overall increase did not happen in both parts of Kohala. The number of single family homes in North Kohala decreased from 55 homes sold by this time last year to 39 homes this year. South Kohala remained strong though, with the number of single family homes jumping from 213 homes last year to 251 homes sold this year. The number of condos sold year-to-date was also down, from 183 units sold this year, a surprising drop from 201 units sold in 2014.
Even though the number of single family homes sold in November 2015 from November 2014 in North and South Kohala was virtually stagnant, the change median sales price varied wildly between North and South Kohala. The median sale price in South Kohala increased a healthy $41,000 from $459,000 in November 2014 to $500,000 in November of this year, while in North Kohala the median sales price in November 2015 decreased a whopping $325,000 to $675,000 from $1,000,000 in November 2014. But with such a few number of homes selling, wide swings in sales price are to be expected. The condo market also experienced a dramatic price drop, with the November 2015 median sales price decreasing to $418,000 from $532,000 in November 2014.
Although the median sales price statistic was somewhat mixed in November 2015, the year-to-date numbers were all moving in the same direction, upward. Single family homes in South Kohala had the largest increase, percentage wise, increasing 8.00% from $450,000 in 2014 to $486,000. The single family homes in North Kohala had a slight increase of 0.83%, going from $605,000 in 2014 to $610,000 this year. The condo market did not fare so well, decreasing 3.16% from $475,000 in 2014 to $460,000 this year.
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Nov 2015 Market Highlights