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May 20th, 2018 4:59 PM by Korby Matsen RB-21643
The Kohala Coast is a spectacular area 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. The Kohala Coast is split into two areas, North Kohala and South Kohala, with North Kohala covering the more rural northern end of the island, containing the small towns of Hawi and Kapa’au, as well as the Kohala Ranch communities on the south end.
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.
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The number of single-family homes sold in April 2018 in Kohala rose modestly over April 2017, with 28 single-family homes selling in April this year, up from 21 homes selling in April 2017. There was a sales volume increase in both parts of Kohala, with the volume in North Kohala increasing by 4 homes (from 3 homes up to 7) and in South Kohala sales volume increased by a slight 3 homes (up from 18 homes to 21). The number of condos sold year over year in April also saw a healthy increase, rising from 25 units last year to 35 units this year.
As with the monthly number, the year-to-date volume also experienced an increase in 2018, with 111 single-homes being sold this year, as opposed to 99 homes being sold by this time in 2017. Also mirroring the monthly number, the increase happened in both parts of Kohala, with sales volume in North Kohala increasing from 18 single-family homes sold in 2017, to 30 homes this year. South Kohala’s year-to-date volume remained the same as last year, with 81 homes being sold in both 2017 & 2018. The number of condos sold year-to-date was also a bright spot, with volume rising from 92 units sold last year, to 114 units sold in 2018.
While the volume of single-family homes sold in April 2018 was up compared to April 2017 in both parts of Kohala, the change in median sales price varied from region to region. The median sale price in South Kohala had a slight drop, from $620,120 in April 2017 to $600,000 in April of this year, while in North Kohala, the median sales price in April 2018 rose a dramatic $494,425 to $1.342,425 from $850,000 in April 2017. This type of dramatic change in median price is quite common when dealing with such a low volume of sales. The condo market also saw their prices move in the upward direction, with the April 2018 median sales price rising a healthy $124,500 to $549,500 from $425,000 in April 2017.
Although the monthly numbers for the April median sales price were somewhat mixed, the year-to-date numbers were all up. North Kohala led the way with a whopping 41.9% increase in its year-to-date median sales price, increasing from $626,500 in 2017 to $889,000 this year, again, this had more to do with the low number of sales in that area than a rapid increase in prices. The other two market segments also experienced increases, with single-family homes in South Kohala increasing modestly, from $588,000 in 2017 to $645,000 this year, an increase of 9.69%. The median year-to-date sales price in the condo market also increased, albeit by a smaller amount, rising a modest 4.63% from $475,000 in 2017 to $497,000 this year.
Analysis: As we head deeper into 2018, sales volume in all segments are up over the 2017 numbers. And the median sales price is also continuing its upward trend, except for a slight drop in South Kohala single-family home prices, all markets experienced an increase over the 2017 numbers. So, with prices rising and inventory dropping, most of the markets on the Kohala Coast are now in a Balanced Market, with a few, like Waikoloa Village, entering a Sellers’ Market.
If you are thinking of buying or selling a home anywhere on the Kohala Coast, contact me today. I will produce a customized market report for the neighborhood or area you are interested in. Read market updates from the different areas of the Kohala Coast on my Market Updates page. Mahalo.
April 2018 Market Update Highlights
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