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May 26th, 2019 2:47 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 differentiate 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, Mauna Lani and Waikoloa Beach Resorts’, 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 2019 in Kohala rose slightly over April last year, with 30 single-family homes selling in April this year, up from 28 homes selling in April 2018. The only actual sales volume increase to happen in Kohala was in South Kohala, where sales volume increased by just 2 homes (up from 21 homes to 23). The volume in North Kohala remained the same at 7 homes sold. The number of condos sold year over year in April also saw a small increase, rising from 35 units last year to 40 units this April.
Unlike the monthly number, the year-to-date volume experienced a decrease in almost all market segments in 2019, with 93 single-family homes being sold overall this year in Kohala, down from 111 homes sold by this time in 2018. The sales volume of single-family homes in North Kohala decreased significantly, from 30 homes sold in 2018, to 17 homes this year. South Kohala’s year-to-date volume also experienced a drop over last year, with 76 homes being sold this year, down from 81 homes in 2018. The number of condos sold year-to-date remained almost the same, with 115 units sold this, up from 114 units sold in 2018.
While the volume of single-family homes sold in April 2019 was up compared to April 2018 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 small increase, from $600,000 in April 2018 to $650,000 in April this year, while in North Kohala, the median sales price in April 2019 fell a dramatic $280,425 to $1.062,000 from $1,342,425 in April 2018. 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 price move in the downward direction, with the median sales price falling slightly from $549,500 last year to $541,160 in April 2019.
As with the monthly numbers of the April median sales price, the year-to-date numbers were also somewhat mixed. North Kohala’s year-to-date median sales price increased an incredible 15%, from $889,000 in 2018 to $1,023,000 this year, again, this had more to do with the low number of sales in that area than a rapid increase in prices. The single-family home market in South Kohala saw a decrease, from $645,000 in 2018 to $628,000 this year, a change of 2.56%, while the median year-to-date sales price in the condo market experienced a small change in the other direction, rising 3.83%, from $497,000 in 2018 to $516,000 this year.
Analysis: As we head deeper into 2019, sales volume in all segments seems to be rebounding from the late 2018 slowdown. But the year-to-date median sales price seems to be moving in the other direction. So, with most of the markets on the Kohala Coast now in a Balanced Market, with a few, like Waikoloa Village, in a Sellers’ Market, it will be interesting to see how these conflicting stats of increasing sales and decreasing sales price will play out in the coming months.
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. You can read market updates from the different areas of the Kohala Coast on the Market Updates Page of my website. Mahalo.
April 2019 Market Update Highlights
If you enjoyed this update, you might like Waikoloa Beach Resort Market Update for Q1 2019.