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September 25th, 2019 10:01 AM 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 got its name 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.
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 August 2019 in Kohala increased slightly over last August, with 36 homes selling in August this year, up from 34 homes selling in August 2018. This boost came from the increase in sales volume in North Kohala, with the volume in North Kohala rising moderately from 2 homes sold in August 2018 to 7 homes this year, while South Kohala’s August 2019 number fell to 29 single-family homes from 32 homes last August. The number of condos sold in August 2019 also experienced a drop, with sales volume falling from the 2018 number, down from 37 units last August to 23 units this year.
Although the numbers were mixed, the year to date volume in 2019 is down in all market segments. There were 232 single-family homes sold this year in Kohala, down from 248 homes being sold by this time in 2018. This decrease was felt in both parts of Kohala with the number of single-family homes sold in North Kohala decreasing slightly, (from 48 homes in 2018 to 45 homes this year) while the sales volume in South Kohala had an even larger decrease (from 200 single-family homes sold last year to 187 homes this year). The year-to-date number of condos sold is also behind last year’s pace, falling from 222 units sold last year, to 217 units sold in 2019.
Although the decrease in the number of single-family homes sold in August 2019 was felt in all regions, the change in median sales price was not. The median sale price in North Kohala rose from $612,338 in August 2018 to an amazing $725,000 in August of this year, while in South Kohala, the median sales price experienced a slight decrease, falling from $577,500 in August 2018 to $565,000 in August this year. The condo market also experienced the downward slide in prices, with the August 2019 median sales price falling to $525,000 from $585,000 in August 2018.
As with the monthly sales volumes, the year-to-date median sales price also fell across all market segments, except North Kohala. The median year-to-date sales price in the condo market experienced the largest drop, falling a slight 0.95% from $525,000 in 2018 to $520,000 this year. Meanwhile, South Kohala’s single family home median sales price received an even smaller drop, decreasing 0.34% from $595,000 in 2018 to $593,000 this year. The single-family homes in North Kohala saw the only increase, rising 0.69%, from $864,000 in 2018 to $870,000 this year.
Analysis: As we progress through 2019, both the monthly and year-to-date sales volumes have declined over the 2018 numbers. The price appreciation is also stagnant in most markets.
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. Mahalo.
August 2019 Kohala Coast Market Highlights
If you enjoyed this update, you might like Waikoloa Village Market Update for Q2 2019.