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March 21st, 2017 2:20 PM 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 my Market Report Page.
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The number of single family homes sold in February 2017 in Kohala decreased dramatically from February 2016, with 27 homes selling in February 2016 down to just 17 homes this year. That decrease was mainly caused by the big drop in volume in North Kohala (from 23 homes sold to 12) as the volume in North Kohala actually had a slight uptick (from 4 homes up to 5). The number of condos sold year over year in February also saw a slight increase, rising from 14 units last year to 18 units this year.
With February only being the second month of the year, the overall year-to-date volume is not yet a significant number, with just 40 homes being sold so far in 2017, as opposed to 49 homes being sold by this time last year. As with the February monthly number, this overall decrease was due to the big drop in South Kohala sales volume. The South Kohala volume dropped from 39 homes in 2016 to 29 homes sold this year, while the number of single family homes in North Kohala increased again by 1 sale, from 10 homes sold by this time in 2016, to 11 homes this year. The number of condos sold year-to-date also was up, rising from 26 units sold last year, to 39 units sold in 2016.
Even with drop in sales volume of single family homes sold in February 2017 from February 2016 in both North and South Kohala, the change in median sales price saw healthy increases in all market segments. The median sale price in South Kohala rose from $550,000 in February 2016 to $606,500 in February of this year, while in North Kohala, the median sales price in February 2017 rose to $825,000 from $745,000 in February 2016. The condo market also experienced an exceptional price increase, with the February 2017 median sales price rising to $625,000 from $492,500 in February 2016.
This favorable rise in the monthly median sales price in all areas and sectors in February 2017 also translated to the year-to-date numbers. The median year-to-date sales price in the condo market rose an encouraging 14.48% from $397,450 in 2016 to $455,000 this year. Meanwhile, North Kohala saw an even larger change in the upward direction for its median sales price, increasing 27.68% from $442,500 in 2016 to $565,000, and the single family homes in South Kohala also had a significant increase, rising 26.58%, from $474,000 in 2016 to $600,000 this year.Analysis: Although the sales volume of single family homes is down year over year for February, the volume of condo sales is up. Combined with the increase in the price of the homes that are selling in all areas and market segments is a very encouraging sign for the year ahead. Although we are still in a Buyer’s Market, I still have guarded optimism as we head deeper into 2017. 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. If you currently own a vacation home or vacation rental, find out how you can save thousands in management fee with our Vacation Rental Management Program. Mahalo.
Analysis: Although the sales volume of single family homes is down year over year for February, the volume of condo sales is up. Combined with the increase in the price of the homes that are selling in all areas and market segments is a very encouraging sign for the year ahead. Although we are still in a Buyer’s Market, I still have guarded optimism as we head deeper into 2017.
February 2016 Market Highlights
If you enjoyed this update, you may like Mauna Kea Resort Q4 2016 Update.