August 27th, 2018 1:40 PM by Korby Matsen
The Kohala Coast is a majestic 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 July 2018 in Kohala had a big increase over July 2017, with 30 homes selling in July of this year, up from 23 homes selling in July 2017. That increase in sales volume was due to increases in the South Kohala market, as North Kohala sales volume remained the same at 3 homes sold in both years. The South Kohala market experienced an increase from 20 single-family homes sold in July 2017 to 27 homes this July. The number of condos sold in July however, went in the other direction, decreasing substantially from 22 units last year to 14 units in July of this year.
This increase in the monthly numbers only helped to bolster the year-to-date sales volume. There have been 213 single-family homes sold so far this year, up from 190 homes sold by this time in 2017. The North Kohala year-to-date number is ahead of the 39 homes sold in 2017, with 45 homes being sold this year, and the South Kohala sales volume also exceeded the 2017 number, with 168 single-family homes selling this year, up from the 151 homes sold last year. The number of condos sold year-to-date has also continued to be a bright spot, with 185 units sold this year, up impressively from 167 units sold in 2017.
Even with the increase in sales volume of single family home in July 2018 over July 2017 in both North and South Kohala, only North Kohala saw a decrease in median sales price. The median sale price in South Kohala increased marginally from $505,000 in July 2017 to $533,000 in July of this year, while in North Kohala, the median sales price in July 2018 decreased by a staggering $555,000, from $1,430,000 in July 2017 to $875,000 this July. This type of a wild swing in median sales price can be expected when dealing with only 3 sales. The condo market experienced a slight downturn in price, with the July 2018 median sales price dropping to $515,000 from $568,000 in July 2017.
The year-to-date median sales price numbers were all positive this month, with North Kohala having its usual wild swing, this time upward. Even with that huge decrease in the monthly median sales price, North Kohala’s median year-to-date sales price went up 31.23%, from $650,000 in 2017 to $853,000 this year. Meanwhile, South Kohala felt a subtler upward change, with its median sales price increasing 8.91% from $550,000 in 2017 to $599,000 this year, while the condo market also had a modest increase, rising 4.43%, from $497,000 in 2017 to $519,000 this year.
Analysis: Except for the strange drop in the monthly number of condo sales, July is keeping up the same pace as we have had throughout 2018, and even 2017. We continue to be in a Balanced Market (5 – 6 months of inventory) all over the Kohala Coast, except for a few spots like Waikoloa Village where inventory continues to tighten.
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.
July 2017 Kohala Coast Market Highlights
If you enjoyed this update, you may like Waikoloa Village Market Update for Q2 2018.
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