September 1st, 2019 1:27 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 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 contains the world class resorts of Mauna Kea, Mauna Lani and Waikoloa Beach Resort’s, 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 2019 in Kohala had a slight increase over July 2018, with 35 homes selling in July of this year, up from 31 homes selling in July 2018. That increase in sales volume was felt in both the South Kohala market, as well as North Kohala. The South Kohala market had an sales increase from 27 single-family homes sold in July 2018 to 28 homes this July, while in North Kohala, the number of homes sold increased from 4 homes to seven. The number of condos sold in July also experienced an increase, rising substantially from 14 units last year to 23 units in July of this year.
This increase in the monthly numbers did not help to improve the year-to-date sales volume. There have been 194 single-family homes sold so far this year, down from 214 homes sold by this time in 2018. The North Kohala year-to-date number is below the 46 homes sold in 2018, with 38 homes being sold this year. The South Kohala sales volume also has not caught up to the 2018 number, with 156 single-family homes selling this year, down from the 168 homes sold last year. The number of condos sold year-to-date continues to be a bright spot, with 194 units sold this year, up slightly from the 185 units sold in 2018.
Even with the increase in sales volume of single-family homes in July 2019 over July 2018 in both North and South Kohala, only South Kohala saw an increase in the monthly median sales price. The median sale price in South Kohala increased marginally from $533,000 in July 2018 to $590,000 in July of this year, while in North Kohala, the median sales price in July 2018 decreased by a staggering $267,500, from $672,500 in July 2018 to $405,000 this July. This type of a wild swing in median sales price can be expected when dealing with very few sales. The condo market also experienced a slight downturn in price, with the July 2019 median sales price dropping to $513,500 from $519,000 in July 2018.
The year-to-date median sales price numbers were all negative this month, with North Kohala having a less dramatic change than the monthly number. North Kohala’s median year-to-date sales price went down a slight 1.82%, from $825,000 in 2018 to $810,000 this year. Meanwhile, South Kohala also felt a subtle downward change, with its median sales price dropping 1.11% from $599,000 in 2018 to $592,350 this year, while the condo market also had a similar downward change, dropping 1.06%, from $519,500 in 2018 to $513,000 this year.
Analysis: Although the monthly sales volume numbers are up, the overall year-to-date numbers are down in all markets. Combine that with the slight drop in year-to-date median sales price in all markets, and in appears the market may be slowing down slightly. We will have to see in the coming months whether it is a pause, or a pattern.
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 2019 Kohala Coast Market Highlights
If you enjoyed this update, you may like Waikoloa Village Market Update for Q2 2019.
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