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July 22nd, 2018 12:05 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, Kapa’au, and the Kohala Ranch communities.
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 June 2018 in Kohala increased slightly over the already impressive sales volume of June 2017, with 38 homes selling in June of this year, up from 35 homes selling in June 2017. That slight increase in sales volume happened in South Kohala, with the North Kohala number remaining the same as 2017. North Kohala saw 9 homes sold in June 2018, as it did in June 2017 and South Kohala rose from 26 homes sold in June 2017 to 29 homes this June. The number of condos sold in June 2018 also remained the same from year to year, with 28 units being sold in June of both years.
Even with this low monthly number increase for June, the year to date sales volume in 2018 is still well ahead of the 2017 numbers. There have been 183 single-family homes sold so far this year, outpacing the 167 homes that sold by this time in 2017. Both parts of Kohala have enjoyed this year-to-date volume increase, with North Kohala seeing 42 homes sold in 2018, up from 36 homes sold in 2017. In South Kohala the sales volume has increased by 10 homes, with 141 homes selling this year, ups from the 131 homes sold last year, and the number of condos sold year-to-date was another bright spot, with 171 units selling this year, up impressively from 145 units sold in 2017.
Even though there was a rise in sales volume of single family home in June 2018 over June 2017 in Kohala, the rise in median sales price did not happen in all markets. The median sale price in the North Kohala and condo markets both rose, with North Kohala rising from $650,000 in June 2017 to $678,000 in June of this year, while the condo market rose from $567,000 in June 2017 to $650,000 in June of this year. The only market to see a decrease in the median sales price was South Kohala, where the median sales price in June 2018 decreased to $557,000 from $580,000 in June 2017.
Even with the decrease in the monthly median sales price for homes in South Kohala, it and all the other markets experienced an increase in the year-to-date median sales price numbers. The median year-to-date sales price in North Kohala saw the largest increase, rising an amazing 32%, from $625,000 in 2017 to $825,000 this year; this kind of dramatic change can sometimes be expected when you have an area with such a low sales volume.Meanwhile, South Kohala experienced a less dramatic change, with its median sales price increasing 5.45% from $569,000 in 2017 to $600,000 this year, while the condo market had an even smaller increase, rising 2.45%, from $512,000 in 2017 to $525,000 this year.
Analysis: The sales volume and sales prices in 2018 continues to outpace the already impressive 2017 year we had on the Kohala Coast. The numbers in June 2018 are the same or better than June 2017 and, even with the bad press received about the volcano eruptions on the south end of the island, show no signs of slowing down.
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.
June 2018 Kohala Coast Real Estate Market Highlights
If you enjoyed this update, you may like Mauna Lani Resort Update for Q2 2018.