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January 26th, 2020 1:09 PM by Korby Matsen
The Kohala Coast is a magnificent area located on the west coast of the Big Island of Hawaii. The Big Island received that name as to differentiate 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, that includes the two small towns of Hawi and Kapa’au, as well as the Kohala Ranch communities at the southern end.
South Kohala, which begins just south of Kohala Ranch, 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 Kohala in December 2019 increased slightly from December 2018, with 31 homes selling in December this year, up from 29 homes sold in 2018. This rise in sales volume only happened in South Kohala, with North Kohala having a minor decrease from 7 homes sold to 6. The condo market also experienced a decline, with the number of units sold decreasing substantially year over year in December from 27 to 19 units.
As with the December numbers, the year-to-date sales volume increased slightly in 2019 over 2018, from 343 single-family homes sold last year to 349 homes sold this year. This overall increase happened in both parts of Kohala, as the number of single-family homes in North Kohala increased from 67 homes sold in 2018 to 72 this year. South Kohala, experienced a an even smaller increase, rising just one unit, from 276 homes last year to 277 homes sold this year. The condo market experienced a slight change in the other direction, with year-to-date sales volume falling from 304 units sold in 2018, to 299 units sold this year.
Even though the volume of single-family homes sold in December 2019 was up slightly in Kohala from December 2018, the change in median sales price was mixed. The median sale price in South Kohala was up a healthy $45,750, from $603,250 in December 2018 to $649,000 in December 2019, while in North Kohala, the median sales price in December 2019 decreased to $662,500 from $689,000 in December 2018. Along with its decrease in sales volume, the condo market also experienced a dramatic decrease in median sales price, with the December 2019 median sales price decreasing to $599,000 from $669,500 in December 2018.
The 2019 year-to-date median sales price numbers in Kohala all had marginal changes, with the single-family homes in North Kohala having the largest change, falling a modest 4.97% from $755,000 in 2018 to $717,500 this year. The single-family homes in South Kohala had a slight movement in the other direction, increasing just 0.50%, from $596,000 in 2018 to $599,000 this year. Meanwhile, the condo market year-to-date number was also slight change, falling just 0.37% from $540,000 in 2018 to $538,000 this year.
Analysis: With almost all market and statistical segments having incremental movements in one direction or the other, I would have to describe the current market as stagnant. The 2019 numbers are almost the same as the 2018 numbers. It remains to be seen if this is a “pause” in the market, or a trend.
If you are thinking of buying or selling a home on the Kohala Coast, contact me today. I will produce a customized market report for the neighborhood or area you are interested in buying or selling in. Mahalo.
December 2019 Kohala Coast Market Highlights
If you enjoyed this update, you might enjoy Mauna Lani Resort Update for Q4 2019.