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March 29th, 2020 12:13 PM by Korby Matsen
The Kohala Coast is a beautiful area located on the west coast of the Big Island of Hawaii. The Big Island received its name as 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, including the historic towns of Hawi and Kapa’au, and the Kohala Ranch communities farther south.
South Kohala covers the large, 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 my Market Update Page.
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The number of single-family homes sold in Kohala in February 2020 rose slightly over February 2019, with 23 homes selling in February 2019, up to 28 homes this year. That increase was felt in all market segments, as the sales volume in North Kohala increased from 1 home sold in February 2019 to 3 homes sold this year, while the volume in South Kohala rose from 22 homes last year to 25 homes this February. The number of condos sold year over year in February remained the same at 24 units both years.
With February only being the second month of the year, the overall year-to-date volume in Kohala is not yet a significant number, but it is still up significantly over last year, with 65 single-family homes being sold so far in 2020, as opposed to 39 homes being sold by this time last year. As with the February monthly number, this increase was felt in both North and South Kohala sales volume. The North Kohala volume increased from 4 homes in 2019 to 10 homes sold this year, while in South Kohala the year-to-date sales volume jumped from 34 homes sold in 2019 to 55 homes this year. The number of condos sold year-to-date was up slightly, rising from 48 units sold last year, to 50 units sold in 2020.
Although the sales volume numbers were for the most part up, the median sales price was a mixed bag, falling in the South Kohala market but rising dramatically in North Kohala. The median sale price of a single-family home in South Kohala fell from $690,000 in February 2019 to $565,000 in February of this year, while in North Kohala, the median sales price in February 2020 rose to $999,950 from $407,500 in February 2019. The condo market in South Kohala also experienced a price decrease, with the February 2020 median sales price falling to $407,500 from $474,500 in February 2019.
Although the monthly median sales prices were kind of a mixed bag, the year-to-date numbers were up in all market segments. The median year-to-date sales price in the South Kohala condo market rose a slight 2.74% from $474,500 in 2019 to $487,000 this year. South Kohala single-family homes experienced the largest rise for its median sales price, increasing 13.79% from $580,000 in 2019 to $660,000 this year. North Kohala also experienced a similar increase, rising 12.00%, from $750,000 in 2019 to $839,975 this year.
Analysis: Sales volume in all market segments has been fairly steady through the last half of 2019 and the beginning of 2020, while price appreciation has remained flat. February showed signs of acceleration in both sales volume and price appreciation, but that may come to a quick end with the onset of the coronavirus crisis. There are uncertain times coming in the month ahead.
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 a vacation rental, find out how you can save thousands in management fees with our Vacation Rental Management Program. Mahalo.
February 2020 Kohala Market Highlights
If you enjoyed this update, you may like Mauna Lani Resort Real Estate Update for Q4 2019.