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April 24th, 2019 10:41 AM by Korby Matsen
The Kohala Coast is the majestic area located on the west coast of the Big Island of Hawaii. The Big Island received this 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, including the historic towns of Hawi and Kapa’au, and the Kohala Ranch communities farther south.
South Kohala 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 March 2019 decreased substantially over March 2018, with 24 single-family homes selling in March this year, down from 36 homes in March 2018. This decline in sales volume was felt in all market segments, with South Kohala seeing 19 single-family homes being sold this March down from 26 homes sold in March 2018, while the volume in North Kohala decreased from 10 homes in March 2018 to just 5 homes this year. The number of condos sold year over year in March also experienced a decrease this year, falling to 27 units this year from 35 units last March.
As with the monthly number decrease, the year-to-date sales volume in Kohala is also experiencing a decrease in 2019, with 63 single-family homes being sold this year, down from 83 homes sold by this time in 2018. This decrease was felt in all market segments, with the number of single-family homes in North Kohala decreasing by more than half, from 23 single-family homes sold last year, down to 10 homes this year. The South Kohala sales volume fell slightly, from 60 homes last year to 53 homes sold this year, while the number of condos sold year-to-date also saw a small decrease, falling from 79 units sold last year, to 75 units sold in 2019.
As with the decrease in sales volume of single-family homes in March 2019, most of the markets experienced a decrease in the median sales price. The median sale price in North Kohala was the only segment to see an increase, rising an astounding $215,000, from $825,000 in March 2018 to $1,040,000 in March this year. As I have stated in the past, this type of dramatic change in median sales price is quite common when dealing with a low sales volume environment, like North Kohala. In South Kohala, the median sales price in March 2019 fell from $654,000 in March 2018 to $627,000 this year. The condo market also saw a decrease, with the March 2019 median sales price dropping to $440,000 from $495,000 in March 2018.
The year-to-date median sales price changes in the different areas and sectors mirror the changes in the monthly March 2019 numbers. The year-to-date median sales price in the condo market fell 5.05% from $5495,000 in 2018 to $470,000 this year, while the of price single-family homes in South Kohala also experienced a decrease, moving down 9.33%, from $654,000 in 2018 to $593,000 this year. Meanwhile, North Kohala saw a change in the other direction for its year-to-date median sales price, increasing 7.28% from $755,000 in 2018 to $810,000 this year.
Analysis: The March 2019 numbers continue the recent trend of lower sales volumes and falling median sale prices. This trend is expected to continue, at least in the short term, due to the usual seasonal slowdown. It remains to be seen if it will continue beyond the short term.
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. To read more market updates from the different areas of the Kohala Coast, visit my Market Update Page. Mahalo.
March 2019 Kohala Market Highlights
If you enjoyed this update, you may like Waikoloa Beach Resort Market Update for Q1 2019