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May 2nd, 2020 11:58 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 2020 increased substantially over March 2019, with 35 single-family homes selling in March this year, up from 24 homes in March 2019. This increase in sales volume was felt in all market segments, with South Kohala seeing 29 single-family homes sold this March, up from 19 homes sold in March 2019, while the volume in North Kohala increased slightly, from 5 homes in March 2019 to 6 homes this year. The number of condos sold year over year in March did not change, with 27 units being sold in both years.
As with the monthly number increase, the year-to-date sales volume in Kohala also experienced an increase in 2020, with 100 single-family homes being sold this year, up from 64 homes sold by this time in 2019. This increase was felt in all market segments, with the number of single-family homes in North Kohala increasing from 10 single-family homes sold last year, up to 16 homes this year. The South Kohala sales volume increase was even more dramatic, rising from 54 homes last year to 84 homes sold this year, while the number of condos sold year-to-date also saw a small increase, rising from 75 units sold last year, to 77 units sold in 2020.
Although there was an increase in sales volume in all market segments of Kohala in March 2020, the median sales price was more of a mixed bag. The median sale price in North Kohala and the condo market in South Kohala both experienced huge increases, with North Kohala rising an astounding $263,750, from $1,040,000 in March 2019 to $1,303,750 in March this year. The condo market also experienced a dramatic increase, with the March 2020 median sales price rising to $727,500 from $440,000 in March 2019. South Kohala felt the only decrease, with the median sale price in March 2020 falling from $627,000 in March 2019 to $540,000 this year.
The year-to-date median sales price changes in the different areas and sectors mirror the changes we saw in the monthly March 2020 numbers. The year-to-date median sales price in the South Kohala condo market rose an amazing 34.04% from $470,000 in 2019 to $639,000 this year. While the price of single-family homes in South Kohala experienced a slight decrease, moving down 2.28%, from $593,000 in 2019 to $579,500 this year. Meanwhile, North Kohala saw a slight change in the other direction for its year-to-date median sales price, increasing 3.70% from $810,000 in 2019 to $840,000 this year.
Analysis: The sales volume in Kohala for the first three month of 2020 was ahead of the 2019 numbers in all market segments. And after a year of stagnant sale prices in all segments, there were glimpses of price appreciation in some markets in the first quarter. It remains to be seen whether these positive changes will be able to withstand the economic upheaval coming in the months 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. To read more market updates from the different areas of the Kohala Coast, visit my Market Update Page. Mahalo.
March 2020 Kohala Market Highlights
If you enjoyed this update, you may like Waikoloa Beach Resort Market Update for Q1 2020