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June 29th, 2019 9:36 AM by Korby Matsen
The Kohala Coast is a spectacular area located on the west coast of the Big Island of Hawaii. The Big Island received its name as to differentiate 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 and Kapa’au, as well as the Kohala Ranch communities on the south end.
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 May 2019 in Kohala increased significantly over last May, with 42 homes selling in May this year, up from 34 homes selling in May 2018. The increase in sales volume was felt in both in North and South Kohala, with the South Kohala total rising from 31 homes sold in May 2018 to 35 homes sold in May this year, while the volume in North Kohala increased from 3 homes sold last May to 7 homes this year. The number of condos sold year over year in May also had a slight increase this year, increasing to 30 units this year from 29 units last May.
Despite the overall monthly number increasing, the year-to-date volume was down in all markets except condos, with 135 single-family homes being sold this year, down from 145 homes being sold by this time in 2018. The sales volume decrease in South Kohala was very slight, with the number dropping from 112 homes sold last year to 111 homes selling this year. The North Kohala decrease was somewhat more significant, with 24 homes sold this year, down from 33 homes sold last year. The number of condos sold year-to-date also experienced a slight decrease, falling by 2 homes, from 145 units sold last year, to 143 units sold in 2019.
Although the monthly sales volume of single-family homes sold in May 2019 was up in all markets compared to May 2018 in Kohala, the change in median sales price was mixed. The median sale price in South Kohala was the only segment to see a decrease, falling from $575,000 in May 2018 to $570,000 in May of this year, while in North Kohala, the median sales price in May 2018 increased from $600,000 to $635,000 this year. The condo market also saw an increase, with the May 2019 median sales price rising to $530,000, from $505,000 in May 2018.
The changes to the year-to-date median sales prices mirrored the monthly numbers. The only segment to see a decrease was the single-family home market in South Kohala, which fell a slight 1.37%, from $622,000 in 2018, to $614,000 this year. The median year-to-date sales price in the condo market went in the other direction, rising a moderate 4.21%, from $499,000 in 2018 to $520,000 this year. The North Kohala experienced the largest change for its year-to-date median sales price, increasing a healthy 10.96% from $853,000 in 2018 to $946,000 this year.
Analysis: The monthly sales volume of single-family homes as been mixed from month to month, but when you add it up, the year-to-date numbers are down. This slight decrease contrasts the condo year-to-date numbers, which have held steady. The median sales price numbers have also been very mixed, but overall, the single-family median home prices have decreased slightly, and the condo median price numbers have increased slightly. The overall market seems to be very indecisive at this point in the season.
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.
May 2019 Kohala Market Highlights
If you enjoyed this update, you may like Waikoloa Beach Resort Market Update for Q1 2019.