December 24th, 2017 3:40 PM by Korby Matsen
The Kohala Coast is located on the west coast
of the Big Island of Hawaii. It is called the Big Island as to not confuse 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.
South Kohala covers the major, world class
resorts of Mauna Kea Resort, Mauna Lani Resort and Waikoloa Beach Resort, 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
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The number of single family homes
sold in Kohala in November 2017 rose marginally over November 2016, with 24
homes selling in November 2016, while 30 homes were sold this November. But the
change in sales volume did not rise in all parts of Kohala. In South Kohala,
the volume increased (from 18 homes to 25), but North Kohala experienced a slight
decrease of one home (from 6 homes down to 5). The number of condos sold also increased
by a single unit year over year in November, from 20 to 21 units.
As like the number of single family homes
sold in November, the overall year-to-date volume also increased in 2017 over
2016, with 287 homes being by this time last year and 296 homes sold this year.
This overall increase was enjoyed in both parts of Kohala, with the number of
single family homes in North Kohala increasing from 53 homes sold last year to
58 sold homes this year and South Kohala increasing from 234 homes last year to
238 homes sold this year. The number of condos sold year-to-date was also a
bright spot, rising from 228 units sold in 2016, to an encouraging 259 units
sold this year.
Although the volume of homes sold in
November 2017 from November 2016 in Kohala increased in all segments, the
change in median sales price varied. The median sale price in South Kohala
increased a healthy $25,000, from $514,000 in November 2016 to $539,000 in
November of this year, while in North Kohala the median sales price in November
2017 decreased a whopping $160,500 to $364,500 from $525,000 in November 2016.
But with such a few number of homes selling, wide swings in sales price are to
be expected. The condo market experienced a dramatic price change in the other
direction, with the November 2017 median sales price increasing to $400,000
from $265,000 in November 2016.
The year-to-date numbers in November 2017
mirrored the changes seen in the monthly numbers. Single family homes in North Kohala was the only segment to see a decrease, dropping 11.03% from $725,000 in
2016 to $645,000 this year. The single-family homes in South Kohala had a similar
change in the other direction, increasing 12.47% from $499,000 in 2016 to $561,250
this year, while the condo market increased at a smaller rate, rising 7.26%
from $447,500 in 2015 to $480,000 this year.
Analysis: With the monthly and
year-to-date sales volumes both increasing in November, median sales prices
rising in all segments (besides the North Kohala aberration), and the gradual
drop in inventory levels, it appears that the Kohala Coast is finally in a balanced market (5
to 6 months of inventory).
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. Read more updates from other areas on the Kohala Coast on
my Market Update Page. Mahalo.
November 2017 Kohala Market
If you enjoyed this update, you may like Mauna Lani ResortReal Estate Update for Q3 2017.
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