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December 22nd, 2018 2:41 PM by Korby Matsen RB-21643
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, containing the historic small towns of Hawi, Kapa’au, and the Kohala Ranch communities.
South Kohala is just south of Kohala Ranch and contains 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 website.
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The number of single-family homes sold in Kohala in November 2018 was down marginally over November 2017, with 30 homes selling in November 2017, while 22 homes were sold this November. This drop-in sales volume happened in both parts of Kohala. In South Kohala, the volume decreased from 25 homes to 18, and in North Kohala there was a slight decrease of one home, from 5 homes down to 4. The number of condos sold also decreased slightly in November 2018 over last November, from 21 to 16 units.
Despite the November monthly number of single-family homes sold being down, the overall year-to-date volume increased in 2018 over 2017, with 296 homes being sold by this time last year and 314 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 2017, to 58 sold homes this year and South Kohala increasing from 234 homes last year to 238 homes sold in 2018. The number of condos sold year-to-date was also a bright spot, rising from 228 units sold in 2017, to an encouraging 259 units sold this year.
Even with the sales volume of homes in Kohala decreasing in November 2018 from November 2017 in all market segments, the change in median sales price was up all around. The median sale price in South Kohala increased a healthy $106,295, from $539,000 in November 2017 to $645,295 in November of this year, while in North Kohala the median sales price increased at more restrained amount, from $364,500 in November 2017 to $382,250 this November. The condo market also experienced a dramatic median price increase, with the November 2018 median sales price increasing to $522,000 from $400,000 in November 2017.
The year-to-date numbers in November 2018 also experienced the increases that the monthly numbers enjoyed. The year-to-date median sales price of single-family homes in North Kohala had the most dramatic increase, rising 20.31% from $645,000 in 2017 to $776,000 this year. The median price of single-family homes in South Kohala had a more modest increase, rising 6.19% from $561,250 in 2017 to $596,000 this year, while the condo market also enjoyed at a slight increase, rising 8.75% from $480,000 last year to $522,000 in 2018.
Analysis: Although the November monthly sales volumes are down slightly, the year-to-date numbers are ahead of the 2017 numbers in all market segments. The Kohala Coast real estate market continues to be in a balanced market.
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. Mahalo.
November 2018 Kohala Market Highlights
If you enjoyed this update, you may like Mauna Lani Resort Real Estate Update for Q3 2018.