The Kohala Coast is a spectacular area located on the west coast of the Big Island of Hawaii. The Big Island got its name 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.
South Kohala begins just south of Kohala Ranch and 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 August 2020 decreased slightly over last August, with 34 homes selling in August this year, down from 37 homes selling in August 2019. This drop came from the decrease in sales in South Kohala, as the volume in North Kohala actually rose moderately from 7 homes sold in August 2019 to 14 homes this year, while South Kohala’s August 2020 number fell to 20 single-family homes from 30 homes last August. The number of condos sold in August 2020 also experienced a mild drop, with sales volume falling from the 2019 number, down from 24 units last August to 23 units this year.
As with the monthly numbers, the year-to-date numbers in 2020 are also down. There were 204 single-family homes sold this year in Kohala, down from 234 homes being sold by this time in 2019. This decrease was felt mostly in South Kohala, as the number of single-family homes sold in North Kohala actually increased slightly, (from 44 homes in 2019 to 46 homes this year) while the sales volume in South Kohala had a large decrease (from 189 single-family homes sold last year to 158 homes this year). The year-to-date number of condos sold is also lagging last year’s pace, falling from 218 units sold last year, to 153 units sold in 2020.
As with monthly sales volume numbers in August 2020, the median sales price was also a mixed bag. The median sale price in North Kohala fell from $1,300,000 in August 2019 to $980,000 in August of this year, while in South Kohala, the median sales price experienced a smaller decrease, falling from $582,000 in August 2019 to $570,000 in August this year. The condo market, however, experienced an impressive increase in median sales price, with the August 220 median sales price rising to $685,000 from $585,000 in August 2019.
The year-to-date median sales price was up everywhere, except North Kohala. The median year-to-date sales price in the condo market experienced the largest increase, rising an impressive 15.38% from $520,000 in 2019 to $600,000 this year. Meanwhile, South Kohala’s single family home median sales price received a smaller rise, increasing 3.46% from $593,000 in 2019 to $613,500 this year. The single-family homes in North Kohala saw the only decrease, falling 5.46%, from $870,000 in 2019 to $822,500 this year.
Analysis: After a sharp drop in sales in all markets on the Kohala Coast due to the Covid pandemic, sales volumes have returned to their pre-Covid numbers. It remains to be seen if the year-to-date numbers can recover to 2019 levels in the coming months. Median sale prices have mostly held up during the pandemic, except for a few fluctuations.
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 view more real estate updates from different areas of the Kohala Coast, visit the Market Update Page on my website. Mahalo.
August 2020 Kohala Coast Market Highlights
- No. of single-family homes sold in North Kohala – 14
- No. of single-family homes sold in South Kohala – 20
- No. of condo units sold in South Kohala – 23
- YTD No. of single-family homes sold in North Kohala – 46
- YTD No. of single-family homes sold in South Kohala – 158
- YTD No. of condo units sold in South Kohala – 153
- Median sales price of a single-family home in North Kohala – $980,000
- Median sales price of a single-family home in South Kohala – $570,000
- Median sales price of a condo in South Kohala – $685,000
- YTD median sales price of a single-family home in North Kohala – $822,500
- YTD median sales price of a single-family home in South Kohala – $613,500
- YTD median sales price of a condo in South Kohala – $600,000
If you enjoyed this update, you might like Waikoloa Village Market Update for Q3 2020.
First published at www.viewhawaiiluxuryhomes.com/MarketUpdates