The Kohala Coast Market Update for February 2021 is for the beautiful area located on the west coast of the Big Island of Hawaii. The Big Island received its name as 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, which begins just south of Kohala Ranch, covers the large, 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 my Market Update Page.
The Kohala Coast Market Update for February 2021 shows us that the number of single-family homes sold rose slightly over February 2020, with 28 homes selling in last February, to 29 homes this year. That increase did not happen in all market segments, with the sales volume in North Kohala increasing from 3 homes sold last February to 11 homes sold this year, while the volume in South Kohala fell from 25 homes in February 2020 to 18 homes this February. The number of condos sold year over year in February experienced the largest increase, going from 24 units in February 2020 to 37 units this February.
With February only being the second month of the year, the overall year-to-date volume in Kohala is not yet a significant number, and it has not surpassed the 2020 number. There have been 61 single-family home sold so far in 2021, down from 65 homes sold by this time last year. Like the monthly number, this increase was only felt in North Kohala. The North Kohala volume doubled, from 10 homes sold in 2020 to 20 homes sold this year, while in South Kohala the year-to-date sales volume fell from 55 homes sold last year to 41 homes in 2021. The number of condos sold year-to-date was also up significantly, rising from 50 units sold last year, to 72 units sold in 2021.
Although the sales volume numbers were up in North Kohala and down in South Kohala, the opposite is true for the median sales price, falling in the North Kohala market but rising dramatically in South Kohala. The median sale price of a single-family home in South Kohala rose from $565,000 in February 2020 to $714,000 in February of this year, while in North Kohala, the median sales price in February 2021 fell to $827,000 from $999,950 in February 2020. The condo market in South Kohala also experienced a dramatic price increase, with the February 2021 median sales price rising to $697,500 from $407,500 in February 2020.
As with the monthly median sales prices, the year-to-date numbers were up in all market segments. The median year-to-date sales price in the South Kohala condo market had the most dramatic rise, going up 35.59% from $487,000 in 2020 to $661,000 this year. South Kohala single-family homes felt a less dramatic rise for its median sales price, increasing 8.48% from $660,000 in 2020 to $716,000 this year. North Kohala experienced an even smaller increase, rising 4.59%, from $839,975 last year to $878,975 in 2021.
Analysis: Sales volume in all market segments has been robust and steady through the last half of 2020 and the beginning of 2021, with price appreciation continuing to rise. February shows signs of a slight sales slowdown, mostly due to the low inventory, but prices continue to rise.
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. If you currently own a vacation home or a vacation rental, find out how you can save thousands in management fees with our Vacation Rental Management Program. Mahalo.
Kohala Coast Market Update for February 2020 Highlights
- No. of single-family homes sold in North Kohala – 11
- No. of single-family homes sold in South Kohala – 18
- No. of condo units sold in South Kohala – 37
- YTD No. of single-family homes sold in North Kohala – 20
- YTD No. of single-family homes sold in South Kohala – 41
- YTD No. of condo units sold in South Kohala – 72
- Median sales price of a single-family home in North Kohala – $827,000
- Median sales price of a single-family home in South Kohala – $714,000
- Median sales price of a condo in South Kohala – $697,500
- YTD median sales price of a single-family home in North Kohala – $878,975
- YTD median sales price of a single-family home in South Kohala – $716,000
- YTD median sales price of a condo in South Kohala – $661,000
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