The Kohala Coast Market Update for January is for the beautiful 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. 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 small towns of Hawi and Kapaau, and the Kohala Ranch communities farther south
South Kohala, which begins just south of Kohala Ranch, 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.
The number of single-family homes sold in Kohala in January 2021 decreased slightly over last January, with 37 homes selling in January 2020 down to 33 homes sold this year. That decrease was mainly confined to the South Kohala single-family home market segment, with the sales volume in South Kohala falling from 30 homes in January 2020 to 23 homes this January, while North Kohala experienced an increase from 7 homes sold in January 2020 to 10 homes this year, the number of condos sold year over year in January 2021 in Kohala was even more dramatic, increasing from 26 units last year to 34 units this year.
With January being the first month of the year, the year-to-date volume is going to be equal to the monthly numbers, with 33 homes being sold so far in 2021, as opposed to 27 homes being sold by this time last year. The South Kohala volume decreased from 30 homes in January 2020 to 23 homes sold this January, while in North Kohala the increase was by three, from 7 single-family homes sold by this time in 2020, to 10 homes this year. The number of condos sold year-to-date also had an increase in sales volume, rising from 26 units sold last year, to 34 units sold in 2021.
Although the increases in sales volume did not happen in all market segments in January 2021, the increases in median sales price did. The median sale price in South Kohala rose from $702,500 in January 2020 to $725,500 in January of this year, while in North Kohala, the median sales price in January 2021 rose to an amazing $1,050,000 from $680,000 in January 2020. The condo market also experienced a notable price increase, with the January 2021 median sales price rising to $687,500 from $632,500 in January 2020.
With it being January, the year-to-date numbers will also reflect the monthly numbers, so the median sales prices are also up in all markets. The median year-to-date sales price in the condo market rose a healthy 8.70% from $632,500 in 2020 to $687,500 this year. South Kohala experienced the smallest increase for its median sales price, rising 3.20% from $702,500 in 2020 to $725,000 this year, and the single-family homes in North Kohala had the largest increase, rising an impressive 54.41%, from $680,000 in 2020 to $1,050,000 this year.
Analysis: The Kohala Coast Market Update for January shows us that the market continues to be strong. Although this is the first time in six months that the monthly sales volume did not outpaced the previous year, the main reason is the low amount of available inventory. The low inventory is causing prices to rise but it will also cause sales volume to slow due to the lack of available homes.
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.
Kohala Coast Market Update Highlights for January 2021
- No. of single-family homes sold in North Kohala – 10
- No. of single-family homes sold in South Kohala – 23
- No. of condo units sold in South Kohala – 34
- YTD No. of single-family homes sold in North Kohala – 10
- YTD No. of single-family homes sold in South Kohala – 23
- YTD No. of condo units sold in South Kohala – 34
- Median sales price of a single-family home in North Kohala – $1,050,000
- Median sales price of a single-family home in South Kohala – $725,000
- Median sales price of a condo in South Kohala – $687,500
- YTD median sales price of a single-family home in North Kohala – $1,050,000
- YTD median sales price of a single-family home in South Kohala – $725,000
- YTD median sales price of a condo in South Kohala – $687,5000
If you enjoyed this update, you may like Mauna Kea Resort Market Update for Q4 2020.