The Kohala Coast Market Update is for the majestic area located on the west coast of the Big Island of Hawaii. The Big Island received this 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 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 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 on the Kohala Coast in March 2021 increased substantially over March 2020, with 45 single-family homes selling in March this year, up from 36 homes last March. This increase in sales was felt in all market segments, although some more than others, with South Kohala seeing 31 single-family homes sold this March, up just one from 30 homes sold in March 2020. While the volume in North Kohala increased much more, from 6 homes in March 2020 to 14 homes this March. The number of condos sold year over year in March also saw a larger increase, rising from 28 units last March to 45 units in March 2021.
As with the monthly number increase, the year-to-date sales volume on the Kohala Coast also experienced an increase in 2021, with 106 single-family homes being sold this year, up from 101 homes sold by this time in 2020. This increase was not felt in all market segments, with the number of single-family homes sold in North Kohala more than doubling, from 16 single-family homes sold last year, up to 34 homes this year. The South Kohala sales volume surprisingly decreased, falling from 85 homes last year to 72 homes sold this year, while the number of condos sold year-to-date saw a large increase, rising from 78 units sold last year, to 117 units sold in 2021.
Although there was an increase in sales volume in all market segments of Kohala in March 2021, the median sales price was more mixed. The median sale price for single-family homes & condos in South Kohala both experienced increases, with South Kohala single-family homes rising an astounding $204,500, from $541,000 in March 2020 to $745,000 in March this year. The condo market also experienced an increase, though not as dramatic, with the March 2021 median sales price rising to $740,000 from $713,750 in March 2020. North Kohala saw the only decrease, with the median sale price falling from $1,303,750 in March 2020 to $1,075,000 this year.
The year-to-date median sales price changes in the different areas and sectors almost mirrors the changes we saw in the monthly March numbers. The year-to-date median sales price in the South Kohala condo market rose an amazing 23.74% from $338,000 in 2020 to $419,000 this year, while the price of single-family homes in South Kohala experienced an even larger increase, rising 26.71%, from $584,000 in 2020 to $740,000 this year. Meanwhile, North Kohala saw just a slight change upward for its year-to-date median sales price, increasing 4.59% from $840,000 in 2020 to $878,000 this year.
Analysis: The Kohala Coast Market Update for March 2021 shows us that the sales volume has been on a brisk, steady pace in all market segments since the middle of 2020. Price levels in most markets have also been rising steadily, with this month in South Kohala rising at the fastest rate in many months. With all segments now in a low inventory market, it remains to be seen if sales volumes can continue at this pace with no homes left to buy.
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 read more market updates from the different areas of the Kohala Coast, visit my Market Update Page. Mahalo.
Kohala Coast Market Update for March 2021 Highlights
- No. of single-family homes sold in North Kohala -14
- No. of single-family homes sold in South Kohala – 31
- No. of condo units sold in South Kohala – 45
- YTD No. of single-family homes sold in North Kohala -34
- YTD No. of single-family homes sold in South Kohala – 72
- YTD No. of condo units sold in South Kohala – 117
- Median sales price of a single-family home in North Kohala – $1,075,000
- Median sales price of a single-family home in South Kohala – $745,500
- Median sales price of a condo in South Kohala – $740,000
- YTD median sales price of a single-family home in North Kohala – $878,500
- YTD median sales price of a single-family home in South Kohala – $740,000
- YTD median sales price of a condo in South Kohala – $419,000
If you enjoyed this update, you may like Waikoloa Beach Resort Market Update for Q1 2021