The Kohala Coast Real Estate Update for May 2021 is for the spectacular 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. 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 on the south end.
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.
The number of single-family homes sold in Kohala in May 2021 increased significantly over last May, with 43 homes selling in May this year, up from just 9 homes sold in May 2020. This increase in sales volume was felt in both in North and South Kohala, with the South Kohala total rising from just 7 homes sold in May 2020 to 34 homes sold in May this year, while the volume in North Kohala increased from 2 homes sold last May to 9 homes this year. The number of condos sold year over year in May also had a dramatic increase, rising to 39 units this year from only 10 units last May.
Along with the great 1st Quarter we had, the monthly increases since then have caused the year-to-date volume to be up in all markets. There were 180 single-family homes sold this year, up from 130 homes sold by this time in 2020. The sales volume increase in South Kohala was marginal, with the number rising from 108 homes sold last year to 136 homes selling this year. The North Kohala increase was more significant, with 53 homes sold this year, up from 22 homes sold last year. The number of condos sold year-to-date experienced the most dramatic increase, rising from 98 units sold last year, to 211 units sold in 2021.
Although the monthly sales volume of single-family homes sold in Kohala in May 2021 was up in all markets compared to May 2020, the change in median sales price was not positive everywhere. The median sale price in South Kohala rose from $768,000 in May 2020 to an amazing $1,085,000 in May of this year, while in North Kohala, the median sales price actually decreased, from $788,000 in May 2020 to $723,810 this year. The condo market also saw an increase, with the May 2021 median sales price rising to $700,500, from $622,500 in May 2020.
The changes to the year-to-date median sales prices were positive in all markets. The single-family home market in South Kohala, rose an amazing 29.61%, from $599,000 in 2020, to $777,000 this year. The median year-to-date sales price in the condo market was not as dramatic, rising 7.98%, from $840,000 in 2020 to $777,000 this year. The North Kohala experienced a modest increase for its year-to-date median sales price, rising 12.79% from $629,500 in 2020 to $710,000 this year.
Analysis: The Kohala Coast Real Estate Update for May 2021 shows us that all markets remain strong. The monthly sales volume continues to be way higher than in May 2020, and the year-to-date numbers continue to be far ahead of last years. With most market segments becoming low inventory, it remains to be seen if the sale volumes can remain at these levels.
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 Real Estate Update for May 2021 Highlights
- No. of single-family homes sold in North Kohala -9
- No. of single-family homes sold in South Kohala – 34
- No. of condo units sold in South Kohala – 39
- YTD No. of single-family homes sold in North Kohala -53
- YTD No. of single-family homes sold in South Kohala – 136
- YTD No. of condo units sold in South Kohala – 211
- Median sales price of a single-family home in North Kohala – $723,810
- Median sales price of a single-family home in South Kohala – $1,085,000
- Median sales price of a condo in South Kohala – $700,500
- YTD median sales price of a single-family home in North Kohala – $907,000 up 7.98%
- YTD median sales price of a single-family home in South Kohala – $777,000 up 29.61%
- YTD median sales price of a condo in South Kohala – $710,000 up 12.79%
If you enjoyed this update, you may like Waikoloa Beach Resort Market Update for Q1 2021