The Kohala Coast Real Estate Update is for the majestic 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 made up of two regions, North Kohala and South Kohala, with North Kohala covering the more rural, northern end of the island, including the small towns of Hawi and Kapa’au, as well as the Kohala Ranch communities farther south.
South Kohala, which begins just south of Kohala Ranch, covers the 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 October 2020 on the Kohala Coast increased slightly from last October, with 38 homes selling in October 2020, up from 36 homes last year. That increase was only felt in South Kohala, with 33 single-family homes selling, up from 28, while North Kohala had a slight decrease, with 5 homes selling, down from 8 homes. The condo market also experienced a marginal increase, rising from 27 units sold in October 2019 to 32 units this October.
Although there was an increase in sales volume in October 2020, the overall year-to-date sales volume on the Kohala Coast has yet to reach the 2019 numbers, with 283 single-family homes being sold this year, down from the 291 homes sold by this time last year. The number of single-family homes in North Kohala increased slightly from 59 homes sold by this time last year to 61 homes this year, while South Kohala saw a slight reduction, with the number of single-family homes falling from 232 homes last year to 222 homes sold this year. The number of condos sold year-to-date enjoyed a healthy increase, rising to 264 units sold this year from 204 units sold in 2019.
The change in median price this October over last year was, however, a mixed bag in Kohala Coast real estate. The median sale price in North Kohala experienced a spectacular decrease, falling from $730,000 in October 2019 to $470,000 in October of this year. This type of wild change in median sales price is quite common in a low sales volume environment such as North Kohala. The South Kohala median sales price in October 2020, however, saw a change in the other direction, rising to $715,000 this year from $580,500 in October 2019. The condo market median sales price changed just slightly, rising from $705,000 in October 2018 to $718,500 this year.
Even with the mixed bag of numbers in October’s median sales price, most market segments experienced impressive rises in their year-to-date numbers. Single-family homes in North Kohala saw the only decrease, however small, in their year-to-date median sales price, falling a slight 3.05% from $820,000 in 2019 to $795,000 this year, while the single-family homes in South Kohala rose a dramatic 12.54%, from $594,000 in 2019 to $668,500 this year. The condo market also experienced a healthy increase in its year-to-date median sales price, rising 14.80% from $527,000 in 2019 to $605,000 this year.
Analysis: Except for the first few months after the Covid-19 pandemic started, the monthly numbers for 2020 have generally been better than in 2019 in Kohala Coast real estate. Although we have yet to catch up to the 2019 year-to-date numbers in the single-family home market, the condo market is already well ahead of last year.
If you are thinking of buying or selling a home on the Kohala Coast, contact me today. I will produce a customized market report for the neighborhood or area you are interested in buying or selling in. Mahalo.
October 2020 Kohala Coast Real Estate Highlights
- No. of single-family homes sold in North Kohala – 5
- No. of single-family homes sold in South Kohala – 33
- No. of condo units sold in Kohala – 32
- YTD No. of single-family homes sold in North Kohala – 61
- YTD No. of single-family homes sold in South Kohala – 222
- YTD No. of condo units sold in Kohala – 283
- Median sales price of a single-family home in North Kohala – $470,000
- Median sales price of a single-family home in South Kohala – $715,000
- Median sales price of a condo in Kohala – $718,500
- YTD median sales price of a single-family home in North Kohala – $795,000
- YTD median sales price of a single-family home in South Kohala – $668,000
- YTD median sales price of a condo in Kohala – $605,000
If you enjoyed this update, you may like Mauna Kea Resort Update for Q3 2020.