The Kohala Coast Market Update 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 at 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 and condos sold in April 2021 in Kohala rose drastically over April last year, with 40 homes selling this year, up from 20 homes selling in April 2020. The sales volume increase happened in all Kohala markets, with South Kohala increasing to 30 homes sold in April 2021 from 16 homes last April and North Kohala rising to 10 homes sold from just 4 homes in April 2020. The number of South Kohala condos sold year over year in April experienced the largest increase, rising from 10 units last year to 52 units this April.
The year-to-date sales volume in all Kohala markets has raced past the 2020 numbers, with 146 single-family homes being sold this year in Kohala, up from 121 homes sold by this time in 2020. The sales volume of single-family homes in North Kohala increased significantly, from 20 homes sold in 2020, to 46 homes this year. South Kohala’s year-to-date volume experienced a much smaller increase over last year, with 102 homes being sold this year, up from 101 homes in 2020. The number of condos sold year-to-date had the largest increase, with 171 units sold this year, up from 88 units sold in 2020.
As with the volume of homes sold in April 2021 in all Kohala markets being up compared to April 2020, the change in median sales price was also up. The median sale price in South Kohala had a marginal increase, from $722,500 in April 2020 to $777,000 in April this year, while in North Kohala, the median sales price in April 2021 rose to $1,379,000 from $762,500 in April 2020. The condo market in South Kohala also saw their median price rise, increasing from $614,500 last year to $789,000 in April 2021.
The year-to-date numbers in Kohala had similar increases as the monthly numbers. North Kohala’s year-to-date median sales price had the largest increase, rising 28.40%, from $840,000 in 2020 to $1,078,000 this year. The single-family home market in South Kohala saw a similar increase, from $590,000 in 2020 to $750,000 this year, a change of 27.12%. The condo market saw a less impressive increase, with the year-to-date median sales price rising a healthy 17.55%, from $629,500 in 2019 to $740,000 this year.
Analysis: The Kohala Coast Market Update for April 2021 shows us that the April monthly numbers in all market segments are way up over last April’s Covid-19 induced sales slump. The 2021 year-to-date numbers have already surpassed 50% of 2020’s numbers and we are only in May. With most markets now in a low inventory situation, it remains to be seen if this blistering sales volume can be sustained over the coming months.
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. You can read market updates from the different areas of the Kohala Coast on the Market Updates Page of my website. Mahalo.
Kohala Coast Market Update for April 2021 Highlights
- No. of single-family homes sold in North Kohala – 10
- No. of single-family homes sold in South Kohala – 30
- No. of condo units sold in South Kohala – 52
- YTD No. of single-family homes sold in North Kohala – 44
- YTD No. of single-family homes sold in South Kohala – 102
- YTD No. of condo units sold in South Kohala – 171
- Median sales price of a single-family home in North Kohala – $1,379,000
- Median sales price of a single-family home in South Kohala – $777,000
- Median sales price of a condo in South Kohala – $789,000
- YTD median sales price of a single-family home in North Kohala – $1,078,000
- YTD median sales price of a single-family home in South Kohala – $750,000
- YTD median sales price of a condo in South Kohala – $740,000
If you enjoyed this update, you might like Waikoloa Beach Resort Market Update for Q1 2021.