The Kohala Real Estate Update is for the spectacular area located on the west coast of the Big Island of Hawaii. The Big Island received its name 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 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 Kohala in April 2023 fell drastically over April of last year, with 16 homes selling this year, down from 29 homes selling in April 2022. The sales volume decrease happened in all Kohala markets, especially in North Kohala, where just one home was sold, down from 10 homes last April. The condo market decreased the most, falling from 31 units sold in April 2022 to 20 units this April. In South Kohala single-family home sales fell from 19 homes last April to 15 homes in April this year.
The year-to-date sales volume in Kohala markets has reflected what we saw in the monthly numbers. There were 71 single-family homes sold so far this year in Kohala, down from 119 homes sold by this time in 2022. The sales volume of homes in North Kohala was cut in half, from 36 homes sold in 2022, to 15 homes this year. South Kohala’s year-to-date volume also saw its sales volume cut almost in half, with 56 homes being sold this year, down from 90 homes in 2022. The number of condos sold year-to-date also had a large decrease, with 65 units sold this year, down from 119 units sold in 2022.
As with sales volume, the median sale price is also down in every market but North Kohala. The median sale price in North Kohala had a substantial increase, rising from $2,250,000 in April 2022 to $3,009,000 in April this year, while in South Kohala, the median sales price in April 2023 fell to $850,000 from $1,200,000 in April 2022. The condo market in South Kohala also saw their median price fall, decreasing from $1,205,000 last year to $1,120,000 in April 2023.
The year-to-date numbers in Kohala mirrored the monthly numbers. North Kohala saw the only increase, with the year-to-date median sales price rising 4.56%, from $1,339,000 in 2022 to $1,400,000 this year. The single-family home market in South Kohala experienced a decrease, from $927,000 in 2022 to $871,250 this year, a fall of 6.06%. The condo market saw the biggest decrease, with the year-to-date median sales price falling 15.67%, from $1,126,500 in 2022 to $950,000 this year.
Analysis: The Kohala Real Estate Update for April 2023 shows us that although the April sales volumes are down in all market segments over last year’s numbers, the monthly volume has increased over the last few months. North Kohala is the only market to see price increases, with South Kohala markets either being flat or down slightly.
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 Real Estate Update for April 2023 Highlights
- No. of single-family homes sold in North Kohala – 1
- No. of single-family homes sold in South Kohala – 15
- No. of condo units sold in South Kohala – 20
- YTD No. of single-family homes sold in North Kohala – 15
- YTD No. of single-family homes sold in South Kohala – 56
- YTD No. of condo units sold in South Kohala – 65
- Median sales price of a single-family home in North Kohala – $3,009,000
- Median sales price of a single-family home in South Kohala – $850,000
- Median sales price of a condo in South Kohala – $1,120,000
- YTD median sales price of a single-family home in North Kohala – $1,400,000
- YTD median sales price of a single-family home in South Kohala – $871,250
- YTD median sales price of a condo in South Kohala – $950,000
If you enjoyed this update, you might like Waikoloa Beach Real Estate Update for Q1 2023.