The Kohala Real Estate Update is for the spectacular area located on the west coast of the Big Island of Hawaii. The Big Island got 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.
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 August 2021 increased slightly over last August, with 35 homes selling in August this year, up from 34 homes selling in August 2020. This rise came from the increase in sales in South Kohala, as the volume in North Kohala fell moderately from 14 homes sold in August 2020 to 6 homes this year, while South Kohala’s August 2021 number rose to 29 single-family homes sold from 20 homes last August. The number of condos sold in August 2021 remained the same as last August, with 24 condos being sold both years.
As with the monthly numbers, the year-to-date numbers in 2021 are also up. There were 294 single-family homes sold this year in Kohala, up from the 204 homes sold by this time in 2020. This increase was felt inall the markets of Kohala, with the number of single-family homes sold in North Kohala increasing from 46 homes in 2020 to 79 homes this year. The sales volume in South Kohala rose from 158 single-family homes sold last year to 215 homes this year. The year-to-date number of condos sold had the largest increase, rising from 154 units sold last year, to an amazing 301 units sold in 2021.
Except for North Kohala, the median sales price was up in all market segments in August 2021. The median sale price in North Kohala fell from $980,000 in August 2020 to $570,000 in August of this year, while in South Kohala, the median sales price rose, increasing from $570,000 in August 2020 to $870,000 in August this year. The condo market had a slight increase in median sales price, with the August 2021 sales price rising to $700,000 from $680,000 in August 2020.
Like most markets on the Big Island, the year-to-date median sales price was up in every market segment. The year-to-date median sales price in South Kohala experienced the largest increase, rising an impressive 26.628% from $613,500 in 2020 to $820,000 this year. While North Kohala’s single-family home median sales price rose at a smaller amount, increasing just 4.44% from $822,500 in 2020 to $859,000 this year. The condo market also experienced an impressive increase, rising 25.73%, from $600,000 in 2020 to $752,500 this year.
Analysis: The Kohala Real Estate Update for August shows us that sales volume on the Kohala Coast has slowed slightly but still remains strong. The year-to-date numbers in all markets are well ahead of the 2020 volumes, and like most of the markets on the Big Island, price appreciation has been substantial.
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 view more real estate updates from different areas of the Kohala Coast, visit the Market Update Page on my website. Mahalo.
Kohala Real Estate Market Highlights for August 2021
- No. of single-family homes sold in North Kohala – 6
- No. of single-family homes sold in South Kohala – 29
- No. of condo units sold in South Kohala – 24
- YTD No. of single-family homes sold in North Kohala – 79
- YTD No. of single-family homes sold in South Kohala – 215
- YTD No. of condo units sold in South Kohala – 302
- Median sales price of a single-family home in North Kohala – $570,000
- Median sales price of a single-family home in South Kohala – $870,000
- Median sales price of a condo in South Kohala – $700,000
- YTD median sales price of a single-family home in North Kohala – $859,000
- YTD median sales price of a single-family home in South Kohala – $820,000
- YTD median sales price of a condo in South Kohala – $752,500
If you enjoyed this update, you might like Waikoloa Village Market Update for Q2 2021.