The Kohala Real Estate Update for December 2022 is for the magnificent area located on the west coast of the Big Island of Hawaii. The Big Island received that name as to differentiate it between the State of Hawaii and the Island of Hawaii. Kohala is split into two areas, North Kohala and South Kohala, with North Kohala covering the more rural northern end of the island, 
that includes the two small towns of Hawi and Kapa’au, as well as the Kohala Ranch communities at the southern end.
South Kohala, which begins just south of Kohala Ranch, 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.
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The number of single-family homes sold in Kohala in December 2022 decreased significantly from December 2021, with 16 homes selling in this December, 
down from 37 homes in 2021. This drop in sales volume happened in both North and South Kohala, with North Kohala having a minor decrease from 10 homes sold to 7, while South Kohala fell from 27 homes in December 2021 to just 9 homes in this December. The condo market also experienced a huge decrease, with the number of units sold falling substantially year over year in December from 29 to 11 units.
Like the monthly numbers, the 2022 year-to-date sales volume remained far behind that of 2021, falling from 420 single-family homes sold in 2021 to 285 homes sold last year. This decrease 
happened in both parts of Kohala, as the number of single-family homes in North Kohala decreased from 106 sold in 2021 to 75 in 2022. South Kohala, experienced an even larger decrease, falling from 314 homes in 2021 to 210 homes sold last year. The condo market experienced the largest decrease in sales, with year-to-date sales volume falling from 422 units sold in 2021, to 260 units sold in 2022.
Although the volume of single-family homes sold in December 2022 was down in Kohala from December 2021, the change in median sales price a mixed bag. The median sale price in South Kohala fell from $1,065,000 in December 2021 to $769,000 in December 2022, while in North Kohala, the median sales price in 
December 2022 increased to $1,050,000 from $611,750 in December 2022. The condo market experienced a quite smaller increase in median sales price, with the December 2022 median sales price increasing to $895,000 from $890,000 in the previous December.
The 2022 year-to-date median sales price in Kohala also had some impressive increases, with condos in South Kohala having the largest change, climbing 36.96% from $792,500 in 2021 to $1,077,500 last year. The single-family homes in South Kohala had the smallest movement in the same direction, increasing 8.60%, from $837,000 in 2021 to $909,000 in 2022. Meanwhile, single-family home sales volume in North Kohala year-to-date also rose, increasing 26.00% from $813,500 in 2021 to $1,025,000 last year.
Analysis: The Kohala Real Estate Update show us that although the sales volume of single-family homes and condos have dropped significantly, we have not seen a reduction in prices in most markets. But with inventory levels and days-on-market rising, it remains to be seen how much downward pressure this will have on prices.
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.
Kohala Real Estate Update for December 2022 Highlights
- No. of single-family homes sold in North Kohala – 7
- No. of single-family homes sold in South Kohala – 9
- No. of condo units sold in Kohala – 11
- YTD No. of single-family homes sold in North Kohala – 75
- YTD No. of single-family homes sold in South Kohala – 210
- YTD No. of condo units sold in South Kohala – 260
- Median sales price of a single-family home in North Kohala – $1,050,000
- Median sales price of a single-family home in South Kohala – $769,500
- Median sales price of a condo in South Kohala – $895,000
- YTD median sales price of a single-family home in North Kohala – $1,025,000 up 26.00%
- YTD median sales price of a single-family home in South Kohala – $909,000 up 8.60%
- YTD median sales price of a condo in South Kohala – $1,077,500 up 35.96%
If you enjoyed this update, you might enjoy Mauna Lani Resort Market Update for Q4 2022.