The Kohala Coast Real Estate Update for February 2023 is for the beautiful 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. Kohala is split into two areas, North Kohala and South Kohala, with North Kohala covering the more rural northern end of the island, including the historic towns of Hawi and Kapa’au, and the Kohala Ranch communities farther south.
South Kohala, which begins just south of Kohala Ranch, covers the large, 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 my Market Update Page.
The Kohala Real Estate Update for February 2023 shows us that the number of single-family homes sold fell drastically over February 2022, with 26 homes selling last February to just 12 homes this year. This decrease happened in all areas, with the sales volume in North Kohala decreasing from 8 homes sold last February to 6 homes sold this year, and the volume in South Kohala falling from 18 homes in February 2022 to just 6 homes this February. The number of condos sold year over year in February also experienced a big decrease, going from 26 units in February 2022 to 13 units this February.
With February only being the second month of the year, the year-to-date volume in Kohala is not yet a significant number, and it is way below the 2022 number. There have been 30 single-family homes sold so far in 2023, down from 57 homes sold by this time last year. Like the monthly number, this decrease was felt in all markets. The North Kohala sales volume fell from 14 homes sold in 2022 to 11 homes sold this year, while in South Kohala the year-to-date sales volume fell from 43 homes sold last year to just 19 homes in 2023. The number of condos sold year-to-date was also down significantly, falling from 51 units sold last year, to 27 units sold in 2023.
As with the sales volume numbers being down, the same is true for the median sales price, falling in all markets except North Kohala. The median sale price of a single-family home in South Kohala fell from $962,000 in February 2022 to $742,500 in February of this year, while in North Kohala, the median sales price in February 2023 rose dramatically to $2,275,000 from $1,436,500 in February 2022. The condo market in South Kohala also experienced a significant price decrease, with the February 2023 median sales price falling to $889,000 from $1,100,000 in February 2022.
As with the monthly median sales prices, the year-to-date numbers were down in all markets but North Kohala. The median year-to-date sales price in the South Kohala condo market had the biggest decrease, falling 6.91% from $955,000 in 2022 to $889,000 this year. South Kohala single-family homes felt a smaller decrease for its median sales price, decreasing 2.46% from $915,000 in 2022 to $892,500 this year. North Kohala experienced the only increase, rising 19.56%, from $1,171,000 last year to $1,400,000 in 2023.
Analysis: The Kohala Real Estate Update shows us that sales volume in all market segments has fallen drastically compared to last year’s numbers. Although this drop in sales volume has been happening since mid-2022, this is the first month that most market segments have seen the median sales price move into negative territory.
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. Mahalo.
Kohala Real Estate Update for February 2023 Highlights
- No. of single-family homes sold in North Kohala – 6
- No. of single-family homes sold in South Kohala – 6
- No. of condo units sold in South Kohala – 13
- YTD No. of single-family homes sold in North Kohala – 11
- YTD No. of single-family homes sold in South Kohala – 19
- YTD No. of condo units sold in South Kohala – 27
- Median sales price of a single-family home in North Kohala – $2,275,000
- Median sales price of a single-family home in South Kohala – $742,500
- Median sales price of a condo in South Kohala – $889,000
- 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 – $892,000
- YTD median sales price of a condo in South Kohala – $889,000
If you enjoyed this update, you may like Mauna Lani Resort Real Estate Update for Q4 2022.