The Kohala Real Estate Update for January 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 small towns of Hawi and Kapaau, and the Kohala Ranch communities farther south.
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 January 2023 decreased dramatically over last January, with 31 homes selling in January 2022 down to 17 homes sold this year. That dramatic decrease happened 
mainly in the South Kohala single-family and condo home markets, with the sales volume of single-family homes falling from 25 homes in January 2022 to 12 homes this January and the number of condos falling from 25 units last January to 13 units this year. The North Kohala market experienced a decrease of just one sale, from 6 single-family homes sold in January 2022 to 5 homes this year.
With January being the first month of the year, the year-to-date volume is going to 
mirror the monthly numbers, with 17 homes being sold so far in 2023, as opposed to 25 homes being sold by this time last year. The South Kohala volume decreased from 25 homes in January 2022 to 12 homes sold this January, while in North Kohala the decrease was by one, from 6 single-family homes sold by this time in 2022, to 5 homes this year. The number of condos sold year-to-date also had a decrease in sales volume, falling from 25 units sold last year, to 12 units sold in 2023.
Although there were decreases in sales volume in all market segments in January 2023, the decrease in median sales price only occurred in the condo market. The median sale price of single-family homes in South Kohala rose from $810,000 in January 2022 to $911,250 this January, while in North Kohala, the median sales price 
increased from $755,000 in January 2022 to $890,000 in January this year. The condo market experienced the only price decrease, with the January 2023 median sales price falling to $850,000 from $892,500 in January 2022.
With it being January, the year-to-date numbers will also reflect the monthly numbers, so the median sales prices are up in 2 out of 3 markets. The median year-to-date sales price in the condo market saw the only decrease, falling 4.76% from $892,500 in 2022 to $850,000 this year. North Kohala experienced the largest increase for its median sales price, rising 17.88% from $755,000 in 2022 to $890,000 this year, and the single-family homes in South Kohala had a smaller increase, rising 12.50%, from $810,000 in 2022 to $911,250 this year.
Analysis: The Kohala Real Estate Update for January shows us that the sales volume of both single-family homes and condos has fallen drastically. This lack of demand has not yet caused prices to drop, except for a slight decrease in condo prices. This may be because the lack of inventory is also keeping the supply side low.
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 Highlights for January 2023
- No. of single-family homes sold in North Kohala – 5
- No. of single-family homes sold in South Kohala – 12
- No. of condo units sold in South Kohala – 13
- YTD No. of single-family homes sold in North Kohala – 5
- YTD No. of single-family homes sold in South Kohala – 12
- YTD No. of condo units sold in South Kohala – 13
- Median sales price of a single-family home in North Kohala – $890,000
- Median sales price of a single-family home in South Kohala – $911,250
- Median sales price of a condo in South Kohala – $850,000
- YTD median sales price of a single-family home in North Kohala – $890,000, up 17.88%
- YTD median sales price of a single-family home in South Kohala – $911,250, up 12.50%
- YTD median sales price of a condo in South Kohala – $850,000, down $.76%
If you enjoyed this update, you may like Mauna Kea Resort Real Estate Update for Q4 2022.