The Kohala Coast is a magnificent 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. 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 on the south end.
South Kohala begins just south of Kohala Ranch and contains the world class resorts of Mauna Kea, Mauna Lani and Waikoloa Beach Resort’s, 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 Covid-19 pandemic had a definite effect on the number of single-family homes sold in Kohala in July 2020, with 25 homes selling in July of this year, down from 37 homes selling in July 2019. That decrease in sales volume was felt in both the South Kohala and North Kohala markets. The South Kohala market decreased from 30 single-family homes sold in July 2019 to 19 homes this July, while in North Kohala, the number of homes sold only decreased by one, from 7 homes sold, down to 6. The number of condos sold in July also experienced a decrease, falling slightly from 23 units sold last year to 19 units in July of this year.
The decrease in the monthly numbers has only accelerated the downward spiral of the year-to-date numbers. There have been 170 single-family homes sold so far this year, down from 197 homes sold by this time in 2019. The North Kohala year-to-date number is below the 38 homes sold in 2019, with 32 homes being sold this year, and the South Kohala sales volume also has not caught up to the 2019 number, with 138 single-family homes selling this year, down from the 159 homes sold last year. The number of condos sold year-to-date also experience a dramatic drop, with 128 units sold this year, down from the 194 units sold in 2019.
Even with the decrease in sales volume of single-family homes in July 2020 over July 2019, both North and South Kohala experienced an increase in the monthly median sales price. The median sale price in South Kohala increased marginally from $595,000 in July 2019 to $640,000 in July of this year, while in North Kohala, the median sales price in July 2020 increased by a staggering $540,000, from $405,000 in July 2019 to $945,000 this July. This type of a wild swing in median sales price can sometimes be expected when dealing with low volume sales. The condo market was the only market to feel a slight downturn in price, with the July 2020 median sales price dropping to $480,000 from $511,000 in July 2019.
The year-to-date median sales price numbers were also mostly all positive in Kohala this month, with North Kohala, ironically, being the only market to have a price drop. Even with the massive increase in the monthly median sales price, North Kohala’s median year-to-date sales price fell 9.26%, from $810,000 in 2019 to $735,000 this year. Meanwhile, South Kohala felt a subtle upward change, with its year-to-date median sales price rising 4.64% from $593,000 in 2019 to $620,000 this year, while the condo market had the largest upward swing, rising 15.38%, from $513,500 in 2019 to $592,500 this year.
Analysis: After two months of large drops in sales volume and median sales price, we have seen a couple of months of a slow but accelerating turnaround. Although the year-to-date numbers are way down from 2019, the monthly numbers are approaching the same levels as last year. Interesting to see how long it will continue as the Covid 14-day quarantine also continues.
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.
July 2020 Kohala Coast Market Highlights
- No. of single-family homes sold in North Kohala – 6
- No. of single-family homes sold in South Kohala – 19
- No. of condo units sold in South Kohala – 19
- YTD No. of single-family homes sold in North Kohala – 32
- YTD No. of single-family homes sold in South Kohala – 138
- YTD No. of condo units sold in South Kohala – 128
- Median sales price of a single-family home in North Kohala – $945,000
- Median sales price of a single-family home in South Kohala – $640,000
- Median sales price of a condo in South Kohala – $480,000
- YTD median sales price of a single-family home in North Kohala – $735,000
- YTD median sales price of a single-family home in South Kohala – $620,500
- YTD median sales price of a condo in South Kohala – $592,500
If you enjoyed this update, you may like North Kohala Market Update for Q2 2020.