The Kohala Real Estate Market Update for July 2021 is for 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 Kahala 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.
The number of single-family homes sold in Kohala in July 2021, with 28 homes selling in July of this year, up from 25 homes selling in July 2020. The slight increase in sales volume was felt in both the South Kohala and North Kohala markets. The South Kohala market increased from 19 single-family homes sold in July 2020 to 20 homes this July, while in North Kohala, the number of homes sold increased from 6 homes sold, up to 8. The number of condos sold in July experienced the largest increase, rising from 19 units sold last year to an amazing 31 units in July of this year.
The slight increase in the monthly volume has helped to keep the year-to-date numbers well ahead of the 2020 count. There have been 259 single-family homes sold so far this year, up from 170 homes sold by this time in 2020. The North Kohala year-to-date number is more than double the 32 homes sold in 2020, with 73 homes being sold this year, and the South Kohala sales volume is also way ahead of the 2020 number, with 186 single-family homes selling this year, up from the 138 homes sold in 2020. The number of condos sold year-to-date also experienced a healthy increase, with 194 units sold this year, up from the 128 units sold in 2020.
Although there was an increase in sales volume of single-family homes in July 2021 over July 2020 in all markets, the increase in the monthly median sales price was mixed. The median sale price in South Kohala increased substantially from $640,000 in July 2020 to $907,000 in July of this year, while in North Kohala, the median sales price in July 2021 decreased marginally, from $945,000 in July 2020 to $755,000 this July. The condo market experienced the biggest increase, with the July 2021 median sales price rising to an amazing $885,000 from $480,000 in July 2020.
The year-to-date median sales price numbers were all positive in all the markets of Kohala this month, with North Kohala’s median year-to-date sales price rising 23.40%, from $735,000 in 2020 to $810,000 this year. Meanwhile, South Kohala also felt an upward change, with its year-to-date median sales price rising 26.91% from $620,000 in 2020 to $787,500 this year, while the condo market had the largest upward swing, rising 29.74%, from $592,500 in 2020 to $768,500 this year.
Analysis: The Kohala Real Estate Market Update for July 2021 shows us that the sale of single-family homes in July is substantially lower than in previous months, mostly likely because of the low amount of inventory to buy. Condo sales have stayed as strong as previous months, but that market too is running out of inventory. What has not slowed down is the rise in prices. All markets are seeing 20% or more rise in median sale price over 2020.
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 July 2021 Highlights
- No. of single-family homes sold in North Kohala – 8
- No. of single-family homes sold in South Kohala – 20
- No. of condo units sold in South Kohala – 31
- YTD No. of single-family homes sold in North Kohala – 73
- YTD No. of single-family homes sold in South Kohala – 186
- YTD No. of condo units sold in South Kohala – 194
- Median sales price of a single-family home in North Kohala – $755,000
- Median sales price of a single-family home in South Kohala – $907,000
- Median sales price of a condo in South Kohala – $885,000
- YTD median sales price of a single-family home in North Kohala – $810,000
- YTD median sales price of a single-family home in South Kohala – $787,500
- YTD median sales price of a condo in South Kohala – $768,500
If you enjoyed this update, you may like Mauna Kea Resort Market Update for Q2 2020.