The Kohala Real Estate Update for July 2022 is for the 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 K0hala 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 number of single-family homes sold in Kohala in July 2022 is down over last July, with 17 homes selling this year, down from 28 homes selling last July. The decrease in sales volume was felt in both the South Kohala and North Kohala markets. The South Kohala market 
decreased from 20 single-family homes sold in July 2021 to 13 homes this July, while in North Kohala, the number of homes sold was cut in half, from 8 homes sold last July, to 4 this year. The number of condos sold in July also decreased, falling from 31 units sold last year to 21 units in July of this year.
The decrease in the monthly volume was also reflected in the year-to-date numbers of all markets. There have been 195 single-family homes sold so far this year, down considerably from the 259 homes sold by this time in 2021. The North Kohala year-to-date number fell from 73 homes sold in 2021, to 54 homes sold this year, and the South Kohala sales volume is also down from the 2021 number, with 141 single-family homes selling this year, down from the 186 homes sold in 2021. The number of condos sold year-to-date also fell considerably, with 209 units selling so far this year, down from the 280 units sold in 2021.
Although there was a decrease in sales volume in all markets in July 2022 over July 2021, the increase in the median sales price was up in all markets. The median sale price in South Kohala increased slightly from $815,000 in July 2021 to $838,000 in July of this year, while in North Kohala, the median sales price in July 2022 rose from $755,000 in July 2021 to an amazing $1,017,500 this July. The condo market also experienced an increase, with the July 2022 median sales price rising to $930,000 from $885,000 in July 2021.
The year-to-date median sale prices were also positive in every market of Kohala this month, with North Kohala’s median year-to-date sales price rising 14.39%, from $907,000 in 2021 to $1,037,500 this year. Meanwhile, South Kohala also felt an upward change, with its year-to-date median sales price rising 14.29%, from $787,500 in 2021 to $900,000 this year, while the condo market had the largest upward swing, rising an amazing 44.50%, from $761,250 in 2021 to $1,100,000 this year.
Analysis: The Kohala Real Estate Update for July 2022 shows us that the sale of single-family homes and condos in July have slowed substantially in both month over month and year over year numbers. Despite this slowdown, median sale prices have still risen in all markets, in both year over year and year-to-date numbers.
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 2022 Highlights
- No. of single-family homes sold in North Kohala – 4
- No. of single-family homes sold in South Kohala – 13
- No. of condo units sold in South Kohala – 21
- YTD No. of single-family homes sold in North Kohala – 54
- YTD No. of single-family homes sold in South Kohala – 141
- YTD No. of condo units sold in South Kohala – 209
- Median sales price of a single-family home in North Kohala – $1,017,000
- Median sales price of a single-family home in South Kohala – $838,000
- Median sales price of a condo in South Kohala – $930,000
- YTD median sales price of a single-family home in North Kohala – $1,037,500
- YTD median sales price of a single-family home in South Kohala – $900,000
- YTD median sales price of a condo in South Kohala – $1,100,000
If you enjoyed this update, you may like Mauna Kea Resort Market Update for Q2 2022.