The Kohala Real Estate Market Update for June 2021 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, Kapa’au and the Kohala Ranch communities.
South Kohala beginning 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 real estate updates for many of these areas by visiting the Market Updates page on my website.
The number of single-family homes sold on the Kohala Coast in June 2021 increased substantially over the volume of June 2020, with 41 homes selling in June of this year, up from 15 homes selling last June. The increase in sales volume was felt in both parts of Kohala, where North Kohala saw 12 homes sold in June 2021, up considerably from the 4 homes sold last June, and South Kohala increased from 11 homes sold in June 2020 to 29 homes this June. The number of condos sold in June 2021 had the most dramatic increase year over year, with 35 units being sold this June, up from 12 units in June 2020.
The increase in sales volume in June contributed to 2021 the surpassing the 2020 year-to-date sales volume. There have been 170 single-family homes sold so far this year, a big increase from the 145 homes that sold by this time in 2020. Both parts of Kohala have felt this year-to-date volume increase, with North Kohala seeing 65 homes sold in 2021, up from 26 homes sold in 2020. In South Kohala the sales volume has increased by an incredible 46 homes, with 165 homes selling this year, way up from the 119 homes sold last year, and the number of condos sold year-to-date experienced the largest increase, with 247 units selling this year, up from 111 units sold in 2020.
Along with the rise in sales volume of single-family homes in June 2021 in Kohala, the median sales price also rose in all markets. The median sale price in the South Kohala single-family and condo markets both increased, with the median sales price of South Kohala single-family homes rising from $750,000 in June 2020 to $832,000 in June of this year, while the condo market rose from $600,000 in June 2020 to an amazing $824,000 in June of this year. The biggest increase in the median sales price was in North Kohala, there the price in June 2021 rose to an incredible $1,134,500 from $691,500 in June 2020.
The movement in the year-to-date median sales price for homes in Kohala, mostly reflected the monthly numbers. The year-to-date median sales price in North Kohala saw the largest increase, rising 34.97%, from $672,000 in 2020 to an amazing $907,000 this year; this kind of dramatic change can be expected when you have an area with a low sales volume. Meanwhile, South Kohala experienced a less dramatic change, with its median sales price rising 27.02% from $618,000 in 2020 to $785,000 this year, while the condo market had the most modest increase, rising 19.24%, from $629,000 in 2020 to $750,000 this year.
Analysis: The Kohala Real Estate Market Update for June 2021 shows us that both the sales volume and median prices in 2021 have risen substantially over last year. As the inventory gets lower, prices keep rising. Since all markets are now in a low inventory situation, it will be hard for the sales numbers to stay as high as they are.
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 Market Update for June 2021 Highlights
- No. of single-family homes sold in North Kohala – 12
- No. of single-family homes sold in South Kohala – 29
- No. of condo units sold in South Kohala – 35
- YTD No. of single-family homes sold in North Kohala – 65
- YTD No. of single-family homes sold in South Kohala – 165
- YTD No. of condo units sold in South Kohala – 247
- Median sales price of a single-family home in North Kohala – $1,134,500
- Median sales price of a single-family home in South Kohala – $832,000
- Median sales price of a condo in South Kohala – $824,000
- YTD median sales price of a single-family home in North Kohala – $907,000
- YTD median sales price of a single-family home in South Kohala – $785,000
- YTD median sales price of a condo in South Kohala – $750,000
If you enjoyed this update, you may like the Mauna Lani Resort Market Update for Q2 2021.