The Kohala Real Estate Update for June 2023 is for the magnificent area located on the west coast of the Big Island of Hawaii. The Big Island received its name 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.
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The sales volume of single-family homes on the Kohala Coast in June 2023 decreased 
slightly over the volume of last June, with 21 homes selling in June this year, down from 26 homes selling last June. Though this decrease in sales did not happen in both parts of Kohala, North Kohala saw 5 homes sold in June 2023, up slightly from the 3 homes sold last June, and South Kohala decreased from 23 homes sold in June 2022 to 16 homes this June.
The number of condos sold in June 2023 remained steady year over year, with 30 units being sold this June, down from 32 units last June. The decrease in the June sales volume also reflects the 
year-to-date volume numbers. There have been 109 single-family homes sold so far this year, a big decrease from the 178 homes that sold by this time in 2022. Both parts of Kohala have felt this volume decrease, with North Kohala seeing 21 homes sold so far this year, down from 50 homes sold in 2022. In South Kohala the sales volume decreased by 40 homes, with 88 homes selling this year, down from the 128 sold last year, and the number of condos sold year-to-date also experienced a decrease, with 112 units selling this year, down from the 188 units sold in 2022.
Although there was a drop in the sales volume of Kohala single-family homes in June 2023, the median sales price change was mixed. The 
median price of North Kohala single-family homes fell a staggering $2,311,000, from $3,000,000 in June 2022 to $689,000 in June of this year. This kind of dramatic change can sometimes happen in a low sales volume area. The condo market median price fell from $989,444 in June 2022 to $927,250 in June of this year. The only increase in the median sales price was in South Kohala single-family homes, where the price in June 2023 rose to $1,085,000 from $926,000 in June 2022.
The movement in the year-to-date median Kohala sales price mostly reflected the 
monthly numbers. The year-to-date median price of single-family homes in North Kohala fell a slight 1.79%, from $1,171,000 in 2022 to $1,150,000 this year. South Kohala experienced a slight change in the other direction, with its median price rising 2.21% from $907,000 in 2022 to $927,000 this year, while the condo market had the biggest decrease, falling an amazing 15.81%, from $1,110,000 in 2022 to $934,000 this year.
Analysis: The Kohala Real Estate Update for June 2023 shows us that sales volume has fallen drastically over the last year, while the median sales price has remained stagnant or fallen slightly. Most markets are still in a low inventory situation, but the drop in sales indicates a lower demand.
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 June 2023 Highlights
- No. of single-family homes sold in North Kohala – 5
- No. of single-family homes sold in South Kohala – 16
- No. of condo units sold in South Kohala – 30
- YTD No. of single-family homes sold in North Kohala – 21
- YTD No. of single-family homes sold in South Kohala – 88
- YTD No. of condo units sold in South Kohala – 112
- Median sales price of a single-family home in North Kohala – $689,000
- Median sales price of a single-family home in South Kohala – $1,085,000
- Median sales price of a condo in South Kohala – $927,250
- YTD median sales price of a single-family home in North Kohala – $1,150,000
- YTD median sales price of a single-family home in South Kohala – $927,000
- YTD median sales price of a condo in South Kohala – $934,000
If you enjoyed this update, you may like the Mauna Lani Resort Real Estate Update for Q2 2022.