The Kohala Coast Real Estate Update for May 2022 is for the spectacular 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 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 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 May 2022 decreased significantly over last May, with 25 homes selling in May this year, down from 43 homes sold in May 2021. This decrease in sales volume was only felt in South Kohala, with the North Kohala volume rising by one. The South Kohala total fell from 34 homes sold in May 2021 to 15 homes sold in May this year, while the volume in North Kohala increased from 9 homes sold last May to 10 homes this year. The number of condos sold year over year in May also had a small decrease, falling to 34 units this year from 40 units last May.
As with the monthly numbers, the year-to-date numbers are also down. There were 149 single-family homes sold this year, down from 189 homes sold by this time in 2021. The sales volume decrease in South Kohala was marginal, with the number falling from 136 homes sold last year to 103 homes selling this year. The North Kohala decrease was the smallest, with 46 homes sold so far this year, down from 53 homes sold last year. The number of condos sold year-to-date experienced the most dramatic decrease, falling from 214 units sold last year, to 153 units sold so far in 2022.
Although the monthly sales volume of single-family homes in Kohala during May 2022 was down in all markets compared to May 2021, the change in median sales price was more of a mixed bag. The median sale price in South Kohala fell from $1,085,000 in May 2021 to $888,000 in May of this year, while in North Kohala, the median sales price decreased from $723,810 in May 2021 to $637,500 this May. The condo market saw the only increase, with the May 2022 median sales price rising to $1,450,000, from $675,250 in May 2021.
Unlike the monthly numbers, the changes to the year-to-date median sales price were positive in all market segments. The price of single-family homes in South Kohala rose an impressive 15.70%, from $777,000 in 2021, to $899,000 this year. North Kohala experienced a smaller increase, rising 8.23% from $907,000 in 2021 to $982,500 this year. The condo market had the most dramatic increase, with the median sale price rising an amazing 67.44%, from $698,750 in 2021 to $1,170,000 this year.
Analysis: The Kohala Real Estate Update for May 2022 shows us that all markets remain strong, although the year-to-date numbers are slightly lower than 2021. Since most markets have been in a low inventory status for many months, it was inevitable that the sale volume would be affected.
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 May 2022 Highlights
- No. of single-family homes sold in North Kohala -10
- No. of single-family homes sold in South Kohala – 15
- No. of condo units sold in South Kohala – 34
- YTD No. of single-family homes sold in North Kohala – 46
- YTD No. of single-family homes sold in South Kohala – 103
- YTD No. of condo units sold in South Kohala – 153
- Median sales price of a single-family home in North Kohala – $637,500
- Median sales price of a single-family home in South Kohala – $888,000
- Median sales price of a condo in South Kohala – $1,450,000
- YTD median sales price of a single-family home in North Kohala – $982,000 up 8.23%
- YTD median sales price of a single-family home in South Kohala – $899,000 up 15.70%
- YTD median sales price of a condo in South Kohala – $1,170,000 up 67.44%
If you enjoyed this update, you may like Waikoloa Beach Resort Market Update for Q1 2022.