The Kohala Coast Real Estate Update for May 2023 is for the spectacular 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 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.
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The number of single-family homes sold in Kohala in May 2023 decreased moderately compared to last May, 
with 17 homes selling in May this year, down from 26 homes sold in May 2022. This decrease in sales volume was only felt in North Kohala, with the South Kohala volume rising by one.
The North Kohala total fell from 11 homes sold in May 2022 to just one home sold in May this year, while the volume in South Kohala increased from 15 homes sold last May to 16 homes this year. The number of condos sold year over year in May also had a substantial decrease, falling to 15 units this year from 34 units last May.
As with the monthly numbers, the year-to-date numbers were also down. There have been 88 single-family homes 
sold this year in Kohala, down from 152 homes sold by this time in 2022. The sales volume decrease in South Kohala was moderate, with the number falling from 105 homes sold last year to 72 homes sold this year. The North Kohala decrease was similar in size, with 16 homes sold so far this year, down from 47 homes sold last year. The number of condos sold year-to-date experienced the biggest decrease, falling from 156 units sold last year, to 83 units sold so far in 2023.
As with the monthly sales volume of single-family homes in Kohala, the change in median sales price was also a mixed bag. The median sale price in South Kohala fell from $888,000 in May 2022 
to $858,000 in May of this year, while in North Kohala, the median sales price increased from $675,000 in May 2022 to a whopping $3,800,000 this May. The North Kohala change can be attributed to only one home selling this quarter, and it being a multi-million-dollar sale. The condo market also saw an increase, with the May 2023 median sales price rising to $1,445,000, from $1,375,000 in May 2022.
The changes to the year-to-date median sales price mirrored the monthly numbers. The price of single-family homes in South Kohala fell a slight 3.09%, from $899,000 in 2022, to $871,250 this year. North Kohala experienced a massive increase, rising an amazing 69.50% from $1,000,000 in 2022 to $1,695,000 this year, again, due to the low sales volume in that market. The condo market experienced a moderate decrease, with the median sale price falling 17.57%, from $1,152,500 in 2022 to $950,000 this year.
Analysis: The Kohala Real Estate Update for May 2023 shows us that all markets have a lower sales volume than last May, in both monthly and year-to-date numbers. Median sale prices are also down in all market segments, except North Kohala, where the low sales volume has “padded” the stats.
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 2023 Highlights
- No. of single-family homes sold in North Kohala -1
- No. of single-family homes sold in South Kohala – 16
- No. of condo units sold in South Kohala – 15
- YTD No. of single-family homes sold in North Kohala – 16
- YTD No. of single-family homes sold in South Kohala – 72
- YTD No. of condo units sold in South Kohala – 83
- Median sales price of a single-family home in North Kohala – $3,800,000
- Median sales price of a single-family home in South Kohala – $858,000
- Median sales price of a condo in South Kohala – $1,375,000
- YTD median sales price of a single-family home in North Kohala – $1,695,000 up 69.50%
- YTD median sales price of a single-family home in South Kohala – $871,250 down 3.03%
- YTD median sales price of a condo in South Kohala – $950,000 down 17.57%
If you enjoyed this update, you may like Waikoloa Beach Resort Market Update for Q1 2023.