The Kohala Real Estate Update for November 2021 is for the beautiful location on the west coast of the Big Island of Hawaii. We call it the Big Island as to differentiate it between the State of Hawaii and the Island of Hawaii. Kohala is split into two areas, North Kohala and South Kohala, with North Kohala covering the more rural, northern end of the island, containing the historic small towns of Hawi, Kapa’au, and the Kohala Ranch communities.
South Kohala begins just south of Kohala Ranch and contains 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 November 2021 was down moderately over November last year, with 36 homes selling in November 2020, while 25 homes were sold this November. This decrease in sales volume happened, sort of, in both parts of Kohala. In South Kohala, the volume stayed the same at 22 homes sold each year, and in North Kohala there was a decrease of 10 sales, from 14 homes down to 4. The number of condos sold was also down slightly in November 2021, with 27 units selling this year, compared to 33 units in November 2020.
Although the November monthly number of single-family homes sold decreased slightly, the overall year-to-date volume in 2021 is still ahead of last year’s numbers. There were 320 homes sold by this time last year, while 381 homes have sold this year. This overall increase was enjoyed in both parts of Kohala, with the number of single-family homes in North Kohala rising from 75 homes sold in 2020, to 95 sold homes this year, while South Kohala increased from 245 homes last year to 286 homes sold in 2021. The number of condos sold year-to-date was also up significantly, rising from 237 units sold in 2020, to 292 units sold this year.
Although the Kohala sales volume was down in November 2021 in most market segments, the change in median sales price experienced impressive gains in most markets. The median sale price in South Kohala experienced a moderate increase, rising from $642,500 in November 2020 to $845,000 in November of this year. The condo market also experienced moderate gains, with the November median sales price rising from $728,222 in 2020 to $790,000 this year. It was only the North Kohala market that experienced a small decrease, falling from $710,000 in November 2020 to $624,000 this November.
Unlike the monthly median sales price numbers, the year-to-date numbers in November 2021 were up in all markets. The year-to-date median sales price of single-family homes in North Kohala experienced the smallest increase, a still impressive 7.59%, from $790,000 in 2020 to $850,000 this year. The median price of single-family homes in South Kohala had an even higher increase, rising 24.09% from $615,000 in 2020 to $780,000 this year, while the condo market experienced the biggest increase, rising an amazing 26.83%, from $615,000 last year to $780,000 in 2021.
Analysis: The Kohala Real Estate Update for November shows us that like most of 2021, the monthly sales volume and median sales price numbers in Kohala are still quite strong. There seems to be a slight slowdown in the monthly sales numbers, mostly due to lack of inventory, but the year-to-date numbers still far outpace 2020.
If you are thinking of buying or selling a home on the Kohala Coast, contact me today. I will produce a customized market report for the neighborhood or area you are interested in buying or selling in. Mahalo.
Kohala Real Estate Update for November 2021 Highlights
- No. of single-family homes sold in North Kohala – 4
- No. of single-family homes sold in South Kohala – 22
- No. of condo units sold in South Kohala – 27
- YTD No. of single-family homes sold in North Kohala – 95
- YTD No. of single-family homes sold in South Kohala – 286
- YTD No. of condo units sold in South Kohala – 392
- Median sales price of a single-family home in North Kohala – $624,000
- Median sales price of a single-family home in South Kohala – $845,000
- Median sales price of a condo in South Kohala – $790,000
- YTD median sales price of a single-family home in North Kohala – $850,000
- YTD median sales price of a single-family home in South Kohala – $825,000
- YTD median sales price of a condo in South Kohala – $780,000
If you enjoyed this update, you may like Mauna Lani Resort Market Update for Q3 2021.