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The Kohala Real Estate Update for October is for the majestic 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 made up of two regions, North Kohala and South Kohala, with North Kohala covering the more rural, northern end of the island, including the small towns of Hawi and Kapa’au, as well as the Kohala Ranch communities farther south.

Kohala Real EstateSouth Kohala, which begins just south of Kohala Ranch, covers the 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 October 2020 on the Kohala Coast decreased slightly from last October, with 28 homes selling in October 2021, down from 39 homes last year. That decrease was only felt in South Kohala, with 20 single-Kohala Real Estatefamily homes selling, down from 34, while North Kohala had a slight increase, with 8 homes selling, up from 5 homes. The condo market also experienced a marginal decrease, falling from 32 units sold in October 2020 to 29 units this October.

 

Although there was a decrease in sales volume in October 2021, the overall year-to-date sales volume on the Kohala Coast is far ahead of the 2020 numbers, with 353 single-family homes being sold this year, up from 284 homes sold by this time last year. The number of single-family homes in North Kohala increased immensely, from 61 homes sold by this time last year to 91 homes this year, while South Kohala saw a smaller increase, with the number of single-family homes rising from 223 homes last year to 262 homes sold this year. The number of condos sold year-to-date also enjoyed a healthy increase, rising to 364 units sold this year from 204 units sold in 2020.

Kohala Real Estate UodateThe change in median price this October over last year was up in all markets. The median sale price in North Kohala experienced an impressive increase, rising from $470,000 in October 2020 to $622,500 in October of this year. The South Kohala median sales price in October 2021 was less dramatic, rising to $837,000 this year from $715,500 in October 2020. The condo market median sales price changed the most, rising from $718,500 in October 2020 to an amazing $1,230,000 this year.

As with the monthly numbers of October’s median sales price, all market segments experienced impressive rises in their year-to-date numbers. Single-family homes in North Kohala saw the smallest increase in the year-to-date median sales price, rising a marginal 8.05% from $795,000 in 2020 to $859,000 this year, while the single-family homes in South Kohala rose a dramatic 23.50%, from $668,500 in 2020 to $825,000 this year. The condo market experienced the largest increase in its year-to-date median sales price, rising 28.93% from $605,000 in 2020 to $780,000 this year.

Analysis: The Kohala Real Estate Update for October shows us that even though the year-to-date numbers for 2021 are far ahead of 2020, the monthly numbers are starting to slow down, mainly due to the lack of inventory. This low inventory, coupled with high demand, continue to push prices higher.

Kohala Real Estate Update

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 October 2021 Highlights

  • No. of single-family homes sold in North Kohala – 8
  • No. of single-family homes sold in South Kohala – 20
  • No. of condo units sold in Kohala – 29
  • YTD No. of single-family homes sold in North Kohala – 91
  • YTD No. of single-family homes sold in South Kohala – 262
  • YTD No. of condo units sold in Kohala – 364
  • Median sales price of a single-family home in North Kohala – $622,500
  • Median sales price of a single-family home in South Kohala – $837,000
  • Median sales price of a condo in Kohala – $1,230,000
  • YTD median sales price of a single-family home in North Kohala – $859,000
  • YTD median sales price of a single-family home in South Kohala – $825,000
  • YTD median sales price of a condo in Kohala – $780,000

If you enjoyed this update, you may like Mauna Lani Real Estate Update for Q3 2021.