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 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.
South 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.
The number of single-family homes sold in October 2023 on the Kohala Coast increased slightly from last October, with 23 homes sold this October, up from 19 homes in October 2022. That increase only happened in South Kohala, where 21 single-family homes were sold, up from 15 homes last year, while only 2 homes were sold in North Kohala, down from 4 homes last October. The condo market also experienced a slight increase, rising from 7 units sold in October 2022 to 11 units this October.
Although there was an increase in monthly sales volume in October, the overall year-to-date sales volume on the Kohala Coast is way down from the 2022 numbers. There have been 198 single-family homes sold so far this year, down from 252 homes sold by this time in 2022.
The single-family homes sales volume in North Kohala went from 63 homes sold year-to-date last year to 43 homes this year, while South Kohala’s sales volume of homes fell from 189 homes in 2022 to 155 homes sold so far this year. Condos units sold year-to-date also had a steep decrease, falling to 178 units sold this year from 240 units sold in 2022.
Despite the increase in sales volume in October, the median sales price in October over last was up in all the markets except the South Kohala single-family home market. The median sale price in North Kohala experienced the largest increase, rising from $1,387,500 in October 2022 to an amazing $2,412,000 this October. This is common when the sales volume is so low.
The fall in the South Kohala median sales price in October was less dramatic, falling to $920,000 this year from $1,050,000 in October 2022. The condo market median sales price experienced a modest increase, rising from $860,000 in October 2022 to $933,000 this year.
Like the monthly numbers of October’s median sales price, the year-to-date numbers also had mixed results. Single-family homes in North Kohala saw the largest increase, rising 12.20% from $1,025,000 in 2022 to $1,150,000 this year, while the single-family homes in South Kohala rose a smaller 1.76%, from $908,000 in 2022 to $924,000 this year. The condo market experienced the only decrease in its year-to-date sales price, falling 10.67%, from $1,077,000 in 2022 to $962,500 this year.
Analysis: The Kohala Real Estate Update for October reveals that although the monthly sales volumes are up slightly, the year-to-date sale volumes for 2023 are below those of 2022. We are still in a low inventory environment, and demand this year has fallen steeply, but sale prices, for the most part, continue to increase.
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 2023 Highlights
- No. of single-family homes sold in North Kohala – 2
- No. of single-family homes sold in South Kohala – 21
- No. of condo units sold in Kohala – 11
- YTD No. of single-family homes sold in North Kohala – 45
- YTD No. of single-family homes sold in South Kohala – 155
- YTD No. of condo units sold in Kohala – 178
- Median sales price of a single-family home in North Kohala – $2,412,000
- Median sales price of a single-family home in South Kohala – $920,000
- Median sales price of a condo in Kohala – $933,000
- 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 – $924,000
- YTD median sales price of a condo in Kohala – $962,000
If you enjoyed this update, you may like Mauna Lani Real Estate Update for Q3 2023.