The Kohala Coast is located on the west coast of the Big Island of Hawaii. The Big Island received its name as to not confuse 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. South Kohala covers the major, world class resorts of Mauna Kea Resort, Mauna Lani Resort and Waikoloa Beach Resort, 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 April 2016 in Kohala dropped significantly over April 2015, with 29 homes selling in April this year, down from 38 homes selling in April 2015. That decrease came in large part because of the decrease in sales in South Kohala, as the volume in North Kohala actually increased (from 2 homes up to 5). South Kohala saw its sales volume in April 2016 decrease by a third over April of last year (down from 36 homes to 24). The number of condos sold year over year in April remained virtually unchanged, decreasing from 32 units last year to 31 units this year.
Although the monthly number was down, the year to date volume saw an increase in 2016, with 116 homes being sold this year, as opposed to 106 homes being sold by this time in 2015. Like the monthly number, this increase was due to the increase in sales volume in North Kohala, with the number of single family homes increasing from 10 homes sold by this time in 2015, to 20 homes this year. South Kohala’s year to date volume remained the same as last year, with 96 homes being sold in both years. The number of condos sold year-to-date also was up, rising from 73 units sold last year, to 83 units sold in 2016.
While the volume of single family homes sold in April 2016 from April 2015 varied from rising in North Kohala to decreasing in South Kohala, the change in median sales price went down in both regions. The median sale price in South Kohala dropped from $541,000 in April 2015 to $517,000 in April of this year, while in North Kohala, the median sales price in April 2016 dropped a dramatic $535,000 to $1,090,000 from $1,625,000 in April 2015. This type of dramatic change in median price is quite common when dealing with such a low volume of sales. The condo market saw their prices move in the other direction, with the April 2016 median sales price increasing a slight $10,500 to $485,000 from $474,500 in February 2015.
As with the mixed numbers of the monthly median sales price in April 2016, the year-to-date numbers are also mixed. The only area that saw an increase in year to date sales price was North Kohala. North Kohala saw a whopping 39.53% increase in its year to date median sales price, increasing from $632,500 in 2015 to $882,000 this year, again, this had more to do with the low number of sales in that area. The single family homes in South Kohala had a slight decrease, edging downward 0.93%, from $485,500 in 2015 to $480,000 this year. . The median year-to-date sales price in the condo market continued its downward trend by dropping a modest 9.86% from $487,000 in 2015 to $439,000 this year.
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, or you can find out what your Kohala Coast home is worth instantly by visiting my Home Valuation Page.
Visit my Market Update Page to see more market updates from the different areas of the Kohala Coast.
April 2016 Market Highlights
- No. of single family homes sold in North Kohala – 5
- No. of single family homes sold in South Kohala - 24
- No. of condo units sold in South Kohala - 31
- YTD No. of single family homes sold in North Kohala – 20
- YTD No. of single family homes sold in South Kohala – 96
- YTD No. of condo units sold in South Kohala - 83
- Median sales price of a single family home in North Kohala - $1,090,000
- Median sales price of a single family home in South Kohala - $517,500
- Median sales price of a condo in South Kohala - $485,000
- YTD median sales price of a single family home in North Kohala - $882,000
- YTD median sales price of a single family home in South Kohala - $480,500
- YTD median sales price of a condo in South Kohala - $439,000
First published at www.viewhawaiiluxuryhomes.com/MarketUpdates
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