The Kohala Coast is located on the west coast of the Big Island of Hawaii. It is called the Big Island 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.
The overall sales volume of single family homes in Kohala increased slightly in 2017 over 2016, with 306 homes being sold last year and 325 sold this year. This overall increase happened in both parts of Kohala, with the number of single family homes in North Kohala increasing from 57 homes sold last year to 67 sold this year and the number of single family homes in South Kohala sold increased from 249 homes in 2016 to 258 homes sold this year. The number of condos sold this year also increased, rising from 252 units sold in 2016, to an encouraging 275 units sold this year.
When it comes to the median sale price, single family homes in North Kohala were the only ones to see a decrease, dropping 9.86% from $710,000 in 2016 to $640,000 this year. The single-family homes in South Kohala had an impressive increase of 12.75%, going from $500,000 in 2016 to $563,750 this year. The condo market also did well price wise, increasing a modest 9.17% from $447,000 in 2016 to $488,000 this year.
Analysis: Other than the median sales price decrease in North Kohala, the Kohala Coast numbers saw an increase in all market segments. The increase in sales in 2017 has gradually “eaten” way at the available inventory to the point where we can now be considered to be in a balanced market, the equilibrium between a Buyer and Sellers’ Market (5-6 months of inventory). Couple this with the increases in median sales price and 2017 adds up to a pretty good year in the Kohala Coast Real Estate Market. If the patterns remain the same, 2018 could be the beginning of a Sellers’ Market.
If you found this Market Update informative, see more updates from other areas on the Kohala Coast on my Market Update Page, and if you have a Vacation Rental, learn more about our Management Program on my Vacation Rental Page.
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. You can also instantly find out what your Kohala Coast home is worth by visiting my Home Valuation Page.
2017 Kohala Real Estate Market Highlights
- No. of single family homes sold in North Kohala – 67
- No. of single family homes sold in South Kohala – 258
- No. of condo units sold in South Kohala – 275
- Median sales price of single-family homes in North Kohala - $710,000 down 9.86% over 2016
- Median sales price of single-family homes in South Kohala - $563,750 up 12.75% over 2016
- Median sales price of condos in South Kohala - $488,000 up 9.17% over 2016
If you enjoyed is update, you may like Mauna Lani Resort Market Update for Q4 2017.
First published at www.viewhawaiiluxuryhomes.com/MarketUpdates
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