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.
View all homes for sale on the Kohala Coast by visiting my Home Search Page.
Instantly find out what your Kohala Coast home is worth by visiting my Home Valuation Page.
The number of single family homes sold in March 2016 in Kohala increased dramatically over March 2015, with 38 homes selling in March this year, up from 21 homes selling in March 2015. That increase came in large part because of the increase in sales in South Kohala, as the volume in North Kohala remained the same (5 homes sold in both years). South Kohala saw its sales volume in March 2016 more than double over March of last year (from 16 homes up to 33). The number of condos sold year over year in March also saw a nice increase, rising from 17 units last year to 26 units this year.
As with the monthly number, the year to date volume also saw an increase in 2016, with 87 homes being sold this year, as opposed to 68 homes being sold by this time in 2015. This overall increase was enjoyed in both parts of Kohala, with the number of single family homes in North Kohala increasing from 8 homes sold by this time in 2015, to 15 homes this year. South Kohala increase was also substantial, rising from 60 homes last year to 72 homes sold this year. The number of condos sold year-to-date also was up, rising from 41 units sold last year, to 52 units sold in 2016.
With the volume of single family homes sold in March 2016 from March 2015 remaining unchanged in North Kohala and rising in South Kohala, the change in median sales price also had an expected increase in both regions. The median sale price in South Kohala rose from $433,450 in March 2015 to $459,000 in March of this year, while in North Kohala, the median sales price in March 2016 increased a healthy $185,000 to $885,000 from $700,000 in February 2015. This type of dramatic increase in median price is quite common when dealing with such a low volume of sales. The condo market also experienced a dramatic price increase, with the March 2016 median sales price rising to $572,000 from $435,000 in February 2015.
With such healthy rises in the monthly median sales price in all areas and sectors in March 2016, you would expect the same with the year-to-date numbers, well you would be partly right. The only sector to see a decrease was the condo market, and quite a decrease it was. The median year-to-date sales price in the condo market continued a trend we first saw in January by dropping a surprising 25.01% from $550,000 in 2015 to $412,450 this year. Meanwhile, North Kohala saw a double digit change in the other direction for its median sales price, increasing an unbelievable 81.44% from $485,000 in 2015 to $880,000 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 more modest increase, edging upward 2.16%, from $452,700 in 2015 to $462,700 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.
March 2016 Market Highlights
- No. of single family homes sold in North Kohala – 5
- No. of single family homes sold in South Kohala - 33
- No. of condo units sold in South Kohala - 26
- YTD No. of single family homes sold in North Kohala – 15
- YTD No. of single family homes sold in South Kohala – 72
- YTD No. of condo units sold in South Kohala - 52
- Median sales price of a single family home in North Kohala - $885,000
- Median sales price of a single family home in South Kohala - $459,000
- Median sales price of a condo in South Kohala - $572,000
- YTD median sales price of a single family home in North Kohala - $880,000
- YTD median sales price of a single family home in South Kohala - $462,700
- YTD median sales price of a condo in South Kohala - $412,450
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