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.
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The number of single family homes sold in August 2016 in Kohala increased slightly over August 2015, with 28 homes selling in August this year, up from 
23 homes selling in August 2015. The marginal increase happened in both parts of Kohala, with the volume in North Kohala rising from 2 homes sold in August 2015 to 4 homes this year, and South Kohala’s August 2016 number rising to 24 homes from 21 homes last August. The number of condos sold in August also enjoyed an increase, a very convincing one, rising from 11 units last August to 38 units this year.
Along with the marginal increase in the monthly number, the year to date volume also experienced a largely insignificant increase in 2016, with 218 homes being sold this year, as opposed to 216 homes being sold by this time in 2015. This slight increase was a combination of a significant increase of the number of single family homes sold in North Kohala (from 25 homes in 2015 to 40 homes this year) and a decrease in the sales volume of South Kohala (from 191 sold homes last year to 178 homes this year). As with their monthly number, the year-to-date number of condos sold also enjoyed a healthy increase, rising from 139 units sold last year, to 168 units sold in 2016.
Even though this marginal increase in the volume of single family homes sold in August 2016 compared to August 2015 happened in both parts of Kohala, the change in median sales price did not fare so well in both the North Kohala and South Kohala regions. The median sale price in South Kohala dropped from $515,000 in August 2015 to $482,000 in August of this year, while in North Kohala, the median sales price in August 2016 raised a significant $139,000 to $702,000 from $563,000 in August 2015. The change in median sales price in North Kohala can easily be abnormally skewed in one direction or the other when dealing with such a low volume of sales. The condo market also experienced a modest price increase, with the August 2016 median sales price rising to $455,000 from $400,000 in August 2015.
As with the monthly sales price numbers, the year-to-date numbers also did not rise across all markets, although, the only sector to see a decrease was the condo market. The median year-to-date sales price in the condo market has continued a trend that first started in January by dropping a modest 4.79% from $470,000 in 2015 to $447,000 this year. Meanwhile, North Kohala’s single family home median sales price saw a double digit change in the other direction, increasing a robust 19.92% from $615,000 in 2015 to $737,000 this year. Again, this had more to do with the “skewing effect” that the low volume of sales brings. The single family homes in South Kohala had a more minimal change, edging upward 2.06%, from $485,000 in 2015 to $495,000 this year.
Analysis: As like it was last month, the state of the Real Estate Market on the Kohala Coast can best be described as “muddling” slightly upwards. As we progress through 2016, both the monthly and year-to-date numbers go up a little some months and down a little other months. Although the trend is upwards, the pace is very slow. Whether you find this to be good news or bad news will depend on whether you are a Buyer or a Seller.
If you are thinking of buying or selling a home anywhere on the Kohala Coast, contact me. 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. To view more Market Updates from the different areas of the Kohala Coast, visit the Market Update Page.
August 2016 Kohala Coast Market Highlights
- No. of single family homes sold in North Kohala – 4
- No. of single family homes sold in South Kohala - 24
- No. of condo units sold in South Kohala - 38
- YTD No. of single family homes sold in North Kohala – 40
- YTD No. of single family homes sold in South Kohala – 178
- YTD No. of condo units sold in South Kohala - 168
- Median sales price of a single family home in North Kohala - $702,500
- Median sales price of a single family home in South Kohala - $482,000
- Median sales price of a condo in South Kohala - $455,000
- YTD median sales price of a single family home in North Kohala - $737,000
- YTD median sales price of a single family home in South Kohala - $495,000
- YTD median sales price of a condo in South Kohala - $447,500
First published at www.viewhawaiiluxuryhomes.com/MarketUpdates
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