Sunday, 22 October 2017

Kohala Real Estate Market Report for August 2017

Written by Posted On Wednesday, 04 October 2017 21:02
Waikoloa Beach Waikoloa Beach

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.

Mauna Kea View

 

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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Kolea

 

The number of single family homes sold in August 2017 in Kohala  increased moderately over August 2016, with 28 homes selling in August this year, up from 22 homes selling in August 2016. This marginal increase happened in both parts of Kohala, with the volume in North Kohala rising from 3 homes sold in August 2016 to 4 homes this year, and South Kohala’s August 2017 number rising to 24 homes from 19 homes last August. The number of condos sold in August 2017 however, saw a dramatic decrease from 2016, dropping from 31 units last August to 17 units this year.    

 

BeachVillaViewB

 

Even with the moderate increase in the monthly numbers, the year to date volume in 2017 has yet to catch up with 2016, with 212 homes being sold this year, down from 218 homes being sold by this time in 2016.  This slight decrease was not felt in both parts of Kohala with number of single family homes sold in North Kohala actually increasing a little (from 40 homes in 2016 to 42 homes this year) while the sales volume in South Kohala experienced a decrease (from 178 sold homes last year to 170 homes this year). In spite of the large drop in their monthly number, the year-to-date number of condos sold is still ahead of last year’s pace, rising from 170 units sold last year, to 184 units sold in 2017.

 

Kohala Sunset

 

Even though this marginal increase in the volume of single family homes sold in August 2017 compared to August 2016 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 North Kohala dropped from $702,500 in August 2016 to $640,000 in August of this year, while in South Kohala, the median sales price saw a significant rise, from $482,000 in August 2016 to $608,000 in August this year. The change in median sales price in North Kohala can easily be 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 2017 median sales price rising to $565,000 from $440,000 in August 2016.

Big Island Map

 

As with the monthly sales price numbers, the year-to-date numbers also did not rise across all markets, although, the only region to see a decrease was North Kohala. The median year-to-date sales price in the condo market saw a modest gain of 12.46% from $445,000 in 2016 to $500,444 this year. Meanwhile, South Kohala’s single family home median sales price also received a nice gain, increasing a 13.27% from $495,000 in 2016 to $560,700 this year. The single family homes in North Kohala saw the only decrease, dropping 12.54%, from $737,500 in 2016 to $645,000 this year. Again, this had more to do with the volatility of a low volume market, than any kind of trend.

Analysis:  As we progress through 2017, both the monthly and year-to-date sales volume numbers in Kohala go up a little some months and down a little other during other months. One trend that continues upward is sales prices. So when it comes to amount of inventory Buyers will be happy, and when it comes to sales price, Sellers will be happy.

Big Island Stats

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. To view more Market Updates from the different areas of the Kohala Coast, visit the Market Update Page on my website. Mahalo.

August 2017 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 - 17
  • YTD No. of single family homes sold in North Kohala – 42
  • YTD No. of single family homes sold in South Kohala – 170
  • YTD No. of condo units sold in South Kohala - 184
  • Median sales price of a single family home in North Kohala - $640,000
  • Median sales price of a single family home in South Kohala - $608,000
  • Median sales price of a condo in South Kohala - $565,000
  • YTD median sales price of a single family home in North Kohala - $645,000
  • YTD median sales price of a single family home in South Kohala - $560,700
  • YTD median sales price of a condo in South Kohala - $500,444           

If you enjoyed this update, you might like North Kohala Market Update for Q2.

First published at www.viewhawaiiluxuryhomes.com/MarketUpdates

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Korby Matsen

Korby Matsen is a REALTOR® Broker with Hawaii Luxury Real Estate located on the Big Island of Hawaii.

He was born and raised in the beautiful city of Vancouver Canada and moved to Austin Texas in 1998 during a corporate merger in the semiconductor distribution industry. Having been an active Real Estate Investor since 2003, he decided that in 2007, after 20 years in semiconductor distribution, he would take the passion and experience he gained as an investor and turn it into full-time career in Real Estate Sales. Since then, Korby has helped many clients fulfill dreams of home ownership, as well as helping others to sell their homes and move on to new stages in their lives.

After many trips to Hawaii over the years, Korby decided to combine his love for Hawaii with his passion for real estate, and in 2014 made the permanent move from Texas to the Big Island of Hawaii  His time as a Real Estate Investor and in Sales has given him an understanding of his client's needs and expectations, expertise with the entire home buying process, as well as knowledge of the real estate business cycles, both nationally and locally. His clients have called him professional, patient and knowledgeable, and he looks forward to using those skills to make your real estate dreams come true.

www.viewhawaiiluxuryhomes.com

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