The Kohala Real Estate Update for July 2023 is for the magnificent area located on the west coast of the Big Island of Hawaii. The Big Island received its name to differentiate it between the State of Hawaii and the Island of Hawaii. The Kohala Coast is split into two areas, North Kohala and South Kohala, with North Kohala covering the more rural northern end of the island, 
containing the small towns of Hawi and Kapa’au, as well as the Kohala Ranch communities on the south end.
South Kohala begins just south of Kohala Ranch and contains the world class resorts of Mauna Kea, Mauna Lani and Waikoloa Beach Resort’s, 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 Kohala in July 2023 is up slightly over last July, 
with 20 homes selling this July, up from 17 homes last July. This sales volume increase was felt in both the South and North Kohala markets. The South Kohala market increased from 13 single-family homes sold in July 2022 to 14 homes this July, while in North Kohala, the number of homes sold increased from 4 homes last July, to 6 homes this July. The condos sales volume in July saw the only decrease, falling from 21 units sold last July to 18 units in July of this year.
The increase in the monthly sales volume of single-family homes was not reflected in the year-to-date numbers, 
as all markets are down in sales volume. There have been 129 single-family homes sold so far this year, down considerably from the 195 homes sold by this time in 2022. The North Kohala year-to-date number has fallen from 54 homes sold in 2022, to 27 homes sold this year, and the South Kohala sales volume fell to 102 single-family homes, down from the 141 homes sold in 2022. The number of condos sold year-to-date also fell considerably, with 130 units sold so far this year, down from the 209 units sold in 2022.
As with the sales volume being a mixed bag of increases and decreases in July 2023 over last July, 
the median sales price was also a mixed bag. The median sale price in North Kohala decreased considerably from $1,017,500 in July 2022 to $772,500 in July of this year, while in South Kohala, the median sales price rose from $838,000 in July 2022 to an amazing $1,002,500 this July. The condo market also experienced a big increase, with the July 2023 median sales price rising to $1,312,500 from $930,000 in July 2022.
The year-to-date median sale prices were positive in every market in Kohala but the condo segment, with North Kohala’s median year-to-date sales price rising a slight 1.20%, from $1,037,000 in 2022 to $1,050,000 this year. South Kohala also felt an upward change, with its year-to-date sales price rising 4.17%, from $900,000 in 2022 to $937,500 this year, while the condo market had the only decrease, falling 13%, from $1,100,000 in 2022 to $957,000 this year.
Analysis: The Kohala Real Estate Update for July 2023 shows us that although the sale of single-family homes and condos in July are up or the same compared to last July, the year-to-date numbers are still down considerably. Despite the monthly median sale prices fluctuations in July, the year-to-date prices of single-family homes seem to have stabilized, with only the condos prices down over 2022.
If you are thinking of buying or selling any real estate anywhere on the Kohala Coast, contact me today. I will produce a customized market report for the neighborhood or area you are interested in. Mahalo.
Kohala Real Estate Update for July 2023 Highlights
- No. of single-family homes sold in North Kohala – 6
- No. of single-family homes sold in South Kohala – 14
- No. of condo units sold in South Kohala – 18
- YTD No. of single-family homes sold in North Kohala – 27
- YTD No. of single-family homes sold in South Kohala – 102
- YTD No. of condo units sold in South Kohala – 130
- Median sales price of a single-family home in North Kohala – $772,000
- Median sales price of a single-family home in South Kohala – $1,002,000
- Median sales price of a condo in South Kohala – $1,312,000
- YTD median sales price of a single-family home in North Kohala – $1,050,000
- YTD median sales price of a single-family home in South Kohala – $937,500
- YTD median sales price of a condo in South Kohala – $957,000
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