The Kohala Real Estate Update for December 2023 is for the magnificent area located on the west coast of the Big Island of Hawaii. The Big Island received that name to differentiate 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, that includes the two small towns of Hawi and Kapa’au, as well as the Kohala Ranch communities at the southern end.
South Kohala, which begins just south of Kohala Ranch, covers the major, world class resorts of Mauna Kea, Mauna Lani and Waikoloa Beach Resorts, 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 December 2023 decreased marginally from December 2022, 
with 11 homes selling in this December, down from 16 homes in 2022. This drop in sales volume did not happen in both areas of Kohala. North Kohala fell from 7 homes sold to just one, while South Kohala rose from 9 homes in December 2022 to 10 homes this December. The condo market also experienced a slight increase, with the number of units sold rising year-over-year in December from 9 to 10 units.
Unlike the monthly numbers, the 2023 year-to-date sales volume remained behind that of 2022 in 
all markets, falling from 285 single-family homes sold in 2022 to 220 homes this year. The number of single-family homes in North Kohala decreased from 75 sold in 2022 to 46 in 2023, while South Kohala fell from 210 homes last year to 174 homes sold in 2023. The condo market experienced the largest decrease, with year-to-date sales volume falling from 261 units sold in 2022, to 201 units this year.
Although the volume of single-family homes sold in December 2023 was down in Kohala over last December, 
the change in median sales price was a mixed bag. The median sale price in South Kohala rose from $769,500 in December 2022 to $854,000 this December.
In North Kohala, the median sales price in December 2023 decreased to $515,000 from $1,050,000 last December, although this big drop was because only one home was sold. The condo market experienced a quite substantial increase, with the December 2023 median sales price increasing to $1,200,000 from $990,000 last December.
The 2023 year-to-date median sales price in Kohala also was a mixed bag of results, with condos in South Kohala having the only decrease, falling 10.19% from $1,080,500 in 2022 to $970,000 this year. The single-family homes in South Kohala had a slight increase, rising just 0.77%, from $909,000 in 2022 to $916,000 in 2023. Meanwhile, the single-family home median sale price in North Kohala year-to-date had the biggest rise, increasing 9.79% from $1,025,000 in 2022 to $1,125,000 this year.
Analysis: The Kohala Real Estate Update for December reveals that although the monthly sales volume of single-family homes and condos have risen slightly in December compared to the last few months, the year-to-date sales volume is down in all markets. The median sale price of single-family homes has risen slightly in all markets during 2023, while condos have dropped in price an average of ten percent.
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. Mahalo.
Kohala Real Estate Update for December 2023 Highlights
- No. of single-family homes sold in North Kohala – 1
- No. of single-family homes sold in South Kohala – 10
- No. of condo units sold in Kohala – 14
- YTD No. of single-family homes sold in North Kohala – 46
- YTD No. of single-family homes sold in South Kohala – 174
- YTD No. of condo units sold in South Kohala – 201
- Median sales price of a single-family home in North Kohala – $515,000
- Median sales price of a single-family home in South Kohala – $854,500
- Median sales price of a condo in South Kohala – $1,200,000
- YTD median sales price of a single-family home in North Kohala – $1,125,000 up 9.79%
- YTD median sales price of a single-family home in South Kohala – $916,000 up 0.77%
- YTD median sales price of a condo in South Kohala – $970,000 down 10.19%
If you enjoyed this update, you might enjoy Mauna Lani Resort Market Update for Q4 2023.