The Kohala Coast Real Estate Update for January is for the beautiful 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. Kohala is split into two areas, North Kohala and South Kohala, with North Kohala covering the more rural northern end of the island, 
including the small towns of Hawi and Kapaau, and the Kohala Ranch communities farther south.
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 January 2024 increased slightly over last January, 
with 18 homes selling in January 2023 up to 20 homes sold this year. That small increase was only felt in North Kohala, with the sales volume of single-family homes rising from 5 homes in January last year to 8 homes this January. The South Kohala market decreased by one sale, from 13 single-family homes sold last January to 12 homes in January 2024. The South Kohala condo also had a small decrease, falling from 14 condos sold in January 2023 to 11 units this January.
With January being the first month of the year, the year-to-date volume is going to mirror the monthly numbers, with 20 homes being sold so far in 2024, 
as opposed to 18 homes sold by this time last year. The South Kohala volume decreased from 13 homes year-to-date in 2023 to 12 homes sold this year, while in North Kohala there was an increase, from 5 single-family homes sold by this time last year, to 8 homes this year. The number of condos sold year-to-date also decreased, falling from 14 units sold last year, to 11 units sold in 2024.
Like the decreases in sales volume that occurred in most market segments in January 2024, the decrease in median sales price also occurred in most markets. The median sale price of single-family homes
in South Kohala experienced the only increase, rising from $924,000 in January 2023 to $1,057,500 this January, while in North Kohala, the median sales price decreased slightly from $890,000 in January 2023 to $877,500 in January this year. The condo market also felt a price decrease, with the January 2024 median sales price falling to $770,000 from $887,500 in January 2023.
As with the sales volumes, the year-to-date numbers will also reflect the monthly numbers, so the median sales prices are down in 2 out of 3 markets. The median year-to-date sales price in the condo market saw the biggest decrease, falling 13.24% from $887,500 in 2023 to $770,000 this year. North Kohala experienced a smaller decrease for its median sales price, falling just 1.40% from $890,000 in 2023 to $877,500 this year, and the single-family homes in South Kohala had the only increase, rising 14.45%, from $924,000 in 2023 to $1,057,500 this year.
Analysis: The Kohala Coast Real Estate Update for January reveals that the sales volume of both single-family homes and condos are still low but has edged up slightly. This lack of demand has caused prices to drop in some markets, except for the increase in South Kohala single-family homes.
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. Mahalo.
Kohala Real Estate Update Highlights for January 2024
- No. of single-family homes sold in North Kohala – 8
- No. of single-family homes sold in South Kohala – 12
- No. of condo units sold in South Kohala – 11
- YTD No. of single-family homes sold in North Kohala – 8
- YTD No. of single-family homes sold in South Kohala – 12
- YTD No. of condo units sold in South Kohala – 11
- Median sales price of a single-family home in North Kohala – $877,500
- Median sales price of a single-family home in South Kohala – $1,057,500
- Median sales price of a condo in South Kohala – $770,000
- YTD median sales price of a single-family home in North Kohala – $877,500, down 1.40%
- YTD median sales price of a single-family home in South Kohala – $1,057,500, up 14.45%
- YTD median sales price of a condo in South Kohala – $770,000, down 13.24%
If you enjoyed this update, you may like Mauna Kea Resort Real Estate Update for Q4 2022.