The Kohala Real Estate Update is for the majestic 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 historic towns of Hawi and Kapa’au, and the Kohala Ranch communities at the south 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 on the Kohala Coast in March 2024 decreased modestly over March 2023, with 16 homes selling in March this year, 
down from 25 homes last March. This decrease in sales was not felt in all market segments as South Kohala saw 12 single-family homes sold, down from 22 homes sold in March 2023, while the volume in North Kohala increased one sale, from 3 homes sold in March 2023 to 4 homes this March. The number of condos sold year over year in March also saw an increase, rising from 18 units last March to 20 units in March 2024.
Even though the year-to-date sales volume on the Kohala Coast in 2024 is same as the 2023 number, with 55 single-family homes being sold by this time in both years, 
the sales volume went in different directions in different areas. The number of homes sold in South Kohala decreased, falling from 41 homes last year to 33 homes sold this year, while in North Kohala the sales volume rose from 14 homes last year, to 22 sold this year. The condos market also experienced an increase, rising from 45 units sold last year, to 50 units sold in 2024.
As with March sales volume in Kohala, the median sales price movement also went in different directions in different markets. Condos rose in price, from $962,500 in March 2023 to $1,040,000 in March this year. The March 2024 median sales price in South Kohala rose to $1,082,500 from $875,500 in March last year. 
The only decrease in median sale price happened in North Kohala, where sale price fell from $1,150,000 in March 2023 to $812,500 this year.
Like the monthly numbers, the year-to-date median sales price change in all markets mirrored the monthly numbers. The year-to-date median sales price in the South Kohala condo market rose 11.89% from $925,000 in 2023 to $1,350,000 this year. The median price of single-family homes in South Kohala also increased, rising 17.65%, from $892,500 in 2023 to $1,050,000 this year. Meanwhile, North Kohala single-family homes saw the only decrease, falling 24.90% from $1,275,000 in 2023 to $957,000 this year.
Analysis: The Kohala Real Estate Update for March 2024 reveals that after months of year-over-year sales volume decreases, most markets seem to be “bumping along the bottom”, possibly reflecting a market turnaround. Except for the ever-volatile North Kohala market, single-family home median sales price has continued to rise. And after months sales price decreases, the last two months have seen condo median sale prices rise.
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 read more market updates from the different areas of Kohala, visit my Market Update Page. Mahalo.
Kohala Real Estate Update for March 2024 Highlights
- No. of single-family homes sold in North Kohala – 4
- No. of single-family homes sold in South Kohala – 12
- No. of condo units sold in South Kohala – 20
- YTD No. of single-family homes sold in North Kohala – 22
- YTD No. of single-family homes sold in South Kohala – 33
- YTD No. of condo units sold in South Kohala – 50
- Median sales price of a single-family home in North Kohala – $812,500
- Median sales price of a single-family home in South Kohala – $1,082,000
- Median sales price of a condo in South Kohala – $1,040,000
- YTD median sales price of a single-family home in North Kohala – $957,000
- YTD median sales price of a single-family home in South Kohala – $1,050,000
- YTD median sales price of a condo in South Kohala – $1,035,000
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