The Kohala Coast Real Estate Update for May 2024 is for the spectacular 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 covers the 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 May 2024 increased slightly compared to last May, 
with 22 homes sold in May this year, up from 17 homes sold in May 2023. This increase in sales volume was felt in both North Kohala and South Kohala.
The North Kohala total rose from just 1 home sold in May 2023 to 3 homes sold in May of this year, while the volume in South Kohala increased from 16 homes sold last May to 19 homes this year. The number of condos sold year over year in May also had a substantial increase, rising to 26 units this year from 16 units last May.
As with the monthly numbers, the year-to-date numbers were also up. There have been 106 single-family homes sold this year in Kohala, 
up from 88 homes sold by this time in 2023. The sales volume in South Kohala was the same in 2024 as 2023, with 72 homes selling in both years.
The North Kohala increase was more dramatic, with 34 homes sold so far this year, up from just 16 homes sold last year. The number of condos sold year-to-date experienced the biggest increase, rising from 82 units sold last year, to 101 units sold so far in 2024.
As with the monthly sales volume of single-family homes in Kohala, the monthly change in median sales price was mostly upward. The median sale price in North Kohala felt the only decrease, 
falling from $3,800,000 in May 2023 to $2,400,000 in May of this year, while in South Kohala, the median sales price increased from $858,000 in May 2023 to $1,319,000 this May. The North Kohala big change in median price can be attributed to the low volume in sales this quarter. The condo market also saw an increase, with the May 2024 median sales price rising to $1,245,000, from $1,167,500 in May 2023.
The changes to the year-to-date median sales price mirrored the monthly numbers. The price of single-family homes in South Kohala rose 21.03%, from $871,250 in 2023, to $1,054,000 this year. North Kohala experienced a big decrease, falling 29.35% from $1,695,000 in 2023 to $1,197,500 this year, again, due to the low sales volume in that market. The condo market experienced a moderate increase, with the median sale price rising 16.80%, from $937,500 in 2023 to $1,095,000 this year.
Analysis: The Kohala Real Estate Update for May 2024 reveals that all markets experienced a rise in sales volume compared to last May, in both monthly and year-to-date numbers. Median sale prices are also up in all market segments, except North Kohala, where the low sales volume has “skewed” the stats.
If you are thinking of buying or selling a home anywhere on the Kohala Coast, contact me today. I can produce a customized Market Report for the neighborhood or area you are interested in. Mahalo.
Kohala Real Estate Update for May 2024 Highlights
- No. of single-family homes sold in North Kohala -3
- No. of single-family homes sold in South Kohala – 19
- No. of condo units sold in South Kohala – 26
- YTD No. of single-family homes sold in North Kohala – 34
- YTD No. of single-family homes sold in South Kohala – 72
- YTD No. of condo units sold in South Kohala – 101
- Median sales price of a single-family home in North Kohala – $2,400,000
- Median sales price of a single-family home in South Kohala – $1,319,000
- Median sales price of a condo in South Kohala – $1,245,000
- YTD median sales price of a single-family home in North Kohala – $1,197,500 down 29.35%
- YTD median sales price of a single-family home in South Kohala – $1,054,000 up 21.03%
- YTD median sales price of a condo in South Kohala – $1,095,000 up 16.80%
If you enjoyed this update, you may like Waikoloa Beach Resort Market Update for Q1 2024.