The Kohala Real Estate Update is for the spectacular area located on the west coast of the Big Island of Hawaii. The Big Island got 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.
South Kohala begins just south of Kohala Ranch and 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 August 2024 decreased slightly over last August, with 22 homes selling in August this year, 
down from 26 homes selling in August 2023. This decrease was felt in all Kohala markets, with the volume in North Kohala falling by just one, from 7 homes sold in August 2023 to 6 homes this August, while South Kohala’s August 2024 number fell to 16 single-family homes sold from 19 homes last August. The number of condos sold in August 2024 also went down, falling from 17 units sold last August, to just 8 units sold this year.
Like the August monthly numbers, the year-to-date sales volumes for 2024 were down from 2023 in all markets except for North Kohala. 
The increase in the North Kohala volume made the overall number for Kohala higher in 2024, with 166 single-family homes selling so far this year, up from 155 homes sold by this time in 2023.
The North Kohala volume increased from 34 homes in 2023 to 47 homes this year. The volume in South Kohala fell from 121 single-family homes sold last year to 119 homes this year. The year-to-date number of condos sold also had a decline, falling from 148 units sold last year, to 120 units in 2024.
Ironically, the only market where the median sale price fell was in North Kohala, falling from $1,395,000 in August 2023 to $875,000 in August of this year, 
while in South Kohala, the median price rose from $750,000 in August 2023 to $1,094,000 in August this year. The median sales price in the condo market also had an increase, with the August 2024 sales price rising to $1,065,000 from $900,000 in August last year.
The year-to-date sales prices mirrored the monthly numbers with respect to what markets went up or down. The year-to-date median sales price for single-family homes in North Kohala experienced the only decrease, falling 9.09% from $1,100,000 in 2023 to an even $1,000,000 this year.
The single-family home market in South Kohala experienced the largest increase in the year-to-date median sales price, rising 14.52% from $930,000 in 2023 to $1,065,000 this year. South Kohala’s condo market increase was smaller, rising 10.54%, from $972,500 in 2023 to $1,075,000 this year.
Analysis: The Kohala Real Estate Update for August reveals that with the monthly sales volume for the Kohala Coast being down over last August, the year-to-date volume for the first time this year has gone lower than the 2023 numbers. It’s a strange dynamic that the only market with a higher sales volume (North Kohala) is also the only market with a median sales price decrease.
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 view more real estate updates from different areas of the Kohala Coast, visit the Market Update Page on my website. Mahalo.
Kohala Real Estate Market Highlights for August 2024
- No. of single-family homes sold in North Kohala – 6
- No. of single-family homes sold in South Kohala – 16
- No. of condo units sold in South Kohala – 8
- YTD No. of single-family homes sold in North Kohala – 47
- YTD No. of single-family homes sold in South Kohala – 119
- YTD No. of condo units sold in South Kohala – 130
- Median sales price of a single-family home in North Kohala – $875,000
- Median sales price of a single-family home in South Kohala – $1,094,000
- Median sales price of a condo in South Kohala – $1,065,000
- YTD median sales price of a single-family home in North Kohala – $1,000,000
- YTD median sales price of a single-family home in South Kohala – $1,065,000
- YTD median sales price of a condo in South Kohala – $1,075,000
If you enjoyed this update, you might like Waikoloa Village Market Update for Q2 2024.