The Kohala Coast Real Estate Update for February 2024 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 historic 
towns of Hawi and Kapa ’au, and the Kohala Ranch communities farther south.
South Kohala, which begins just south of Kohala Ranch, covers the large, 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 my Market Update Page.
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The Kohala Real Estate Update for February 2024 reveals that the number of single-family homes sold increased slightly over last February, 
with 12 homes selling last February up to 17 homes this year. This increase happened in all areas, with the sales volume in North Kohala increasing from 6 homes sold last February to 9 homes sold this year, while the volume in South Kohala rose from 6 homes in February 2023 to 8 homes this February. The number of condos sold in February year over year also experienced a small increase, going from 13 units in February 2023 to 18 units this February.
With February only being the second month of the year, the year-to-date volume in Kohala is not yet a significant number, but it is slightly higher than the 2023 number. 
There have been 38 single-family homes sold so far in 2024, up from 30 homes sold by this time last year. Like the monthly number, this increase was felt in all markets.
The North Kohala sales volume rose from 11 homes sold in 2023 to 18 homes sold this year, while in South Kohala the year-to-date sales volume rose from 19 homes sold last year to 20 homes in 2024. The number of condos sold year-to-date was also up slightly, rising from 27 units sold last year, to 29 units sold in 2024.
As with the sales volume numbers being up, the same is true for the median sales price, rising in all markets except North Kohala. The median sale price of a single-family home in South Kohala rose 
from $742,500 in February 2023 to $868,500 in February of this year, while in North Kohala, the median sales price in February 2024 fell dramatically to $1,459,500 from $2,275,000 in February 2023. The condo market in South Kohala also experienced a price increase, with the February 2024 median sales price rising to $1,187,500 from $889,000 in February 2023.
As with the monthly median sales prices, the year-to-date numbers were up in all markets but North Kohala. The median year-to-date sales price in the South Kohala single-family home market had the biggest increase, rising 12.89% from $892,500 in 2023 to $1,007,500 this year. The South Kohala condo market experienced a smaller increase for its median sales price, increasing 9.67% from $889,000 in 2023 to $975,000 this year. North Kohala felt the only decrease, falling a whopping -30.18%, from $1,400,000 last year to $977,500 in 2024.
Analysis: The Kohala Real Estate Update for February reveals that sales volume in all market segments has risen slightly compared to last year’s numbers. Along with this slight rise in sales, there has been a rise in the year-to-date median sales price, after a year of little or negative growth. Except for North Kohala, which has fluctuated widely because of the low sales volume.
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. If you currently own a vacation home or a vacation rental, find out how you can save thousands in management fees with our Vacation Rental Management Program. Mahalo.
Kohala Real Estate Update for February 2024 Highlights
- No. of single-family homes sold in North Kohala – 8
- No. of single-family homes sold in South Kohala – 9
- No. of condo units sold in South Kohala – 18
- YTD No. of single-family homes sold in North Kohala – 18
- YTD No. of single-family homes sold in South Kohala – 20
- YTD No. of condo units sold in South Kohala – 29
- Median sales price of a single-family home in North Kohala – $1,495,500
- Median sales price of a single-family home in South Kohala – $868,500
- Median sales price of a condo in South Kohala – $1,187,500
- YTD median sales price of a single-family home in North Kohala – $977,500
- YTD median sales price of a single-family home in South Kohala – $1,007,500
- YTD median sales price of a condo in South Kohala – $975,000
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