In South Kohala, single family home sale prices range from entry level $200,000 homes to multimillion dollar homes in exclusive resort neighborhoods. I do not usually lump them all together, but because I wanted to look at the past three years, I thought it would be interesting to see the average sale price of all homes.
I took some liberty with the home sales data. I included Kohala Waterfront, Kohala by the Sea and Kohala Ranch which are technically in North Kohala. But these neighborhood buyers and the homes themselves more resemble South Kohala buyers and homes than they do North Kohala homes and buyers. In North Kohala the homes are primarily owner occupied. In South Kohala there are many more second home owners. South Kohala is also hot and dry like the three aforementioned neighborhoods: perfect for snowbirds. North Kohala’s weather and landscape is like the Hamakua coast.
Quarterly sales numbers for South Kohala homes are up and down, and we can see that home sales prices have continued to trend ever so slowly down, in fits and starts. Rumor has it interest rates may be raising. If that happens unemployment will have to continue improving to stop the current price trend. I wonder if more baby boomers receiving inheritances will soon change the trend?