The residential real estate market in North Kohala from Hawi to Kapaʻau and beyond strengthened again in 2017, after a healthy 2016. (You can review my 2016 home sales report here.)
There were 50 sales ranging in price from $180,000 to $4,250,000. Compared with 36 homes sold in 2016, this 36% increase in the number of homes sold has left Kohala with less inventory and higher prices than a year ago.
Among the Hawi homes sold in 2017 were several renovated plantation-era homes such as this Hawaii Life listing.
Most Kohala Home Sales in Under $600,000 Range
Although more homes are selling, there were still opportunities for first time home buyers with 13 sales at or below $300,000. There were 18 sales between $300-600,000. Interest rates remain at historic lows as well.
Homes under $300,000 are often bank-owned foreclosures or short sales. A typical Kohala home for sale in this price point would be a plantation-era house of less than 1,000 square feet, with price level reflecting the degree of renovation that has been done. As we begin 2018, there are no active residential listings under $300,000 as they tend to sell quickly.
Great location for this plantation era home ready for an update (MLS 603329)
Homes that sell in the $400-600,000 price range in neighborhoods from Hawi to Halaula are usually newer, larger, and often have larger lots but no or little ocean view. Larger plantation-era homes are also available in this price range.
There are only 7 active listings under $600,000 in Hawi or Kapaʻau zip codes!
Demand Strong for Kohala Homes on Acreage
All but three of the 19 Kohala homes sold over $600,000 in 2017 were on at least one acre. This includes all MLS listings and one Hawi home that sold and was not reported in the MLS. As in 2016, many of the properties sold last year had been on and off the market for several years, but finally found the right buyer.
This was particularly true at Puakea Bay Ranch, where 2017 begin with 5 homes on the market. Three sold in 2017 and 2018 starts with three others in escrow and only one active listing. Prices ranged from $1,225,000 for a 5 bedroom home on 10 acres near the entrance, to $4,250,000 for the oceanfront home sold via Concierge Auction.
Only one home for sale at Puakea Bay Ranch is a horse property with pool and ocean view (MLS 607035)
As a sign of market tightness, the median days on market in Kohala was only 59, and several homes sold as pocket listings, meaning before they were even on the MLS.
As 2018 begins, there are only 7 residential listings under $600,000 and 19 homes listed at higher prices. Notable listings at the higher end include the first finished home to be offered for sale at Puuepa Ranch (Lincoln Avenue Makai) and a concrete home on Kohala Mountain Road asking $9,270,000.
If you canʻt afford a $9 million concrete house, this home on 3 acres by the same architect is available for only $954,000 (MLS 609977)
Iʻm happy to review current listings or look for something meeting your requirements. Give me a call or shoot me an email!
A hui hou
Beth Thoma Robinson R(B)