What happens when the number of home and condo sales are greater than the new inventory coming on the market?
We ran some stats to see how recent sales compared to new listings during the same period. We used tax map key 3-6 for the test, which includes the resorts, Waikoloa Village, and Waimea (Kamuela).
For the period of July, August, and September (to date) the number of new listings and properties that were put back on the market was 144. But for the same time period, the number of properties that were sold or went into escrow (and thus off the market) was 165.
The shrinking inventory has been bumping prices higher as buyers just have less to choose from. Just to test this out we compared this last three month period to the first three months of 2012. For that period there were 157 new listings and sales/ contingent sales were 104.
Prices are still in a relatively low range compared to the past decade and good buys are out there, but the current trend looks to push prices higher.