This is my third update in a series about the Waikoloa Beach Resort real estate market. Here are the first two updates:
Living on the Big Island of Hawaii sometimes requires a shift in perspective. Sure, we have the whole “changes in attitudes, changes in latitudes” and “slow down, this ain’t the mainland” mentality when it comes to people on vacation or visiting. With sunsets like this one – who can blame us?
Sunset from the west side of the Big Island over the ocean near Waikoloa Beach Resort
For some of us though, we go to work, then we play, and yes – we even pay attention to the news. The Iowa Caucuses are done, the Fed did not raise interest rates, and the East Coast has made it through Winter Storm Jonas – considered the worst winter storm on record. That being said and with all those things behind us – what really matters here in the middle of the Pacific Ocean on an outlying island with an active volcano is:
What is the real estate market doing at the Waikoloa Beach Resort?
Waikoloa Beach Villas at the Waikoloa Beach Resort
Number of condos listed for sale, price range, numbers listed in Nov, Dec, Jan
Waikoloa Beach Villas – 9 ($469k to $619k) (9, 6, 9)
Waikoloa Colony Villas – 9 ($429k to $525k) (9,8,9)
Fairway Villas – 16 ($395k to $625k) (12, 13, 16)
Kolea Condo Villas – 21 ($745k to $2,799,500) (15, 19, 21)
Vista Waikoloa – 7 ($399,900 to $554,000) (4, 6, 7)
The Shores – 12 ($300k to $470k) (9, 13, 12)
Halii Kai – 27 ($557,000 to $1,695,000) (22, 20, 27)
Total current listings: 101
Last month there were 85
At the end of December there were 80
So – I will go ahead and point out the obvious – inventory is increasing. Law of Supply and Demand then dictates that you have more choices and therefore more buying leverage.
What About the Prices?
So what about the prices – are they in line with list price? If you don’t like looking at numbers – this is where you should skip down to the bottom of the page!
Waikoloa Beach Villas
Nothing sold in last 90 days – see update #2 as for my reasoning why I think that is happening.
Waikoloa Colony Villas
(List Price/(Sold Price) … Month)
(399/(380) 479,500/(457) N) (420,500/(400) D) (0/0) J)
3 Properties sold in the last 90 days
Sold price to list price ratio: 1237/1299 or 95%
(625/(580) N) (475/(460) D) (369(360)/399,900(399,900) J)
4 Properties sold in the last 90 days
Sold price to list price ratio: 1799.9/1868.9 or 96%
Kolea Condo Villas
No sales for 90 days in Kolea – time to buy!!!
(0/0) (625/(615) D) (0)
1 Property Sold in the last 90 days
Sold Price to List Price ratio: 98%
Shores at Waikoloa
(479(465)/585(550) N) (325(320)/328(325)/489(470) D) (0)
5 Properties sold in the last 90 days
Sold Price to List Price ratio: 2130/2206 97%
( 0/0 )(499/(480) 119500/(1100000) ) (999,999/(938))
3 Properties sold in the last 90 days
Sold Price to List Price ratio: 2518/2693.999 is 93%
What Does All That Data Mean?
Sellers’ market – Less than 6 months of inventory
Neutral market – About 6 months of inventory
Buyers’ Market – More than 6 months of inventory
Currently over 100 listings on the market at Waikoloa Beach Resort. The last 90 days we have had an average of 5 properties sold per month. That means there is approximately 20 months of inventory. So we are currently in a Buyers’ Market.
Looking at the Ratio of List Price to Sold Price tells us that people are currently getting in at about 5% under list price and as inventory increases I expect that number to increase (more discounts for buyers), or we will see price reductions before you even get to the table. Buy, buy, buy!
If You Are Planning to Make an Offer to Buy
The ratio of sold price to listing price in addition to recent sales data help your agent make an estimate of market value. Prices may be dropping over the next few months as sellers get tired of having their property for sale.
This property at Halii Kai (MLS# 288370) is still my favorite – please let me know if you want to take a look!
If You Are Planning to List Your Condo For Sale
Be prepared to price your property properly based on the market data. Price the property too high and you will be at the end of the 20 month inventory list.
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Note that this listing and sales data were gathered from the Hawaii Information Service in February 2016. As the market is always changing – check with me for the latest up-to-date information.