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Waikoloa Beach Resort Market Update (January 2016)

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 on the Big Island

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

Waikoloa Beach Villas at the Waikoloa Beach Resort

Complex

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%

Fairway Villas
(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
(0/0)
No sales for 90 days in Kolea – time to buy!!!

Vista Waikoloa
(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%

Halii Kai
( 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.

And…

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!

So…

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.

Want More Info About the Big Island?

Download my app! Available for both the Android and iPhone, it contains contact info for food places, activities, and much more. Or simply go online.

Download the free app for recommended places to go on the Big Island (click image to enlarge)

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.

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Chris Jochumson

March 2, 2016

Your Waikoloa Beach Resort Market Update has been very helpful. This type of analysis is indispensable in helping pick just the right condo in just the right complex. Thank you!

Chris Jochumson

March 2, 2016

Your Waikoloa Beach Resort Market Update has been very helpful. This type of analysis is indispensable in helping pick just the right condo in just the right complex. Thank you!

Dave Minkus R(S) 76485

March 7, 2016

I am glad you find it useful.

Many people don’t know it – but our Real Estate system on the Big Island does not automatically provide this data – so I am searching and tabulating all of this manually!

Thanks for the feedback – it gives me the encouragement to keep doing it – as I know it is helpful for me – so I am glad it is helpful for you too.

Dave

Dave Minkus R(S) 76485

March 7, 2016

I am glad you find it useful.

Many people don’t know it – but our Real Estate system on the Big Island does not automatically provide this data – so I am searching and tabulating all of this manually!

Thanks for the feedback – it gives me the encouragement to keep doing it – as I know it is helpful for me – so I am glad it is helpful for you too.

Dave

Britton Jackson

March 12, 2016

Hey Dave! Super helpful and interesting info.

I’ll be really curious to see the sale prices for the two Kolea condos that are in escrow.

Britton Jackson

March 12, 2016

Hey Dave! Super helpful and interesting info.

I’ll be really curious to see the sale prices for the two Kolea condos that are in escrow.

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