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Waikoloa Beach Resort Market Update – March 2016

If you look at last month’s market update for Waikoloa Beach Resort, we had 105 listings on the market and very little sales activity. This month, however, we had 7 sales – compared to our average of 5. We also already have had a few sales recorded in early April. The untrained eye might think it was no big deal. Last month there were 105 listings. In March, we are at 103.

Although it seems minor – that means if we keep up this pace, Months of Inventory could shift from 21 months to 14.7.

Inventory dropping at Waikoloa Beach Resort

Waikoloa Beach Villas

It looks like the buyers were listening and saw an opportunity to take action. One of the most active complexes was the Waikoloa Beach Villas.

Waikoloa Beach Villas

Waikoloa Beach Villas is the complex at the first stop sign by the Queens’ Marketplace

9 listings in the Beach Villas, up from 7 last month – ranging in price from $449k to $599k. That statistic alone might fool you into thinking nothing happened and 2 properties went on the market.

Not so!

There were 2 sales that completed (DOM stands for Days on Market):

SOLD 3/24/2016 for $445k (CASH) DOM:48 – listed at $480k
93% list price to sale price ratio

SOLD 3/24/2016 for $700k (CNV) DOM:6 – listed at $699,500, so it sold just over list price in six days! (CNV means the buyer got a conventional loan.)

And a sneak peak – one closed in April already…

SOLD 4/7/2016 for $485k (CASH) DOM:78 – listed at $495k
98% sale price to list price ratio – indicating a healthy market with proper pricing.

3 properties went into escrow as well – and notice most significantly that they were not on the market that long – less than 90 days for 2 of them and only 35 days for the other.

 
It looks like there was plenty of activity and the list price was not very far from the sales price for the closings. That is good news for sellers.

Kolea Condo Villas

Our next big piece of news is at the Kolea Condo Villas.

They had not had closings for some time, but they do now and it is one of the highest priced units in the whole Waikoloa Beach Resort.

24 listings in Kolea this month, up from 23 last month, ranging from $745k to $2,799,000
1 is still contingent (MLS# 287530)
1 SOLD for $1,895,000 – it was listed for $2,300,000

Way to go Kolea! Perhaps this trend will continue and we will see a few sub 1 Million dollar condos go into escrow in the next few months.

Vista Waikoloa

Another complex that woke up is Vista Waikoloa.

6 active listings, down from 8 last month in the price range – $399k to $599k
3 are contingent

And look at this:

This one (MLS# 293812) went under contract in 29 days with no price reductions…

1 dropped its price from $450k to $439k and went under contract 5 days later on March 5
It happened again just a few days ago in early April
1 dropped its price $40k and it went under contract on April 7!!!

SOLD 2/29/2016 for $535k (1031 exchange) DOM:65 listed at $554k
97% sale price to list price ratio

So we have activity when the market is a match for buyers and sellers. Some people adjusted their pricing and that was all it took to get a bite. That is good news for everyone.

The Shores

With its lower prices and larger condo units, I am not surprised we started to see some activity at The Shores.

11 active listings, down from 12 last month
ranging from $300k-$659k
3 are contingent (same as last month) but we had one sale in March and one already in early April

SOLD 3/21/2016 for $325k (CASH) DOM:7 listed $350k
93% sale to list price

SOLD 4/5/2016 for $360k (CASH) DOM:95 listed $405k
89% sale to list price

These are some of the lowest sale to list price ratios I have seen – perhaps paying in cash helped get the extra discount?

Fairway Villas at Waikoloa Beach Resort

17 active listings, up from 16 last month
ranging from $395k to $625k
none are contingent
1 sold

SOLD 3/24/2016 for $385k (CASH) DOM:290 listed at $399,500
ratio of sale price to list price 96%

So it looks like not much activity at Fairway Villas at Waikoloa Beach Resort – perhaps that will change next month?

Colony Villas

10 listings (10 last month)
range from $399k-$525k
3 are contingent  – same as last month
1 sold SOLD 3/16/2016 for $385,000 (CNV) DOM:248 it was listed for $399k
ratio of sale price to list price 96%

Colony Villas seems to be ticking along nicely.

Halii Kai

One of my favorite complexes went down in inventory, but it was due to listings that expired or were withdrawn. Perhaps you could have gotten that deal you were looking for? Brokerages typically have listing contracts for a year. If the property doesn’t sell in that timeframe – sometimes sellers decide to keep the property instead of lowering the price. I think making an offer right before the expiration is a good move.

The entrance to Halii Kai

26 listings in Halii Kaidown from 29
ranging from $557k to $1,695,000
nothing currently under contract
nothing sold in February or March
several listings expired or were withdrawn

I am excited to see what will happen in April in Halii Kai – I can’t imagine this inactivity will last much longer.

By the way – I still love this 3-bedroom unit (MLS# 288370) as it has a great price point to get you into Halii Kai.

Want More Info About the Big Island?

That sums it up for March. Quite a lot going on if you are paying attention! If you would like more information, stop by the office at the Queens’ Shops. I’m usually there Monday mornings 9:30-1:30 and Tuesday afternoons 1:30-6:30.

If I’m not there – send me a text or call me at (808) 895-4327.

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 April 2016. As the market is always changing – check with me for the latest up-to-date information.

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