This month, I’m going to start something new in my monthly analysis of Waikoloa real estate sales. In addition to my ongoing monthly recap of real estate sales inÂ Waikoloa Village, I’m going to take a look at where the current inventory of available homes for sale is in relationship to the number of sales last year. The real estate industry has a standard mark of a 6 month inventory being the dividing line between a buyers market and a seller’s market.
A seller’s market is considered any market where the inventory for sale is less than a 6 month supply. A buyer’s market is more than a six month supply of inventory. Also, I’m going to break down some of the inventories into different price ranges.Â Real estate can vary from location to location…and also from price range to price range.Â Believe it or notâ€”there is a price range right now in Waikoloa that is actually a seller’s market!
Listed at $210,900 (MLS# 242163), this fixer upperÂ leads off a large parade of homes in the $200’s in Waikoloa, expect some work for most
Currently, for the overall Waikoloa Village market, there are 54 homes for sale. Since there were a total of 91 homes sold last year, that means the current inventory is at about a 7 month supply, or a slightÂ buyer’s market.
In looking at the breakdown of prices for homes, the starting point in the market is homesÂ underÂ $300,000 where there are currently 20 homes for sale.Â These homes are at about an 8 month supply of inventory, so they are a bit more, or a buyer’s market than the overall Waikoloa market. Many of the homes that have come onto market in the past 3 months have been in this sub $300,000 category.
Sunset views like this (MLS# 239825) are found in the $300,000 to $400,000 price range, along with custom upgrades and move in condition
Last year’s popular price point of $300,000 to $400,000 had a total of 45 homes soldâ€”or almost half ofÂ all homes sold last year. In this price range you should usually get some ocean or sunset views, the home should be in move in condition, have some upgrades, and generally have a few nice features.Â You can often find an almost new REO or short sale in this price range.
With just 15 of these homes on the market right now, it’s just a 4 month supply, so it is actually a seller’s market in this price range.Â Many of these listings have not been on market for a long time. So, if you’re putting an offer in on a home in this range, don’t be too surprised if the seller does not want to negotiate.Â Many of these listings have not been on the market for a long time.
This leaves 10 homes priced from $400,000 to $500,000, 7 homes from $500,000 to $600,000, and 2 homes over $600,000.Â With a total of 9 sales last year fromÂ $400,000 to $500,000,Â this range hasÂ an inventory of over one yearâ€”a fairly strong buyer’s market.
I’m providing this information so both buyers will have this information for putting in an offer on a home and sellers for pricing a home.Â A good way to follow a market is over time, so it will be fun to see how the inventory times change through the year.
I love the Big Island!