Waikoloa Condo Sales for 1st Quarter 2013 Reflect Lower Inventory & Higher Prices

Condo sales in Waikoloa for the 1st quarter of 2013 are a picture of real estate on the Big Island – lower inventory and higher prices. The total number of sales for the quarter was only 10 condos for the 3 months. This is a big reduction in sales numbers from the past few years when some months would show 5 to 7 condos sold. 

But, as the number of units sold has fallen, the average sales price has been rising. In the 1st quarter the average sales price was $127,550. This average sales price would have been quite a bit higher had there not been several older distressed properties closing at prices below $100,000.

Here’s a look at Waikoloa Condo Sales for 1st Quarter 2013:

These sub $100,000 prices will dissappear as there are no current listings for condos below $100,000 and only 2 in escrow moving to a sale. In fact, condos listed under $200,000 are beginning to disappear. 

2013 Shaping Up to Be Interesting Year for Waikoloa Condo Sales

At this time, there are only 16 condos listed for sale and of these there are only 5 listed below $200,000. Short sales and REO owned properties have also almost disappeared with just 2 short sales currently listed for sale.

It’s now clear that 2012 was a turning point in the real estate market on the Big Island. So far, 2013 feels a lot like the booming mid 2000’s. Inventory is low, there are multiple offers on properties, and in March there was even a condo that closed above the listed price. So far, 2013 is shaping up to be a very interesting year. I’ll be back to track the market for you.

I love the Big Island! Aloha.