Big Island

Waikoloa Condo Sales for 2012 Show Higher Sales Prices

It now looks like 2012 was the year Waikoloa Village turned the corner for condo sales as the year ended with higher sales prices. While prices have a long ways to climb up before they reach the highs of the previous market boom days, it looks like the downward trend in sales prices has ended. To get some perspective on where prices have come in just a few short years, I think it helps to look over the trend of sales prices from 2007 to 2012.

waikolo sales #

This chart shows the drastic drop of about 50% in average sales prices from 2007 to 2008 and another 50% in the next two years. But, it also shows that 2011 was a fairly stable year with prices similar to 2010. And, finally in 2012 prices show a slight increase over the average sales prices in 2011.

Waikoloa Village Condo Market Trends

There are some other important factors along with sales prices that also show a promising trend for Waikoloa condo sales. The next chart looks at the same time frame, but looks at total number of sales, Days on Market, and the number of distressed sales – either a short sale or bank owned property.

waikolo sales #stats

The blue bars show the number of sales, and as the chart shows, the number of sales plummeted in 2008 but has shown a recovery in the past two years. I think the number of sales in 2012 was lower due to a lack of inventory that began showing up mid year. The next measure is Days on Market (red). Again, you can see the worst year was 2009, and by 2012 Days on Market had dropped back down to 102 days.

Distressed Properties in Waikoloa Village

The final measure I looked at was the number of sales of “distressed properties” – short sales or bank owned condos – represented above by the green bars. These were an unknown sales type in 2007 and 2008 as there were no distressed sales in these years. They started with just 3 sales in 2009 but in 2011 they represented almost half the total sales, or 29 of 65 sales.  

In 2012, the overall number and the percentage of sales of distressed properties dropped. This is an important indicator to watch for sales prices as it was primarily the distressed properties that were priced below “market value” that have affected overall prices for the past three years in Waikoloa.

Where is Waikoloa Village Headed in 2013?

At this point, inventory is very low for Waikoloa condos…and that usually means higher prices are next. I’ll continue to follow the monthly sales and let you know the trends I see.

I love the Big Island! Aloha.

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Todd Barrett, R(S)

February 26, 2013

Thanks, as always, for the Waikoloa Market Update Pat!

Todd Barrett, R(S)

February 26, 2013

Thanks, as always, for the Waikoloa Market Update Pat!

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