Condo sales in Waikoloa Village are still on the sluggish side and actually showed a decrease in the number of condos sold, but there was an increase in average sales price.
April closed with a total of 4 condos sold at an average price of $165,775. This compares to March sales of 5 condos at an average price of $132,200 and just 2 condos in January and only 1 in February.
April Condo Sales
Less Distressed Properties
The number of distressed sales also fell to just 25% of sales with one short sale close. There were no REO, bank owned property, sales.
At this time there are 19 condos in escrow working through the sales process—11 of these escrows are either a short sale or REO. Of the 35 condos currently listed for sale, there are just 7 short sales and no REO’. This reflects the slowdown in actual foreclosures that result in bank owned properties.
These numbers are very different from most of last year that often had the Waikoloa condo market at 50 or 65% distressed sales. However the effects of distressed sales are still reflected in the listing price of condos with many now priced below $200,000—16 total at this time.
With an average sales price more in the mid $100,000’s, the gap between what sellers want and what buyers will pay is now a fairly small distance. Looking forward, I would expect many of the units priced below $200,000 will find buyers this year.
I Love the Big Island! Aloha.