Waikoloa Condo Sales for July 2012 Show Strong Numbers and Prices

July was an interesting month for condo sales in Waikoloa, showing a large number of sales closing in the higher priced complexes in Waikoloa and a decrease in foreclosed properties.

This Paniolo Gardens unit (MLS# 256559) is priced at $246,000 for 2 bedrooms and 995 sq.ft. and was built in 2006

Overall, the number of sales was a healthy nine sales and an average price of $207,444. This compares to June sales of 5 condos at a price of only $123,000 – quite a bit below the average sales price for July.

Here is a look at July condo sales in Waikoloa:

July Trends For Waikoloa Condo Sales

July had three sales in the $200’s and one at $512,000 – easily the highest sale for the year in Waikoloa as the next highest is in the $300,000’s. These four sales were the main reason that the average sales price jumped over the $200,000 mark. Also of note is the very low number of distressed properties – just two sales in July.

Unfortunately, July sales are somewhat just a one time spike, in the sales picture. In looking at condos in the escrow pipeline working on closing, there are only 11 condos in escrow at this time and the highest price for these condos is just $140,000.

And, of these condos…only two are non foreclosure properties as there is one REO and eight short sales waiting to close. Since these will be the next condos to close, sales for the next few months will return to some lower average sales prices.

Active Waikoloa Condo Stats

But, in looking at the 22 condos on the market for sale, the supply of low priced condos is almost gone. The number of foreclosure properties is down to just five short sales.  

The lowest priced condo is at $114,900 the next lowest is at $135,000 and then it jumps up to $165,000. The days of easily picking up a Waikoloa condo under $100,000 are gone – and it looks like condos in the low $100,000’s need to be picked up quickly by buyers in this price range as they are limited.

I love the Big Island! Aloha.