Waikoloa Condo Sales for September 2012 Very Slow

This Makana Kai condo (MLS# 254303), listed at $259,000, has 1,200+ sq.ft. and a yard

Condo sales for Waikoloa Village were very slow in September with just two condos selling in the month. Both sales prices were in the entry level price range with an average price of just $112,500.

Here is a look at September sales in Waikoloa:

Waikoloa Condo Short Sales and REO’s are Getting Scarce

In looking at September sales, there was one sale that was a distressed property, so the percentage of 50% is still in line with sales of the past few years in Waikoloa. And with ten out of twelve condos in escrow being either a short sale or a REO, this trend will continue for the next 2 to 3 months – allowing for 2 to 3 months for escrows to close.

But, in looking out farther, this trend may be changing. There are currently 21 condos listed for sale, but the number of distressed properties is way down at just 5 short sales. In line with the decrease of short sales and REO’s, sales prices are heading slightly higher also.  

A new Elima Lani listing is priced at $165,000 – after years of these selling in the low $100’s and even some below $100,000. In fact, there are only 8 condos now listed below $200,000. Most of the condos currently for sale in Waikoloa are now priced in the $200’s and there is one unit priced at $499,000. With higher listing prices, it is looking like there will be higher sales prices in 2013.

I love the Big Island! Aloha.