With a decrease in the inventory of homes for sale, Waikoloa Village is now a seller’s market. This means buyers that want to be successful in purchasing a home will need to offer a price fairly close to the seller’s listed price. And, buyers may even encounter a multiple offer situation.
This custom home with views (MLS# 255825) is 1 of 2 homes priced in the $600K’s in Waikoloa
How to Measure a Real Estate Market
Using yearly sales levels to analyze current inventory levels, the time needed to sell the homes listed for sale in Waikoloa shows it would take just under 5 months to sell the present inventory of just 32 homes – making Waikoloa now a seller’s market for homes.
One of the best ways to measure a real estate market is to calculate the time it will take to sell the existing inventory of properties currently listed for sale. Using the number of sales in the past year, the average number of sales per month is applied to current market inventory to come up with how long it will take to sell all available properties at the same sales rate.
A market time of six months is neutral with any time under the six months considered a seller’s market and any time over being called a buyer’s market. In the past year, there have been 87 homes sold in Waikoloa Village for an average of 7.25 sales monthly.
With a current inventory of just 32 homes listed for sale, it would take under 5 months, or 4.4 months, to sell all these homes if sales continue at the same rate as in the past year. This rate is similar to the time needed to sell all the condos in Waikoloa.
Super Hot Selling Price Range Has Been $200K’s
In Waikoloa, entry level pricing in the past year has actually started in the $100,000’s with a total of 5 sales in the past year in this price range. However, with no current homes priced this low, this price range will not account for many sales going forward.
This new short sale listing (MLS# 256943) is listed at $299,000 and offers just under 1,200 sq.ft.
The biggest price range for overall sales in the past year has been homes priced in the $200K’s. In the past year, Waikoloa has sold 37 homes in this price range – accounting for 42% of the year’s total sales.
At this rate, in the past year there has been an average of 3 home sales a month in the $200K’s. With only 5 homes listed for sale today in the $200K’s, this is a very strong sellers market of just 1.6 months needed to sell these 5 homes.
Looking to buy one in this price range? Move fast and price your offer close to asking price. Have a home you need to sell really quickly? This is the price range that comes to close to having the homes “fly off the shelf.”
I’ll be back next month to track how the inventory levels are moving and to take a look at homes priced in the $300K’s – Waikoloa’s 2nd most popular price range in the past year.
I love the Big Island! Aloha.