We are now in the slower season of real estate condo sales for Waikoloa Village. Historically, this is the time of year that slower sales lead to an increase of inventory. This will be something to watch for in the next two or three inventory reports.
In real estate, a general rule is six months of inventory to sell is a neutral market. If you have over six months inventory—or excess inventory—it is considered a buyer’s market. A seller’s market is when the inventory is under six months. Inventory is arrived at by looking at sales over the past year to get an average sales number per month and then using that number on existing inventory to see how many months are needed to sell the inventory of condos.
Over the past year, there have been 60 condo sales in Waikoloa Village with an average price of $135,202. Short sales or REO’s made up 26 of these sales, or 43% of total sales for the year. The average price for these distressed property sales was $103,735.
Right now, there are 37 condos listed for sale with an average asking price of $217,038. Distressed sale inventory is down at this time with just 11 condos being either short sales or REO’s. However, the average listing price for these condos is $135,795, so these condos still represent quite a savings in price from the non distressed condos. The current inventory time to sell these condos is 7.4 months—a slight buyer’s market.
I love the Big Island! Aloha.