If you are a buyer wanting to purchase a condo in Waikoloa, you shouldn’t expect large seller price reductions, as the Waikoloa condo market is now a seller’s market.
How to Measure a Real Estate Market
Using yearly sales levels to analyze current inventory levels, the time needed to sell the condos listed for sale in Waikoloa shows it would take just under 5 months to sell these condos – making Waikoloa now a seller’s market for condos.
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 52 condos sold in Waikoloa Village for an average of 4.3 sales monthly.
With a current inventory of 21 condos listed for sale, it would take under 5 months, or 4.8 months, to sell all these condos if sales continue at the same rate as in the past year.
Fairway Terrace has all the condos in escrow listed under $100,000 – (MLS# 256056) found a buyer in just 3 days
Waikoloa Condos Priced Under $100,000 Have Disappeared
In looking at various price ranges in condos that have sold in the past year – 28%, or a total of 15 units, sold under $100,000. This number should grow in the next few months as just under half of the condos in escrow today, or 5 of 12 condos, is listed under $100,000. But at this point, it looks like when these close, this price point will disappear. Today, there is not a single condo for sale in Waikoloa that is listed under $100,000.
Waikoloa Condos Priced in $100,000’s Biggest Sellers in Past Year
Over the past year, a total of 25 condos sold in the $100,000 for almost half of the total sales of 52 condos in the past year. The math on this shows that to be an average of 2 sales per month. With just 7 condos listed for sale in Waikoloa, at the current sales pace these condos will be sold in just 3.5 months – an extreme seller’s market. Any seller listing a condo in this price range can expect some fast action.
I will be back next month to take another look at inventory levels and examine condos in the $200K’s for sales and inventory levels.
I love the Big Island! Aloha.