Waikoloa Village September Condo Sales Show Drop In Sales Price But Pick Up In Numbers
Condos sales for September for Waikoloa Village were not too bad in overall numbers, coming in at a total of six sales for the month, compared to August’s sales number of just 5 sales, but the overall average sales price fell quite a bit down to an average sales price of just $102,000.
This lower sales price for last month is mainly due to the majority of the sales coming from just the two entry level complexes—Fairway Terrace and Elima Lani. And talk about an entry level price—Fairway Terrace had a sale at just $55,000 for a one-bedroom unit that was a REO—bank owned after foreclosure. There was another one-bedroom unit that was not a distressed sale that also sold, but at a much higher price of $86,200.
Here is a look at all the sales last month in Waikoloa Village:
You’ll notice that three of the sales were REO’s. With the new foreclosure law in Hawaii, these may start to become a bit rare as the number of condos actually going into foreclosure by non-judicial forclosure have basically ended and the judicial road is much slower.
There are 12 condos in escrow, but the 6 of these that are distressed are all short sales. Of the 35 condos listed for sale on the market at this time, only one is a REO. It’s starting to look like short sales are going to be the way buyers will have to find deals in the condo market for the immediate future.
I’ll be back next week with a look at the condo inventory to see if it continues to be a buyer’s market. I love the Big Island! Aloha.