Sales numbers for Waikoloa Village condo sales showed a slow down in September, as the total number of sales dropped to three.
Fairway Terrace unit D201 (MLS# 228605) is the lowest priced condo in escrow listed at $89,000
The two leading complexes in sales for this year, Fairway Terrace and Elima Lani, accounted for the three sales:
Fairway Terrace #J202 $85,000 cash REO sale
Elima Lani #604 $130,000 financed For Sale By Owner
Elima Lani #1308 $115,000 cash
There are currently seven condos in the pipeline to close with Elima Lani having the majority at four. Prices for these condos range from a low of $89,000 to a high of $141,300.
Looking at recent sales and condos currently in escrow, it would appear that buyers have a ceiling of around $130,000 to $140,000 at this time for condos in Waikoloa Village. What’s interesting, then, is to take a look at current inventory and to see how this matches up with the prices sellers are seeking:
Right now there are 44 condos for sale in Waikoloa Village starting at a low of $87,000 for a Fairway Terrace unit and going up to a high of $635,000 for a Pointe at Waikoloa unit. Only 12 condos are priced below the $140,000 mark and it is my guess that most of these will be the next condos to go into escrow.
But at this time almost 75% of the condos in the Waikoloa market are priced higher than where today’s buyers want to pay. For these condos to sell, something has to change. So, the question is… will the sellers come down? … or will the buyers come up in price?
I’ll be back again next month with a recap of October sales. If you’d like information on Waikoloa Village condos, please contact me.