Tuesday’s “Transit of Venus” was viewed from Waikoloa under summery skies…luckily, I had an eclipse viewer from 1990…a true relic, but it worked. That little dot moving across the sun was Venus in transit.
Waikoloa Home Statistics
The transit of the Waikoloa market continues. We see our inventory of homes fluctuating from today’s number of 44 from 54 a few weeks ago. Demand fueled by low prices and interest rates continues to keep our inventory of homes at less than a six month supply.
The low prices of the four Paniolo Estates homes and four other foreclosed homes results in an overall average price of $319,000. However, removing these from the equation results in an average price of almost $325,000, which sounds a lot healthier. There were three sales over the $400,000 mark.
Distressed Properties Continue to Decline in Number
We are noting fewer distressed and foreclosed properties on the market. It is interesting that many of our buyers now shy away from these because the savings is not always worth the stress of dealing with the lending institutions.
Hawaii’s Act 48 seems to have resulted in Banks cooperating more with Short Sales to avoid the judicial foreclosure process; although the process is still drawn out mostly by mainland lenders, Hawaii lenders are much more cooperative and less inclined to force foreclosure (Aloha Spirit reigns).
Hawaii also has fewer foreclosures than most states and that rate is slowing every reporting period. Having 29 homes in escrow shows we have buyers looking forward to living in Waikoloa.
Waikoloa Condo Statistics
The Waikoloa Village condo market is moving along at about the same rate of sales as last year, but over the last 90-days we see an average price increase of about 15% over the average price of last year. Good news!
At present, there are 17 in escrow and 15 have sold in our 90-day window. We are looking again at slightly less than a 6-month supply of condo inventory in the Village. There are some excellent opportunities with very low prices for good units in attractive projects. A condo makes a nice guest house for out of town visitors!
Waikoloa Land Statistics
The land sales in Waikoloa are again at minimal levels; there are not a lot of vacant lots left to sell and most of those on the market are not easy to build on. Nice lots will sell quickly although many buyers find that low home prices trump the hassle of building, so land sales remain slow given this consideration.
If you know of anyone who has a nice lot they are thinking about selling; call or email me. The five lots on the market have been on the market a while and the one lot in escrow was not on the market even one day. Guess that’s as good of point illustration as one can make!
Should you have any questions about Waikoloa or other Big Island neighborhoods, call or email me. Take care, be well, use your sunscreen, and keep smiling…a hui hou.