As more Waikoloa Village buyers go for REOs, average listed sales prices are dropping.
While 11 Waikoloa homes went into escrow in both March and April of this year, the average listed price dropped from $325,000 to $289,000 last month. I suspect the main reason for this drop in price was the corresponding jump in the number of homes that were distressed properties from 4 in March to 9 in April.
Number Of Distressed Homes Going Into Escrow
Since 7 of the 11 escrows were REO’s, or bank-owned properties, and as REOs typically close within a 60 day time frame, these will be showing up as sales in May and June. The great plus for buyers is that banks respond to REO offers in a relatively short time frame; unlike short sales, there’s no waiting for months to hear that a bank wants to counter your offer. For half of April’s escrows, the time on the market was a mere 41 days or less. Smart buyer knew they had to move fast to get the deal.
Currently, there are just under 60 homes offered for sale in the Waikoloa Village market. Home prices start at $211,900 for an REO, and run all the way up to $795,000. With about 30 of the homes priced at under $400,000, now is prime time to consider homes in Waikoloa Village.Â
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