Big Island Waimea Home Sales For September 2012 – Fewer Sales At Higher Prices

The overall number of sales for the Big Island’s Waimea were very slow at just 3 sales, but the overall average sales price was strong at $507,933. This is considerably less that August’s strong sales number of 12 homes sold. However, the overall sales price in August was just $390,208. September sales had one wet side sale and 2 dry side sales with one coming in at $750,000.

Lualai continues to be a strong seller in Waimea with new homes starting in mid $300’s

Here is a look at September sales in Waimea:

Distressed Properties Are Disappearing in Waimea

Distressed properties accounted for one sale in September – a home in wet side’s popular Puu Nani subdivision. In looking at homes in escrow, there are 8 distressed properties in escrow out of a total of 25 homes waiting to close. So, in future months short sales or REO’s should account for around 30% of the homes closing.

However, in looking at homes available for sale on the market, the number of foreclosure homes is shrinking with just 8 out of the total of 55 homes available for sale in Waimea.  

In September there was a total of 10 homes brought onto the market – and none of these homes were a short sale or a REO. Along this same line, in September 11 homes went into escrow, but only two were foreclosure properties. 

After years of inventory that was primarily short sales or REO’s, this is a major shift in market inventory. Since the distressed properties are priced to sell with below market pricing, the lack of these homes should lead to overall higher sales prices in Waimea.

I love the Big Island! Aloha.