Is a pick up in home sales bringing hope for the big majority of Waimea sellers?
This Frank Lloyd Wright Taliesin design (MLS# 233216) is in escrow listed at $999,900
September sales for the Big Island’s town of Waimea (Kamuela) showed the green side of town outselling the dry side Â 3 to 1.
Overall, the price of home sales continued to stay quite low for Waimea with the three green side homes closing for an average price of $228,000. Distressed properties continue to account for lower prices as two of the homes were REO’s, or bank owned properties.
An example of getting a lot of house for the money on the green side of town was a 5 bed / 3 bath home on a 19,514 sf lot that sold for $260,000. The other two homes were only on the market for about a month, showing that homes priced around $200,000 are in demand with Waimea buyers.
On the dry side of Waimea, the only sale was a resale in Luala’i â€”Â the area of town that is consistently delivering the sales for dry side Waimea. The property closed at $395,000 with a VA loan for one of the larger 4 bedroom models on a 10,000 sf lot.
Upcoming months look to have a pick up in sales for Waimea as there are currently 16 homes in escrow. Not only is there a promise of an increase in sales numbers, the prices also show a big increase with onlyÂ five homes priced below $300,000. That leavesÂ five homes in the $300k’s, four in the $400k & $500k’s,Â one in the $600k’s, and one in the $900k range.
So, where are sellers pricing their homes? Again, I’m using the $300,000 mark as a reference point and find that, out of 83 homes on the market, only 14 are priced below $300,000.Â That leaves 83% of Waimea’s homes priced over $300,000. And yet last month, only one out of four homes was over the $300,000 figure. That’s why it’s important to watch what’s going into escrow to see if there may be some hope for the big majority of Waimea sellers.
If you’d like more information on homes for sale in Waimea, feel free to contact me.