Big Island’s Waimea Homes For Sale Inventory Still a Buyer’s Market
While other towns on the Big Island are now a seller’s market, Waimea is still a buyer’s market. This means buyers will probably be successful with an offer to buy below the asking price and that there are still quite a few homes to consider for a purchase. For sellers, it means they should probably plan on it taking several months to sell their homes.
This Waimea home (MLS# 257289) has great views along with a pool and guest home on 1 acre
How to Measure a Real Estate Market
Using yearly sales levels to analyze current inventory levels, the time needed to sell the homes listed for sale in Waimea shows it would take 6.75 months to sell the present inventory of 54 homes, making Waimea a buyer’s market.
One of the best ways to measure the activity of a market is to calculate the time it will take to sell the existing inventory of properties currently listed for sale. Using the number of sales in the past year, the average number of sales per month is applied to current market inventory to come up with how long it will take to sell all available properties at the same sales rate.
A market time of six months is neutral with any time under the six months considered a seller’s market and any time over being called a buyer’s market. In the past year, there have been 97 homes sold in Waimea for an average just over 8 sales monthly.
With a current inventory of 54 homes listed for sale, it would take 6.75 months to sell all these homes if sales were to continue at the same rate as in the past year.
Waimea’s Hot Selling Price Range Has Been $300K’s
Waimea had a wide range in home prices in the past year, running from a low of $97,500 to a top end price of $2,060,000. In Waimea, entry level pricing in the past year has mainly started in the $100,000′s with a total of 8 sales in the past year in this price range. Moving up into the $200,000’s, there were about double the sales here with a total of 17 sales in the past year.
The most popular price range in Waimea in the past year has been in the $300K’s range with a total of 30 homes sold. One reason this price range is so popular is buyers could find homes on both wet side Waimea as well as dry side Waimea. By far, the most popular neighborhood in this price range was Luala’i bringing in a total of 17 sales in both new and resale homes.
Next time I’ll look at wet side vs. dry side home inventory to see if there is a difference in time to sell current inventory.
I love the Big Island! Aloha.