Inventory of Waimea (Kamuela) Homes For Sale Show a Strong Buyer's Market
In real estate, a general rule is six months of inventory to sell is a neutral market. If you have over six months inventory—or excess inventory—it is considered a buyer’s market. So, a seller’s market is when the inventory is under six months. Inventory is arrived at by looking at sales over the past year to get an average sales number per month and then using that number on existing inventory to see how many months are needed to sell the inventory of homes.
Over the past year, there have been 105 sales in Waimea with an average sales price of $419,466. Currently, there are 83 homes listed for sale with an average listing price of $544,530. Running the numbers, Waimea has a 9.5 month supply of homes for sale at this time. This is a fairly strong buyer’s market.
Looking at distressed homes, or short sales and REO’s (bank owned properties after foreclosures), there were 33 distressed sales in the past year. These sales made up 31% of the sales and had an average sales price of $308,555.
In the active inventory, there are only 11 distressed homes listed for sale with an average sales price of $291,909. A good question is where have all the short sales and REO’s gone? It will be interesting to see if this distressed inventory increases again in the next few months.
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