Home sales in Waikoloa for June showed a continuing increase in sales numbers and in sales prices. Looking back six months to January, there were 7 sales with an average price of $281,198, but a huge percentage – 71% – of these homes were either short sales or bank owned foreclosures (REO’s).
Waikoloa’s newest short sale (MLS# 256457) listed at $267,000 shows the value found in short sales
Here’s a look at the homes that sold in June in Waikoloa Village:
Waikoloa – a town of short sales and REO’s
In June, the average price has risen up to $300,875 and there were eight sales for the month and distressed sales were down to 50% of total home sales, but this may just be a temporary decline.
Waikoloa Homes in Escrow
In looking at homes in escrow, it looks like Waikoloa will continue to have more distressed sales than regular sales as there are currently 20 short sales and REO’s out of a total of 22 homes.
Wow, at a time when these distressed properties are becoming scarce, it is astonishing to see that almost all Waikoloa home buyers are choosing these distressed homes.
Current Waikoloa Homes For Sale
What I find interesting is to look at the homes currently for sale on the market. There are 39 homes listed for sale with six short sales and one REO – a fairly small percentage of total listings. The key here is that the six short sales are all priced under $300,000 and this has been a key price range for Waikoloa sales.
I would expect most of these homes to go into escrow in the next couple of months along with a few regular sales. The big question is how many new distressed homes will come onto the market…and at what price? I’ll be back with a look at July sales.
I love the Big Island! Aloha.