Aloha and welcome to another addition of the Waikoloa Village Market Report. In this installment, we will be taking a look at the sales for both June and July. I missed publishing in June while I was visiting family on the Mainland. Some interesting changes of note have come along this summer. There has been a slight reduction in closed sales and an increase in the amount of cash sales closed during the months of June & July.
While the reduction in sales does reflect a slightly slower market, I think the amount of cash sales is reflective of Buyer’s unwillingness to borrow money at the current interest rates, which at the time of this writing are hovering around 7.7% for a 30 year fixed mortgage. Lenders continue to offer better rates on ARMs as well as no cost refinancing within an allotted time period. Local Credit Unions are also offering specials on mortgages to ease the pain of high interest rates for their members. If you do find yourself ready to purchase a home, it is more important than ever to start your search by shopping around for the best deal you can find on a mortgage.
Current Active Listings as of August 1st
At the time of this writing, there are 32 active listings in Waikoloa Village: 3 land listings, 10 condos and 19 homes. Atop the land listings is a vacant lot on Puu Nui priced at 450k. This lot comes complete with extensive rock and excavation work done as well as home plans. This land listing has been on the market at it’s current price for 160 days. The land listings round off with 2 more lots for sale. The first lot perched above Eleele Street listed at 299k in an area of new homes and measuring just over 10,000 sq/ft. The last vacant land listing is nestled on the Pili Kai cul-de-sac in an area of established homes and boasting almost 180-degree views listed at 315k. If you are looking at vacant land in Waikoloa Village, a lot like this does not come around very often, click on the link above to view.
One of the 19 homes currently on the market for $850k is a newly built, 3bedroom 2 bath 1,188 sq/ft home near the Waikoloa Village School on 68-1753 Puu Nui Street.
8 residential homes considered entry level for Waikoloa Village are currently on the market for under 1 million dollars. The remaining 11 homes range from 1 million 98 thousand to 1 million 397 thousand. Days on market range from 3 days to 162 days.
Sold Homes in June & July
24 listings sold in Waikoloa Village in the two month period between June 1st – August 1st, 2023. That is down from 36 sales in April and May combined. Of the 24 sales, 14 were purchased with cash. Topping off that list is a brand new 3 bedroom 2.5 bath 1,995 sq/ft home in Waikoloa Village’s Sunset Ridge subdivision which sold for 1.25 million cash after just 14 days on the market. Let’s not forget about my featured home from last month at 68-1784 Lua Kula Place which sold after 17 days on the market for $1,350,000 CASH! This beauty boasted 4 bedrooms and 3 full baths in 2,540 sq/ft of living space as well as it’s very own pool. It is important to note that this home did sell for $45,000 under ask.
Just when you thought you couldn’t afford to live in Hawaii, I offer you a 2 bedroom and 2 bath condo in Fairway Terrace that sold for $355k. It is wise to remember when you see a deal like this, jump on it! This condo sold after just 1 day on the market. The 11 other condos selling during this time period sold for a range of between $389k for another 2 bed 2 bath home in Fairway Terrace and a rarely offered 2 bedroom 2.5 bath 1,680 sq/ft beauty at The Point condominiums. Only three condos have sold at the Point since 2020.
No vacant lots sold between June 1 and August 1, 2023.
And That’s a Wrap!!!
That wraps up another edition of the Waikoloa Village Real Estate Market Report. It’s true, the market is changing. Higher interest rates mean there are fewer buyers in the market since traditionally, well over 50% of homes, condos and land are sold using financing. Fewer buyers in the market has lead to a reduction of homes for sale. Sellers considering listing their homes can be inclined to wait until interest rates go down and buyers using financing to purchase flood back into the market. Unfortunately, this has not lead to many price reductions in Waikoloa Village. Prices remain high with entry level homes starting in the $800k’s and most single family homes selling for above $1 million dollars. Condos are consistently selling for 400k and up. While we are seeing some homes spend more days on the market, well priced homes in good condition are still in great demand and selling quickly, often for cash.
What does this mean for you?
If you are a Buyer, do your homework. If you are seeking financing, shop around for the best deals, consider buying down points or work with a local bank or credit union that offer competitive deals for their members. If you are a cash buyer, you may be able to get into a home for under asking price, especially if you are willing to put a little elbow grease into a fixer that has been sitting on the market for a while.
As a Seller, if you are ready to sell your home, find a great REALTOR and prepare your home for sale with a pre-inspection, be ready to stage it properly and put in the work to present it to buyers in the best possible light. Of course, and perhaps most importantly, price your home competitively as soon as it hits the market. There is nothing that scares buyers away more than a stale listing that has been sitting on the market. No matter how nice your home is, the Buyer who sees a listing that has been on the market longer than 30 days will always ask, “What’s wrong with it?”
That is not the first thing any Seller wants in a potential Buyer’s mind.
Come back next month and if you are reading this wondering, “Why should I live in Waikoloa Village in the first place?” check out my original Waikoloa Village Blog.
Thanks for reading!