Overall, 2010 condo sales in Waikoloa Village reflected the statewide trend of a drop in sales prices bringing on an increase in number of condos sold in 2010. The total number of condos sold in 2010 was 34, not quite as healthy as the sales in the mid 2000’s, but an increase from 2009’s sales total of only 27 condos sold for the year.
Here is a look at how those sales occurred in 2010:
The sales numbers grew from the slow start in the beginning of the year as condo sales prices started to drop.Â The two entry level complexes in Waikoloa Villageâ€”Elima Lani and Fairway Terraceâ€”were the two front runners in over all condo sales.
Both of these condo complexes recorded sales in the sub $100,000 range as buyers bid down distressed sales of short sales and REO’s. There was activity in most every complex, however. The full range of this salesÂ drop was from just above $300,000 in March to just below $100,000 in November!
Here is a chart with the monthly average sales price of Waikoloa condos in 2010:
I added a trend line on this graph that shows the year started at about $175,000, but ended up close to the $100,000 line.Â Many prices have now returned to about the range of sales prices in the early 2000’s just prior to the real estate boom. Also, prices in the entry level complexes when combined with low interestÂ are now at a range that is comparable to renting for owners.
It is also becoming attractive for investors again, something that hasn’t been seen for a few years in Waikoloa real estate.Â All in all, the drop in prices not only has started to bring back some buyers, it has also started to return some of theÂ traditional buyers back into the market to replace the flippers of recent years.
To me, this is a great sign of a market regaining its health. I’ve had the recent pleasure of working with some excited and happyÂ condo buyers that are going to be living in the units.Â This is always the best reward in real estate!
I love the Big Island!Â Aloha, Pat