This Waimea estate (MLS# 249886) is over 5,000 sq. ft. of living area on 10 acres of land
Is Waimea’s Home Market a Buyer’s or Seller’s Market?
Knowing whether a real estate market favors the buyer or the seller is key information when submitting an offer or pricing a home for sale. In a buyer’s market, an inventory of more that 6 months needed to sell the available homes listed for sale, buyers can often ask for higher price concessions from the sellers. In a seller’s market, sellers can usually negotiate with a stronger hand.
Over the past year, Waimea has had 118 sales at an average sales price of $452,088. This figures out to be an average of just under 10 home sales a month, or 9.8. Waimea homes for sale right now are a total of 70 homes for sale. This gives the Waimea home market an inventory time of 7.1 months, or a buyer’s market.
Distressed Properties in Waimea
One interesting trend to watch is the vanishing inventory of distressed properties – bank owned homes or short sales. In the past year, these played a strong role in Waimea home sales with 51 properties of the total being a distressed sale, or 65% of all sales, but this inventory is growing smaller.
Homes for sale in Waimea only have a total of 15 distressed properties listed for sale. If no other distressed homes come onto market, this inventory could be sold out in just 3.5 months – a strong seller’s market when looking at distressed properties. The talk around real estate circles is there will soon be a large number of bank owned homes come onto the market as these complete the foreclosure process as a judicial foreclosure.
Only time will tell how many homes will be available for sale soon as bank owned properties, or REO’s. For now, any buyer wanting one of these distressed homes will want to move quickly and know that, most likely, the selling bank will not be granting any large price concessions.
I’ll be back next month to look at February sales in Waimea. I love the Big Island! Aloha.