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.
Catherine Klug, R(S)
February 22, 2012
Waow… 10 home sales per month! How many people live in Waimea?
Catherine Klug, R(S)
February 22, 2012
Waow… 10 home sales per month! How many people live in Waimea?
Pat Strausse, RB
February 22, 2012
@ Catherine, good question! According to the 2010 census, Waimea’s population was 9212.
FYI, this was just ahead of neighbor Waikoloa Village at 6362 but smaller than the big
city of Hilo. 43,263.
Pat Strausse, RB
February 22, 2012
@ Catherine, good question! According to the 2010 census, Waimea’s population was 9212.
FYI, this was just ahead of neighbor Waikoloa Village at 6362 but smaller than the big
city of Hilo. 43,263.
Pam Deery
February 23, 2012
There seems to be a fine line here between buyers and sellers market. It is interesting to note that the better choices will always sell first; and until the market is replenished the inventory will rotate a bit more slowly pushing the middle to the top of the list. REVOlution. Thanks for the update Pat.
Pam Deery
February 23, 2012
There seems to be a fine line here between buyers and sellers market. It is interesting to note that the better choices will always sell first; and until the market is replenished the inventory will rotate a bit more slowly pushing the middle to the top of the list. REVOlution. Thanks for the update Pat.
Pat Strausse, RB
February 24, 2012
@Pam, thanks for the great visual!
Pat Strausse, RB
February 24, 2012
@Pam, thanks for the great visual!