May 2023 Waikoloa Village Real Estate Trends Update

May 2023 Waikoloa Village Real Estate Trends Update – Hawaii

Aloha Everyone,

It’s been a while since I was able to update my graphs.  Between not enough sales to show any changes and changing MLS systems, it took a while.

Sales Price History

As you might be able to see in this history graph:

1. We blew past the top prices from the Great Recession during the Pandemic
2. We have come off the highs of the pandemic and appear to be back on the trend prior to t.
3. I always felt the demand during the pandemic was a blip and that we would go back to the trend we were on after the recession.

Number of Sales

From this histogram:

1. The number of sales have decreased due to the reduced inventories.
2. People don’t want to leave here  these days I think due to where their alternatives are to live. We have less hate and violence here and our infrastructure is getting better.

The next two graphs are just a more magnified look of the two graphs above:

Interesting trends

This graph shows the difference between the asking prices and what those homes eventually sold for:

1. Sellers are negotiating with Buyers on the listed price.

This graph depicts how long properties are staying on the market:

1. Homes are staying on longer, thus Sellers are starting to negotiate in order to get them sold.

From all of this data, I think it’s safe to assume we are moving into a Buyer’s market, but not a big one as our inventories are so low.  Now whether this translates across other geographic areas or property types, I thing would depend further in the inventories as demand is still very high.  Just because the mortgage rates and concern about our economy, I think buyers are being a little more selective.

I hope this information helps to understand how the market is going here.

If you have any questions I can help with, please call, email or text me.  I am always here to help.

Mahalo and Aloha,

Jim Albone R(B)-18379

Jim@JimAlbone.com

808-987-5985

www.JimAlbone.com