Wailea Pualani Market Update

Posted by Alex Cortez on Tuesday, March 6th, 2018 at 3:07pm.

We are often asked how different subdivisions in Wailea are faring, internally and comparative to the overall market. Today we will discuss Wailea Pualani. As location within the subdivision is critical in assessing value, let's start by taking a look at a map of Wailea Pualani, which details the price per square foot for homes actively on the market, in escrow, and recent sales:

wailea pualani map

ACTIVE:

Currently there are 11 homes on the market (out of a subdivision consisting of 92 homesites). The average listing price is $2.173M and price per square foot is $659.79. As can be expected, homesites that are 'fronting' the highway (lots 29-32 and 70-75) will have the lowest prices, as is the case with 388 Pualona Nani.

PENDING:

One property in escrow, with an asking price of $677 per square foot. 340 Pualoa Nani is ideally situated with the backyard facing the greenbelt. 

Update: Property has now sold, for $1.325M, which was a substantial reduction from the list price of $1.499M

SOLD:

In the past 12 months, there were a total of 7 sales, with an average sold price of $1.807M (reduced from average asking price of $1.993M), and average price per square foot of $678. The highest sale among those closed for $2.395M and the lowest was the REO of 367 Kualono Place for $1.44M. At that pace, a home is being sold every 1.7 months. 

Summary:

Wailea Pualani is one of the entry micro-markets of single-family homes, comparable to Wailea Kai and Wailea Kialoa, with current inventory being reflective of a Buyer's market - generally, we prefer to see 6-9 months worth of Inventory to signal a balance market, whereas with 11 homes for sale now, that is 18.8 months worth of Inventory. In order for absorption, homes need to be priced reflective of the current market and in condition sufficient to entice prospective Buyers.

Contact

To discuss the Wailea Pualani micro-market, the overall Wailea real estate market, and current options on the market, contact us by filling out the form below or call 808.385.5034 (Alex) or 808.392.6657 (Ryan).

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Specializing in Makena and Wailea real estate, Alex Cortez is fully dedicated to representing his clients ethically and diligently. Contact him at 808.385.5034 or Alex@MauiRealEstateSearch.com for more information.

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