Pualani Estates Market Update – Prices on the Rise as Inventory Remains Low
The first quarter of 2013 has already gone by and it has proven to be as strong as we expected for real estate sales in Pualani Estates. Before we look at sales this year, let’s take a look at the first quarter of last year so we have something to compare it to.
In the first quarter of last year, there were 11 homes sold with a median sales price of $345,000. Many of the homes sold at this time were distressed properties. The developer sales prices were stronger than those of the distressed properties and helped to pull the median sales price up.
(MLS# 259074) sold March 1, 2013 for $385,000 after being on the market for only 3 days
Pualani Estates Sales Stats for the First Quarter of 2013
In the first quarter of this year, we have seen an approximate 12% increase in the median sales price over last year. With 10 properties sold so far this year the median sales price for the first quarter is $389,000.
Maybe even more exciting is that all 5 non-developer homes were only on the market for 15 days or less before they sold and all of these homes had the ocean views that Pualani Estates is known for. This proves that Pualani Estates continues to be in high demand regardless of the view plane.
(MLS# 253292) sold for $360,000 with zero days on the market
Pualani Estates Homes in Especially High Demand
Two types of homes that are in especially high demand are:
- Two story homes
- Homes with ocean views
As of last month, the developer has completely sold out of two story homes and ocean view properties. As two story homes and homes with ocean views enter the resale market, they will be able to command a higher price as demand outweighs supply. This in turn, will increase the overall median sales price for the entire neighborhood.
Pualani Estates Developer Update
The developer is nearing the end of their project. There is just one more street to build and sell before the community will be completely sold out. If they could build fast enough, they could be sold out by the end of the year, but they have decided to slow the pace of sales to keep up with the pace of building. Since the developer supplies approximately half of the inventory in the Pualani Estates market, finding a home to buy in Pualani Estates will be even more challenging once they do sell out.