Pualani Estates Market Update – A Look Back at 2012 and What 2013 Holds
There was a lot of activity for Pualani Estates in 2012. A total of 56 sales. The developer, D.R. Horton, had a big role in the number of sales in 2012 accounting for over half of the sales. Of the sales that were not developer sales, most were short sales or REO’s.
Pualani Estates Real Estate Market on the Rise
Regardless of the fact that there were short sales and REO’s in the subdivision, prices did rise. With a few sales just shy of $300,000 at the very beginning of 2012, sales prices started to rise steadily and ended strong with an average sales price of $380,000 in the month of December. That’s about a 6% increase in sales price per month. Slowly, but surely, it looks like the real estate market is on the rise.
Pualani Estates with Hulalai mountain in the background
What to Expect For Pualani Estates Home Sales Prices in 2013
In 2013 I think we will continue to see an increase in prices. With the majority of short sales and REO’s behind us, there will be much less inventory on the market. D.R. Horton will still be releasing inventory, but there would need to be a multitude of individual homeowners listing their homes for sale this year to make up what the short sale and REO market consisted of last year.
If this does not happen, the homes that are listed by individual homeowners will be able to command a higher price purely because there is not much competition in the neighborhood other than the developer.
Lokelani Floor Plan currently listed at $435,809 (MLS# 259702)
Pualani Estates Real Estate Activity
There are 16 properties that are currently under contract and waiting to close escrow. One sale has closed already and with a sales price of $392,000, it looks like it could be a great year for sellers in Pualani Estates.