In 2019 hardly any Puamana owners wanted to sell…we had five sales with zero oceanfront properties changing hands and the median sales price was $868,000. Then Covid hit. The Titanic was sinking and understandably, owners started selling their properties since there was no rental income, and many couldn’t travel to Maui.
Then at the end of 2020, we experienced the Covid work-and-school-from-home influx. This, coupled with very low interest rates, created a voracious demand for Maui properties, especially safe, gated communities like Puamana with private garden sanctuaries and the Pacific Ocean as a front yard. The West Coast, from Vancouver to San Diego, discovered Puamana and never wanted to leave.
The following year was record-breaking with 20 sales and over $40M in sales in Puamana. But, look at the report for 2022: We are only 5 months into the year and we have reached close to $30M in sales with 10 closings and a median sales price of $3,019,500!
Puamana condos are selling quicker than ever, about 2 months on the market. That means sellers are getting multiple offers in the first few days as the average escrow period is 60 days. It is still a strong Seller’s market even though interest rates are rising and most predict a period of contraction on the horizon. Click here for Puamana active listings.
We can look at charts, make predictions, and crunch numbers, but Covid has changed most people’s perspectives and the majority of the population wants to experience the good life now, despite high prices. So to answer the title of this blog, that is why median prices are over $3M. We all want to work from home, live on the beach, soak in the sun, breathe in the fresh air, swim with turtles, make sandcastles with the grandkids…
…all of those things don’t have a price tag and can’t be justified by sharpening your pencil to work out the ROI on your investment. While my report is interesting to read, if you want to live on Maui in a safe, gated oceanfront community and you have the means … as they say in Hawaii: “shoots den” … which means: go for it, or YOLO!
… By Anna Severson, your resident real estate broker, homeowner, and full-time Puamana resident for the past 18 years. We bought our place, 167-3 Pualei drive, the year Zoe was born and this year she’s graduating from Maui Preparatory Academy and heading off to UCSB!
Mahalo for entrusting me with the purchase and sales of your Puamana properties. I appreciate your business. For all available properties in Puamana, click here