After looking at the North Shore communities of Paia and Spreckelsville, I wanted to head up the slopes of Haleakala to Pukalani. This Upcountry community has seen strong buyer activity over the last few years. Pukalani’s good weather, panoramic ocean views and easy access to Central Maui are all draws for buyers.
Notable Numbers from the Pukalani Real Estate Market
- As of August 29th, 31 homes have sold in Pukalani during 2018. That is down 11% from the 35 sales over the same period of 2017.
- The Median Price of homes sold is $715,000. That is up 7% from the median price of $668,000 during the same period of 2017.
- The average price for homes sold for the year to date is $744,393. That is up 11% from the average price of $697,307 during the same period of 2017.
- The lowest priced home sale for the year to date closed for $480,000. That home is a 1 bedroom, one bathroom home with 500 square feet of living space on a 8,364 square foot lot.
- The highest priced home sale for the year to date in Pukalani closed for $1,300,000. This 2 bedroom, 3 bathroom home has 2,060 square feet of living space on a 2.3 acre lot in Kula 200.
- There have been five condos sold in Pukalani during the year to date. That is down 29% from the seven condos sold over the same period of 2017.
- There have been four lots sold in Pukalani during the first eight months of the year. That is down substantially from the 41 lots sold in Pukalani during the same period of 2017. The sales in 2017 come with a bit of an asterisk. The vast majority of those closes were new development sales in the Kualono subdivision.
Thoughts on Overall Pukalani Market Activity for the Year
The Pukalani market has seen tight inventory for the better part of the first eight months of the year. The lower sales volumes for the year speaks more to the lack of inventory than a decrease in buyer demand. The limited supply is also a factor in the increase in both the median and average sales price. The limited supply of homes is contributing to upward pressure on home prices.
Looking at Some Specific Neighborhoods in Pukalani
The Pukalani Real Estate Inventory is diverse. There is a range of lot sizes and property types. With that in mind, I wanted to drill down into a handful of specific neighborhoods and subdivisions to get a sense of how they are faring this year compared to years past.
Kula 200 is completely unique in Pukalani in that it is a neighborhood of two plus acre agriculturally zoned lots. Located right on the border of Kula, it offers a location that balances low density, privacy and convenience. The neighborhood has the highest price point in the Pukalani area. Kula 200 has seen a relatively quiet 2018 with one sale, two pending sales and one active listing. By comparison, there were two sales in the neighborhood during the first eight months of 2018. Looking at a broader time frame, the number of homes sold in the first eight months of the year ranged between zero and four going back to 2011. This is not a high turnover neighborhood.
The Cottages at Kulamalu
The Cottages at Kulamalu is a collection of residential condos that includes stand alone units and duplexes. This development was originally constructed in 2008. It wasn’t 2011 that all of the units in the development sold. Since 2015, there have been 3-5 sales a year at the Cottages. It looks like we are going to see a similar pace for 2018. There have been two sales for the year to date, with two active listings.
The Residences at Kulamalu
The Residences at Kulamalu is a collection of homes on and across the street from the Pukalani Golf Course. Originally sold as vacant lots in the early 2000s, the neighborhood was built out with quality homes. As a result, it has seen some of Pukalani’s highest sales prices outside of Kula 200. There have been between one and four sales every year in the development over the last five years. This year, there have been two sales with one active listing on the market.
Pukalani Outlook for the Rest of 2018
Constrained supply is likely to keep market dynamics similar in Pukalani for the rest of 2018. Interest rates are something to keep an eye on towards the end of the year. We know interest rate increases are coming. Thus far, they have not put too much of a damper on the market. That said, we may start to see it become a source of friction to buyers if it starts to really compound affordability issues. Contact The Maui Real Estate Team if you are thinking of buying or selling a home in the Pukalani area. We would be happy to sit down to discuss your real estate needs. Check out the current active Pukalani Real Estate Listings on MauiRealEstate.com