Puamana Year End 2017, And Where Are We Now?

It seems like when it came to anything I wrote regarding Puamana earlier this year the stories and headlines were very much the same, with over sensationalized themes that referenced HEAVY HEAT such as, Hot Tamale! Puamana is Sizzling or Holy Moly: Puamana Sales on Fire. Well, as 2017 comes to an end and while the year as a whole was quite optimistic from a value standpoint, it looks like Puamana - Lahaina's gold coast gem of a property has simmered down to a smaller, but still warm campfire for the moment (just the way we like it).

Things to Know for 2017 (and for 2018)

  • Puamana has had 10 sales through 11/28, 8 prior to June 1st. Historically, this gated oceanfront community averages just over 11 sales annually.
  • 7 of those units were 2-bedroom, 3 units were 3-bedroom and 2 were oceanfront
  • Units sold for an average of 95% of list price, $862/sq ft or an average sale price of $1.067M
  • Average Days on Market was 114 days
  • Only 3 units are currently active on the MLS (low inventory)

2017 Puamana Sales

MLS #

# Sold

Bldg Nm

Unit

Bds

Bths

Liv-SF

L Price

Sold Price

Price/Liv-SF

Closing Date

DOM

375912

1

Puamana

240-3

3

4

1,481

$1,800,000

$1,800,000

$1,215

10/12/2017

62

373670

1

Puamana

153-4

3

2.5

1,479

$1,175,000

$1,160,000

$784

7/14/2017

96

371991

1

Puamana

175-3

2

2

794

$825,000

$760,000

$957

5/17/2017

168

371996

1

Puamana

35-2

2

3

1,098

$875,000

$860,000

$783

4/18/2017

139

371993

1

Puamana

52-3

2

2.5

1,328

$1,095,000

$1,040,000

$783

4/10/2017

131

371895

1

Puamana

216-4

2

2

1,264

$1,875,000

$1,750,000

$1,384

3/28/2017

118

372060

1

Puamana

177-3

2

2.5

1,098

$795,000

$770,000

$701

3/13/2017

103

370950

1

Puamana

15-3

2

2.5

1,098

$789,000

$750,000

$683

2/24/2017

151

372249

1

Puamana

5-2

3

3

1,254

$1,075,000

$1,065,000

$849

2/15/2017

97

371698

1

Puamana

145-1

2

2.5

1,500

$898,000

$723,000

$482

1/31/2017

75

TOTAL

10

AVG

$1,120,200

$1,067,800

$862

114

For Perspective

This is the where are we now part. As the first graph above shows, Puamana's 2017 average sales price of $1.067M equals 73% of the average sales price from 2008 when the 6 units that sold did so for an average price of $1.467M (2008 being the astronomical high of the Maui market). And currently, we are in the rough vicinity of that era as 2017 prices are approximately 94% of the average price values from 2005-2007. How is the real estate market you ask?

Currently - there are 3 active listings for sale and 1 pending under contract. This time last year - Inventory was abnormally high with 11 active listings. Plus we hadn't seen but 1 sale since July and the election hangover thing was in full effect. This time 5 years ago - the average sale price in Puamana was $815K.

Oceanfront Sales

As I said earlier, 2 lucky Buyers scored oceanfront units in 2017 and did so at an average sale price of $1.775M or $1300/sq ft. Historically 3 sell per year and comparatively speaking, Puamana's price per square foot price competes (as strong) with other premium Kaanapali & Kapalua luxury oceanfront vacation resorts. And just think many of these $1200/sq. ft. Puamana units are then knocked all the way down to the slab in order to rebuild/remodel.

Price/Living Sq ft

Timeframe

$1,270

avg pr/ liv sq ft since 2000

$1,427

avg pr/ liv sq ft since 2004

$1,457

avg pr/ liv sq ft since 2011

$1,474

avg pr/ liv sq ft since 2014

Wanna Know More?

If you are in the market for buying or selling Puamana real estate, or have any questions about the neighborhood, this article or West Maui real estate in general, please feel free to contact me. I welcome the opportunity to give you information about my previous sales performance and marketing strategies free of any sales pitches.

For resourceful, one of a kind statistics, information, and updates relevant to the Puamana real estate market, visit Jeff.HawaiiLife.com – representing the areas of Lahaina, Kaanapali, and Kapalua. Aloha!

Related Links:

Puamana in Lahaina: Reasons Why It’s Best

Front Street: Find Your Lahaina Life!