When a home is priced well and has the qualities people want, it tends to sell fast! which is why the measurement of how quickly homes go under contract is an important signal for the desirability of a neighborhood. I just completed a review of sales records and found that Pukalani real estate is the fastest selling on Maui, read below for my review of “days to contract” throughout the island and insights on Pukalani home sales.
Pukalani homes selling faster
I’ve reviewed the Maui MLS sales records for the last 6 months and then calculated the days-to-contract for each sale. Below is my custom chart showing how each area of the island compares for average days to contract.
As you can see from the chart above, it took an average of 56 days for Pukalani homes to go under contract. This is 11 days faster than Makawao homes and 80 days faster than Kula homes, which makes Pukalani the clear winner in the Upcountry Maui real estate market.
Days to Contract versus Days on Market
Most Maui real estate websites talk a lot about days on market which is certainly a helpful general statistic. The important thing to understand is that days on market is a measurement of the total number of days it takes before a property sale completes. The DOM (days on market) is useful to sellers but, since timeframes for escrow vary, it’s not so helpful for buyers since the DOM doesn’t accurately show how fast a market is moving.
Buyers benefit from knowing the Days to Contract since that number gives a clear picture of how quickly properties get tied up (and are no longer available for purchase). I’ve written about this before in my recent article http://blog.realestatemaui.com/2016/01/15/pukalani-affordable-homes/.
Why are Pukalani homes selling so fast?
People love the convenient location that Pukalani has to offer, but the main appeal is that fact that Pukalani homes are more affordable that all the other areas upcountry. A review of recent Pukalani home sales shows that the average sales price for the last 6 months is $653,551 which is far below the Makawao average of $737,778 and significantly lower than the Kula average of $1.08M.
Pukalani homes for sale – a mini update
As of 03/22/2016 there are 14 active Pukalani homes for sale ranging in price from $560,000 to $1,298,000. The average asking price is currently $794,278. There are 10 pending Pukalani home sales and 7 out of the 10 are listed under $700,000. Below is a list of the 5 most recently updated Pukalani home listings.