Piilani Villages Market Update
Posted by Alex Cortez on Monday, June 11th, 2018 at 6:51am.
As the Kihei home real estate market continues to be one of the most interesting ones, particularly in the entry to mid level, we are posting our Piilani Villages micro-market update, with an emphasis on Phase I. For those unfamiliar with Piilani Villages, it was developed in three phases: Phase I being the most northern one off of Kulanihakoi, with homes being built in the early 1990's and most lots ranging in size from 6,000 to 8,000 square feet. Location within the subdivision is critical as those on the eastern perimeter border Piilani highway and are subject to significant road noise (tolerance being subjective). Piilani Villages II and III are very similar in design and floor plans available, with both phases being built in the 2002-2003 timeframe. Phase II is on the north side of E Waipuilani Road, while Phase III is on the south side, closer to Safeway. Most homes in Phases II and III are on smaller lots, with most on parcels of 4,000 to 5,000 square feet (a couple of exceptions).
Currently, there are two homes on the market: 175 Luakaha Cir for $688K and 230 Luakaha Cir for $670K. It's worth noting that there is NO inventory at all in Phase I, which is particularly strange - typically there are multiple options on the market at any given time, yet the lack of inventory right now is worth noting. As the market changes, click here to view current options.
The past year has been amazingly active at Piilani Villages, with 19 sales taking place in the past 6 months. The average sales price during this time has been $633K, broken down as $465.38 per square foot. At the bottom of that spectrum was the sale of 222 Luakahi Cir for $550K and the high mark at Piilani Villages was established by 889 Malulani St - however, keep in mind that 889 is a significantly larger home for the neighborhood, at over 2,600 square feet (compared to the average of 1,428 sq. ft.).
Below is a map detailing the most recent sales in Piilani Villages Phase I, as an illustrative reference.
What can be ascertained from the above - particularly pending sales - is that the higher end of the market is being sold and as the $700K-$900K inventory in Kihei continues to be scarce, we will see more Piilani Villages homes selling at or slightly above the $700K mark.
For those considering the sale or purchase of a home in Piilani Villages, contact us - our team knows the Kihei real estate market exceedingly well and are ready to be of help.
As a reference, preview the Piilani Villages (Summary) Comparative Market Analysis below and contact for further information.
Active Inventory
Currently, there are two homes on the market: 175 Luakaha Cir for $688K and 230 Luakaha Cir for $670K. It's worth noting that there is NO inventory at all in Phase I, which is particularly strange - typically there are multiple options on the market at any given time, yet the lack of inventory right now is worth noting. As the market changes, click here to view current options.
In Escrow
Two homes in Piilani Villages are currently in escrow. 53 Polale St with an asking price of $735K and 85 Noolu St with an asking price of $705K. It is worth noting that both of these homes have relatively smaller floor plans and are priced above the $700K mark, which has been the benchmark (only 3 sales have broken $700K+ during this past real estate cycle).Recent Sales
The past year has been amazingly active at Piilani Villages, with 19 sales taking place in the past 6 months. The average sales price during this time has been $633K, broken down as $465.38 per square foot. At the bottom of that spectrum was the sale of 222 Luakahi Cir for $550K and the high mark at Piilani Villages was established by 889 Malulani St - however, keep in mind that 889 is a significantly larger home for the neighborhood, at over 2,600 square feet (compared to the average of 1,428 sq. ft.).
Below is a map detailing the most recent sales in Piilani Villages Phase I, as an illustrative reference.
What can be ascertained from the above - particularly pending sales - is that the higher end of the market is being sold and as the $700K-$900K inventory in Kihei continues to be scarce, we will see more Piilani Villages homes selling at or slightly above the $700K mark.
For those considering the sale or purchase of a home in Piilani Villages, contact us - our team knows the Kihei real estate market exceedingly well and are ready to be of help.
As a reference, preview the Piilani Villages (Summary) Comparative Market Analysis below and contact for further information.
Specializing in Makena and Wailea real estate, Alex Cortez is fully dedicated to representing his clients ethically and diligently. Contact him at 808.385.5034 or Alex@MauiRealEstateSearch.com for more information.