Hawaii Real Estate | Hawaii Relocations | Hawaii Home Buying & Selling

Mililani Real Estate Market Report | Mililani Home Sales May 2011

The national news does not depict the housing market for Hawaii and it's local areas and neighborhoods.. Each neighborhood will determine the housing market for your local area. For Mililani Real Estate, we can pretty much gather that that the sales prices will vary from other neighborhoods.... and so will the median and average prices and the number of sold properties.

To better determine particulars for your market (with criteria including your sq/ft interior, land, condition and year built), contact me for a Complimentary Property Evaluation.

Mililani Single Family Homes Market Report May 2011:  We have 69 Active Listings for May of 2011 (33 for Mililani Town and 36 Mililani Mauka), with 36  in contract (19  for Mililani Town and 17 for Mililani Mauka) and 18 sold properties (9 for Mililani Town and 9 for Mililani Mauka)  Mililani Single Family Home activity remains comparable with previous months for 2011 with multiple contracts submitted and accepted due to the lower inventory. Average Sales Prices were a higher at $628,850 than the previous month of  $614,000 and a bit lower at $633,500 a year ago. Average days on market...DOM was 43 days!

Mililani Condo Statistics for May 2011: We have 83 Active condos/townhouses on the market for May 2011 (56 for Mililani Town and 27 for Mililani Mauka), 52 Pending (39 for Mililani Town and 13 for Mililani Mauka),   and 25 sold (13 for Mililani Town and 12 for Mililani Mauka) . Average sales price of $ 271,492 a significant increase from the past month of $243,968  and down from a year ago at $290,791. Average days on market for May 2011 -DOM was 52 days.

Needles to say, our Mililani Condo Townhouse and Home Sales have gained some ground since last month and moving back up since a year ago. 

Buyers:  Waiting for prices to drop and taking a chance on interest rates increasing will still net a monthly mortgage payment that could be significantly higher and lose that home you really love.  It all depends on your circumstances.

VA (for military and vets) and FHA loans are still great loans and there are still strong lending institutions available with your great credit and/or a % down payment.

Sellers: Be realistic and listen to the advice of your Realtor® regarding pricing and their expert opinion when negotiating and you will get your property sold. It may take a little time but it will get sold!  Call me for a Comlimentary Property Evaluation!

In 1971 my family moved to Mililani and it was in the beginning stages of a 40 year Master Planned Community development of single family homes, condos and townhouses with the first homes built in 1968. 

Miililani is centrally located to all military bases on the island and 5-10 minutes from Schofield Barracks and Wheeler Army Airfield, 20-25 minutes to Hickam AFB, Pearl Harbor Navy Base and over the H-3 to Kaneohe Marine Corp Air Station in a matter of 35-40 minutes.  We have three shopping centers and seven recreation centers (five have pools) with many community activities for all ages.

Mililani is the ONLY community in Hawaii to receive the distinction of "ALL AMERICAN CITY" in 1986 and you can get more information, association docs, homeowner packets and more from our association site by clicking on the following link:  MILILANI TOWN ASSOCIATION INFORMATION

Over the past few months we have had a fluctuation of sales numbers and sales prices. All in all Mililani and Mililani Mauka still have a few short sales and foreclosures to go through but our future is looking brighter with the market moving!

The following market statistics show a clearer picture for January to February of 2011:

 *NOTE:  DOM (Days on Market) means how long the property was listed on the MLS until the properties went into escrow with an accepted contract.

Mililani Town is the only community in Hawaii in 1986 to receive the distinction of "All American City" and is centrally located on the island of Oahu (Honolulu County) and to all US Military Bases as well. About 5-10 minutes up Highway 99 is Schofield Barracks (Army) and Wheeler AAF (Army), Hickam AFB and Pearl Harbor Navy Base is about 20-25 minutes down H-2 to H-1 Freeway. Kaneohe Marine Corp Air Station is up and over the H-3 Freeway.

We've definitely had a turn of events throughout 2010 in regards to our Mililani Housing Market. We've had ups and downs and turn arounds, but needless to say the market may be turning back to a seller's market soon.

Inventory is lower than a year ago and prices are slowly regaining ground. Interest rates have gone up a bit and I can safely presume that they aren't going to be at this level in months to come. 

Let's take a look at the past year...........

Year to Date Market Report for Mililani Condos, Townhouses, Homes

Mililani Single Family Home Market Report 2010:  We have 46 Active Listings  with 26 in contract for the first few days in January of 2011 but for the year of 2010 Mililani has had 222 single family homes sold.  We did better this year compared to 2009 with 210 sold single family homes!   Sales Prices Ranged from $299,900 (2 bedroom in older Waipio Valley) to $1,050,000 (4 bedrooms) in Mililani Mauka. Average Days on the Market was 54!  Not bad!

Mililani Condo Statistics for 2010: There are 104 Active condos/townhouses on the market, 29  in contract for the first few days of 2011. But check this out!  We sold 252 condos/townhouses in 2010!  For a  year that took its toll on our Mililani market we didn't do too shabby compared to 284 sold units in 2009.  Sales Prices ranged from $112,000 (1 bedroom condo) to $498,000 (3 bdrm luxury townhouse). Average Days on the Market were 53 days!

For those Hawaii Home Buyers who are sitting on the fence ... do the math on low prices now compounded with still low interest rates compared to those same prices with a higher interest rate. The math is clear, so if your current situation is in a buy mode...I'd say, "Jump off that fence!"

If you would like more information give me a call/text at 808-375-1404.

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com