Mililani Townis 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 2011 in regards to our Mililani Housing Market. We’ve had ups and downs and turn around 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 2011: We have 54 Active listings and 23 in contract for the first few days in January of 2012. Mililani has had about the same number of solds from 222 in 2010 with 215 single family homes sold in 2011. Sales Prices Ranged from $385,000 (2 bedroom “attached” home) to $1,010,000 (5 bedroom home) in Mililani Mauka. Average Days on the Market was 61 days for 2011 compared to 54 in 2010.
Mililani Condo Statistics for 2011: We have 54 Active condos/townhouses on the market and a promising 44 properties in contract for the first few days of 2012. We sold 250 condos in 2011 compared to 252 condos/townhouses in 2010! Sales Prices ranged from $79,500 (1 bedroom condo) to $455,000 (3 bdrm townhouse). Average Days on the Market were 67 days!
Mililani has had a consistent market during the last two years. The start of 2012 shows a promising active market with so many in contract and getting ready to close. The only difference is that the condo/townhouse listing inventory has shown a big decline at the start of this year with only 54 on the market compared to last year of 104!
For those Hawaii Home Buyers who are sitting on the fence … do the math on low prices now compounded with VERY low interest rates compared to those same prices with a higher interest rate in previous years. The math is clear, so if your current situation is in a buy mode…I’d say jump off that fence!
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Celeste "Sally" Cheeseman is a Realtor-Associate® and Certified Residential Specialist (CRS) 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 Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.
© 2007-2012 Celeste "Sally" Cheeseman's Hawaii Real Estate and Relocation Blog.
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