Mililani, Hawaii - Real Estate Sales Activity June 2019

This Mililani sales report covers zip code 96789 which covers the planned community of Mililani (Mililani Town and Mililani Mauka) and the Valleys outside the planned community (which includes Launani Valley and Waipio Acres).

The Mililani Real Estate Market:

Inventory levels are still very low.  Prices seem to have stabilized from the last few years of steady increases in Mililani Mauka.  Mililani Town seems to be a hotter market than Mililani Mauka.  This is a recent phenomena, that we saw forming towards the end of last year.  As Mililani Mauka homes age buyers

are being drawn back to the larger lot sizes in Mililani Town.  In the past

Mililani Mauka was appealing for the newer homes.  We will have

to watch to see if this trend continues.

A few dynamics in the area:

The Mililani area is heavily impacted by military movement.  Our busiest months are during the PCS (Permanent Change of Station) season for the military.  During those are the months when children are out of school, about half of the military transfers happen.  We are also seeing a little more movement from existing homeowners looking to take advantage of the equity they have built in their home make the next purchase.  We did that the end of last year.

Single Family Homes (resale): Inventory levels are still very low.  The lack of inventory is causing buyers who wanted to live in Mililani, wait for the home of their dreams to come available or to look to other areas like Ewa Beach and Kapolei where their dollar goes a little further and there are more options.  Conservative appraisal guidelines are keeping the valuations tight at the time of purchase. 

Buyers will find this to be a great time to get in the market.

• Interest rates are still at extremely low levels.  With regular threats from the Fed to raise rates, buyers are feeling the pressure to get their piece paradise now.  Future increases in interest rates will have a larger impact on mortgage payments, than potential price changes. 

Sellers will find this a great time to list their home.

• Inventory levels are low giving them less competition.
• Low interest rates are allowing more buyers to qualify for their home.
• If they are looking to sell and buy a new home, they can take advantage of the low interest rates on both ends.

Condo and Townhouses (resale):  Inventory levels are also low and sales volume is down.  Lower priced properties in the valleys are still moving in higher volume than some of the surrounding areas.  We are seeing a lot of first-time home buyers entering the market, with military and former military making up a large percentage of those buyers.

Currently Active for Sale (July 15, 2019): 

 27       Single Family Homes - Mililani Town

 20       Single Family Homes - Mililani Mauka

   4       Single Family Homes – The Valleys

 17       Condos/ Townhouses - Mililani Area

 15       Condos/ Townhouses - Mililani Mauka

 12       Condos/ Townhouses – The Valleys

Currently in Escrow (July 15, 2019):

 19       Single Family Homes - Mililani Area

 15       Single Family Homes - Mililani Mauka

   3       Single Family Homes – The Valleys

 17       Condos/ Townhouses - Mililani Area

 13       Condos/ Townhouses - Mililani Mauka

 20       Condos/ Townhouses – The Valleys

*Median price means half the prices were above and half below the given price.  For additional stats, please contact me.

 Data was taken from the Honolulu Board of REALTORS® MLS system.  It is deemed to be accurate, but not guaranteed.                                                                                           

For consumers looking to buy a home here is a helpful fact sheet: http://protherogroup.com/buyer-services/

For homes owners looking to sell their home: http://protherogroup.com/seller-services/