Mililani, Hawaii - Real Estate Sales Activity for October 2007

By
Managing Real Estate Broker with eXp Realty RB-19250

                                                                     Mililani Sign

This Mililani sales report covers zip code 96789 which covers both the Mililani Area (which includes Mililani Town, Launani Valley) and Mililani Mauka.

The Mililani real estate is still moving strong.  We are still seeing good real estate activity in the Mililani area.  With low interest rates and some selection in the inventory, buyers are still able to buy the home of their dreams, while sellers are beginning to see properties moving again.

A few dynamics in the area:

  • Castle and Cooke is almost finished with new home construction in Mililani Mauka.
  • We have seen a large number of troops returning to Schofield Barracks from Iraq.
  • The rental side of the market has dried up.

The above items should put additional pressure on the sales of resale properties.

Single Family homes sales volume was off on the Mililani Town and the valleys, but has increased in Mililani Mauka.  Sales prices in Mililani have are consistent to slightly up year to date from 2006 numbers.  Sales volume in the Mililani area has softened, while Mililani Mauka sales volume has increased. That may be in part due to the new home construction coming to completion.  With mortgage rates remaining low, buyers and sellers will find it still a good time to make a move in Mililani.

Condo and townhouse sales are still looking strong.  Sales volume is up slightly in Mililani Mauka while sales volume is down in the other Mililani areas from 2006 numbers.  Average sales prices are up slightly in all areas year to date over 2006.

Currently Active for Sale (November 10, 2007)

  • 51 Single Family Homes - Mililani Area
  • 47 Single Family Homes - Mililani Mauka
  • 69 Condos/ Townhouses - Mililani Area
  • 31 Condos/ Townhouses - Mililani Mauka

Currently in Escrow (November 10, 2007):

  • 18 Single Family Homes - Mililani Area
  • 10 Single Family Homes - Mililani Mauka
  • 24 Condos/ Townhouses - Mililani Area
  • 14 Condos/ Townhouses - Mililani Mauka

For the Month of October 2007

 

 

 

 

 

 

 

 

Single Family Homes - Sold

 

Number of Sales

 

Average Sales Price

Area

2007

2006

% Change

 

2007

2006

% Change

Mililani Area

(Mililani Town, Launani Valley and Waipio Acres)

12

11

+9.09%

 

$593,750

$549,986

+7.96%

Mililani Mauka

15

16

-6.25%

 

$756,200

$663,062

+14.05%

 

 

 

 

 

 

 

 

 

Year to Date Through October 31, 2007

 

 

 

 

 

 

 

 

Single Family Homes - Sold

 

Number of Sales

 

Average Sales Price

Area

2007

2006

% Change

 

2007

2006

% Change

Mililani Area

(Mililani Town, Launani Valley and Waipio Acres)

122

151

-19.21%

 

$578,437

$577,799

+0.11%

Mililani Mauka

157

148

+6.08%

 

$715,840

$696,295

+2.81%

  

For the Month of October 2007

 

 

 

 

 

 

 

 

Condos and Townhouses - Sold

 

Number of Sales

 

Average Sales Price

Area

2007

2006

% Change

 

2007

2006

% Change

Mililani Area

(Mililani Town, Launani Valley and Waipio Acres)

19

24

-20.83%

 

$277,921

$301,941

-7.96%

Mililani Mauka

11

8

+37.5%

 

$331,590

$321,062

+3.28%

 

 

 

 

 

 

 

 

 

Year to Date Through October 31, 2007

 

 

 

 

 

 

 

 

Condos and Townhouses - Sold

 

Number of Sales

 

Average Sales Price

Area

2007

2006

% Change

 

2007

2006

% Change

Mililani Area

(Mililani Town, Launani Valley and Waipio Acres)

266

314

-15.29%

 

$303,935

$301,071

+0.95%

Mililani Mauka

130

132

+1.52%

 

$345,693

$344,743

+0.28%

*These numbers were taken from the Honolulu Board of Realtors MLS system and are deemed to be accurate, but not guaranteed.

Mililani Links:

Mililani Blog Posts:

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--------------------------------------------------------------------------------------------------------

Randy L. Prothero, REALTOR®

Broker-in-Charge, ABR, AHWD, CRB, CRS, e-PRO, GRI, MRP, SFR

eXp Realty

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.  His luxury home listings sell faster and for more money.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

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Rainmaker
1,530,774
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County
Randy - Your market does not look bad, actually good compared to this one!
Nov 10, 2007 10:31 PM #1
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

VERY interesting.  Your market is priced similar to ours although the cost per square feet is MUCH higher.  and, while prices have changed little, the number of units sold is down from last year.  Same here.

I looked at the Castle and Cooke web site and found it interesting that they quote square feet including covered out door areas, garage, covered entry, etc. 

Can't do that here.  Finished square feet above grade is all that is included.  Of course, I suppose one could live in a covered Lanai in Hawaii.  Couldn't here. Either the person would freeze in the winter or the mosquitoes would devour you in the summer.

Thanks for the report.  Very interesting.

Nov 10, 2007 11:56 PM #2
Rainmaker
660,086
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Gary - I am high on our market.  There are a few communities that have too much inventory, but they are the exception.

Lenn - The developers market their inventory different then we do for re-sale homes.  We show covered lanais and garage square footages separately from the living area.

Nov 11, 2007 02:22 AM #3
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Rainmaker
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Randy Prothero

Hawaii REALTOR, (808) 384-5645
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