Mililani Real Estate| Mililani Market Report for 2012
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 2012 in regards to our Mililani Housing Market. We’ve had ups and downs and turn around but needless to say the market has turned back to a seller’s market. Inventory is at an ALL TIME LOW and prices are regaining some ground.
Let’s take a look at the past year………..
Year of 2012 Market Report for Mililani Condos, Townhouses, Homes
Mililani Single Family Home Market Report 2012: We have only 21 Active listings and 31 currently in contract on the first of January 2013!. Mililani has had 217 homes sold in 2012 (19 short sales) compared to 198 in 2011 and 202 single family homes sold in 2010. Sales Prices Ranged from $315,000 (2 bedroom “attached” home) to $1,050,000 (4 bedroom home) in Mililani Mauka. Average Days on the Market was 56 days for 2012 compared to 62 in 2011.
Mililani Condo Statistics for 2012: We have 25 Active condos/townhouses on the market and a promising 28 properties in contract for the start of 2013. We sold 296 condos in 2012 compared to 288 condos/townhouses in 2011. 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 2013 shows a promising active market with so many in contract and getting ready to close. The only difference is that the inventory of homes for sale has shown a BIG decline throughout 2012 with only 21 homes on the market compared to 54 last year and 104 in 2010!
For those Hawaii Home Buyers who are ‘still’ contemplating … the still low prices compounded with VERY low interest rates mean that it is the best time to buy. The math is clear, so if your current situation is in a buy mode…then…jump off that fence!
JUST REMEMBER...it’s turning towards a seller’s market when the inventory is low. Don’t lose the home you really love by being a killer negotiator.