Mililani, Hawaii - Real Estate Sales Activity January 2015 to April 2015
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 has shown mixed signs during the first 4 months of 2015. Inventory levels are low. Prices are climbing across the board. The higher priced properties are selling slower than the lower priced properties, making the data look as though prices have decreased in some categories, when that is actually not the case.
A few dynamics in the area:
We are moving into the PCS (Permanent Change of Station) season for the military. During the months when children are out of school about half of the military transfers happen. Expect increased sales activity during the next few months in the Mililani Area.
Single Family Homes (resale): Inventory levels continue to be tight. The end of 2014 we saw brisk sales of high end homes in Mililani Mauka (over $900,000). During the last 90 days they stopped making average and median prices level while prices continued to climb. Currently three high end homes are in escrow, showing signs the top end of the market is getting life again. In Mililani Town, we have had steady price increases. The valleys have very little inventory accounting for slow sales.
Buyers will find this to be a great time to get in the market.
- Prices are climbing and we are seeing pressure for it to continue to increase.
- Interest rates are still at historic low levels. Making homes more affordable. Any increases in interest rates will have a larger impact on mortgage payments than prices increasing.
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 enter the market.
- Military rotations are adding more potential buyers for their homes.
- 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): Sales volume has seen a bump in the area. We are seeing similar patterns as single family homes. Lower priced properties are moving faster than higher priced properties. We are seeing a lot of first time home buyers entering the market, with military and former military making up a large percentage of the buyers.
Currently Active for Sale (May 10, 2015)
- 18 Single Family Homes - Mililani Town
- 22 Single Family Homes - Mililani Mauka
- 5 Single Family Homes – The Valleys
- 14 Condos/ Townhouses - Mililani Area
- 13 Condos/ Townhouses - Mililani Mauka
- 22 Condos/ Townhouses – The Valleys
Currently in Escrow (May 9, 2015)
- 29 Single Family Homes - Mililani Area
- 8 Single Family Homes - Mililani Mauka
- 1 Single Family Homes – The Valleys
- 17 Condos/ Townhouses - Mililani Area
- 14 Condos/ Townhouses - Mililani Mauka
- 22 Single Family Homes – The Valleys
*These numbers were taken from the HiCentral Matrix MLS systema and are deeemed to accurate, but not guaranteed.
©2015 Randy L. Prothero