Well it’s been over a year since we’ve last on a real estate market report from Mililani Hawaii so let’s discuss the home prices, the current real estate market and any trends happening over the last several months.
In Mililani in general there are roughly 150 homes for sale at any given time. Currently the average list price is about $550,000 and the median sales price is $424,000. This figure is up nearly 20% over last year at this time or $68,000. The average price per square foot is actually about the same at $373 but the number of sales is down from last year.
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The total inventory according to Movoto.com shows the median list price is $439,000. Days on the market is remarkably low at just 38 with the median house size of being around 1350 ft.². For condominiums and townhomes the median list price is $330,000 with just 8% of these being distressed, foreclosed or bank owned homes. The days on the market for condominiums is extremely similar to single-family homes at 37 days. The median condominium size is currently 950 ft.² or $324 per square foot.
Since the peak in 2006 we seen ups and downs over the market over the last eight years but in 2014 we hit one of the highest median sales prices and nearly $500,000. Through summer and fall of 2014 we dropped below $400,000 for a median sales price and as we head into 2015 we are on track for a profitable year of up to $500,000 to the median sales price. The number of sales is one of the most surprising things that have dropped over the last few years. The lowest over the last 15 years was in 2009 until 2014. This is primarily due to the lack of new subdivisions and developments throughout the Mililani region. Most homes are existing and there are just not that many homes for sale at any given time which naturally drives up the median and average listing prices.
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According to Trulia.com, a one-bedroom have an average price of $211,000, a two bedroom is priced at about $275,000 and a three bedroom at $520,000, and incredible jump from the two-bedroom.
If you’d like to know more about the homes and real estate currently for sale in Mililani Hawaii or surrounding communities, towns and villages feel free to give me a call at any time. If you’d like to know what your Mililani home is currently worth to free to contact me via my website with some basic information and I would be happy to get back with you as soon as possible.
Image by Bill Sodeman Flickr