Monday, September 7, 2009
Mililani Real Estate and Housing Market Report for June 2009
Let's start with the Mililani Condo Statistics for June 2009: In May of 2009 (last month) there were 64 Active condos/townhouses on the market, 29 in contract and 20 sold. Looks like our Mililani Condo/Townhouse market is picking up with more units with accepted contracts and going through the transaction process. Sales Prices ranged from $160,000 (1 bedroom condo) to $495,00 (2 bdrm luxury townhouse).
Mililani Single Family Home Market Report for June 2009: Let's compare to May of 2009 (last month). We had 36 Active Listings for May 2009 with 11 in contract and 24 sold. It appears that our Mililani Single Family Home activity is picking up with more in contract for June 2009 although less closed transactions. Sales Prices Ranged from $500,000 (2 bedrooms) to $830,000 (4 bedrooms).
We can attibute the slower closing process to appraisals taking longer than usual to process...especially with Hawaii VA Loan Appraisals. As it stands, Mililani is centrally located on the island of Oahu (which is Honolulu County) and central to all Hawaii Military Bases.
The volume of Hawaii VA Home Loan Home Buying is on the rise (as is refinancing VA Loans) and therefore slowing the Hawaii VA Real Estate Transaction Process.
Another factor is that our Governor imposed a three Fridays a month furlough (with no pay) to balance the budget so of course that puts our Bureau of Conveyances behind on the recording process. Instead of the one day after funding to record it will now take two or more days.