Mililani Housing Market Numbers UP!

In 1971 my family moved to Mililani and it was in the beginning stages of a 40 year Master Planned Community development of single family homes, condos and townhouses with the first homes built in 1968.

My children went through their school years in Mililani (they're adults now) and my mom still lives in the same house bought in 1971.

I remember when....

Miililani is centrally located to all military bases on the island and 5-10 minutes from Schofield Barracks and Wheeler Army Airfield, 20-25 minutes to Hickam AFB, Pearl Harbor Navy Base and over the H-3 to Kaneohe Marine Corp Air Station in a matter of 35-40 minutes. We have three shopping centers and seven recreation centers (five have pools) with many community activities for all ages.

Mililani is the ONLY community in Hawaii to receive the distinction of "ALL AMERICAN CITY" in 1986 and you can get more information, association docs, homeowner packets and more from our association site by clicking on the following link: MILILANI TOWN ASSOCIATION INFORMATION

Over the past few months we have had a fluctuation of sales numbers and a small decrease in sales prices but bottom line our sales numbers significantly increased in the past month.

The following market statistics show a clearer picture for the last six months:

Single Family Homes

Mililani Town up to $849k:

35 # Active, 20# In Escrow. 68# Sold, 98DOM, $544k Average Sales Price

Mililani Mauka up to $1.3 Million

2 9#Active, 24# In Escrow, 44 # Sold, 71DOM, $644,976 Average Sales Price


Condos/Townhouses

Mililani Town up to 450k

74# Active, 24 # In Escrow, 62 # Sold, 73 DOM, $279,000 Average Sales Price
Mililani Mauka (up to 451k)

23# Active, 26 # In Escrow, 37# Sold, 63 DOM, $326,202 Average Sales Price

*NOTE: DOM (Days on Market) means how long the property was listed on the MLS until the properties went into escrow with an accepted contract.

More Hawaii Real Estate & Relocation Links:

• Mililani Town, Hawaii: Recreation Centers and Fun for All Ages!
• Launani Valley Mililani Condos Homes-Hawaii Relocation Schofield Barracks, Wheeler AAF
• Mililani, Hawaii: Info and Pictures
• This Realtors® Perspective: Hawaii Military & the VA Loan
• Honolulu County Hawaii Military Bases & Installations- Oahu Neighborhoods
• Across the Ocean to Paradise: Military Relocations Hawaii*
• The Art of Hawaii Relocations
• A Honolulu Hawaii Relocation: Getting Ready With Your "To Do" List
  
  
  For more information on Hawaii Real Estate and Relocations:
  
  

Are You IN the Middle of a Rip Current?

After reading the warning sign and taking precautions by standing back a few feet from the warning tape I looked up to see big breaking waves on the shore and the whitewater rushing back out to see. Rip currents are DANGEROUS. The powerful, channeled currents of seawater flowing away from the shoreline, through the surf and past the breaking waves will take you out to sea quicker than you can bat an eyelash.

There is no doubt that conditions change and we need to take heed to the warning signs.
The housing market and real estate industry is constantly changing and has been for some time. Though it is known that the market is LOCAL and every area has different statistics I think I can safely say that there is no housing boom going on.

In October, there was Good News! October Statistics for Oahu's Housing Market! Then, The Ripple Effect From Our Hawaii Tourism Industry took a dive and many restaurants and industries are closing down. For the month of November, our home sales declined but our prices here on Oahu are still stable and hopefully this decline will last just a short while.
Needless to say, the Rip Currents are dragging many out to sea and everyone is out there trying to grasp at every straw to stay afloat:

• Buyers are backing out for no reason ....or maybe they were just too embarrassed to say why. (i.e. family problems, lost jobs or whatever the case may be)


• Loan Officers are promising the world and can't deliver when it comes time for processing. (giving a preapproval without taking everything into consideration ....in hopes it goes through)


• Realtors® are nagging at sellers to list their home. (Who knows how they got the private cell number of the owner....yes this just happened to my seller)


• Realtors® are giving bad advice to the buyer for the sake of a sale. (i.e. bank owned and no warranties, inspections or recourse)


• Sellers are thinking that it's still a great market (and thinking that they can play hardball when there are few and far between buyers)
  

The majority of us have kept afloat with great marketing skills and a niche we have created for ourselves. We listen to our clients and only after listening to their needs first do we give back sound, straighforward information and advice. We follow our Code of Ethics which can be compared to our every day behavior following our personal beliefs, morals and values in this game called life. We hold our heads high and sleep VERY well at night knowing...we lived each day right and didn't step on anothers toes to get there.

The rest will be sucked out to sea by those dangerous rip currents.
And You?
© 2008 Celeste "Sally" Cheeseman, All rights reserved

The Market DEPENDS on the Circumstances Doesn't It?

The National News surely depicts an overall picture (so does NAR) of the housing market that is unrealistic. Why? How can anyone believe that this nationwide report will be the same for every state, county, city and neighborhood? It is unrealistic to report that 'nationwide' it is a beautiful market to buy or sell just as it is unrealistic to report that 'nationwide' it is a bad time to buy or sell. It depends on a wide variety of points doesn't it?

How about this?

• Your Realtor ® will give you a clearer picture of the current market conditions in your specific area. Bad choice to have your loan officer, friends and family pretending they are the Realtor®. Might as well just watch the news right?


• It depends on your circumstances if you are considering selling your home. Relocation to another state? Downsizing? Tragedy in the family?


• It depends on your circumstances if you are considering buying a home. Relocation to Hawaii? Benefits of ownership vs. renting? Retiring? Downsizing?


• It depends on the county, the city & the neighborhood for better market conditions to sell. Your Realtor ® will provide you with a Comparative Market Analysis for these specifics.


• It depends on the county, the city & the neighborhood for room for negotiations for the buyer. Your Realtor® can give you a breakdown of the areas that you are considering.
  
  As of February of 2008 the Oahu Housing Market has slowed down 40% in NUMBER of sales. The Oahu Housing Market has increased in prices since last year BUT ARE NOW STABLE. The table below will show you an increase/decrease in sales and prices to give you a better idea of our market on our Island of Oahu in HONOLULU COUNTY. (These statistics DO NOT include new home sales)
  
  MONTH, YEAR SINGLE FAMILY CONDO
  
  February 2008 $599,000 / 163 $335,000 / 321
  January 2008 $600,000 / 228 $324,000 / 324
  December 2007 $610,000 / 240 $320,000 / 353
  November 2007 $610,000 / 245 $315,000 / 379
  October 2007 $655,000 / 265 $322,500 / 423
  September 2007 $650,000 / 255 $335,000 / 414
  August 2007 $650,000 / 381 $325,000 / 495
  July 2007 $640,500 / 339 $335,000 / 457
  June 2007 $685,000 / 338 $334,000 / 547
  May 2007 $650,000 / 357 $325,000 / 543
  April 2007 $665,000 / 342 $325,000 / 527
  March 2007 $643,500 / 330 $321,000 / 541
  February 2007 $614,500 / 272 $320,000 / 402
  
  Stats: Yr-Yr -2.5% / -40.1% 4.7% / -20.1%
  

Our inventory on OAHU is still modest due to fewer homes/condos being listed on the market. For this reason it gives us a positive outlook because the inventory has NOT ballooned as in previous post-boom periods.

Just keep in mind that this too is an overall picture of our market in Honolulu County. (Which is the island of Oahu) and neighborhoods differ as well. For example, the prices for homes/condos in Mililani are stable whereas the prices in Ewa Beach have decreased a little and have a higher inventory overall. The number of Short Sales in Ewa are high whereas there are very few in Mililani. Newer, Older, Sq. Ft., Land Area and so forth are also to be considered.

IT JUST DEPENDS.

More Statistics on Neighborhoods:
Relocating to Hawaii? Ewa Gentry & Ocean Pointe Communities
http://activerain.com/blogsview/351247/Royal-Palm-Waipio-Gentry
Ko Olina Resort & Marina: Can't Get Any Better Than This!
Oahu, Hawaii Relocations: The Waipio Gentry Community, Oahu, Hawaii
Hawaii Relocations: The Mililani Community on Oahu, Hawaii

FYI: Honolulu Board of REALTORS® was established in 1922 and is one of the largest of 1,600 boards of REALTORS®. With over 6,000 members on our island alone the Honolulu Board of Realtors ® is the largest trade organization on Oahu. The above statistics are from the Honolulu Board of Realtors ® and are taken from our Multiple Listing Service site.

If you're Relocating to Hawaii (regardless if it's near future or just wanting to be proactive for the future) contact me for a Hawaii Relocation Packet or Military Relocation Hawaii Packet!


Celeste "Sally" Cheeseman, RA, e-PRO / Century 21 Liberty Homes, Mililani, Hawaii

*Across the Ocean to Paradise: Military Relocations Hawaii*
VA Loans & Hawaii Military Relocations: This Realtors® Process