Archive for June 13, 2010

Mililani real estate market

Mililani Memorial Park
Image by 77krc via Flickr

The Mililani real estate market, a predominately residential portion of the larger Oahu market, showed strong signs of economic recovery along with the rest of the island. According to a June 8, 2010 article from the Hawaii News Now, “Honolulu home sales are picking up, prices are mostly higher, and two other metrics show the strength of the market is growing. In May on Oahu, 284 homes went to closing, about a third more than in May of last year, for a median price of $606,000 that was up $64,000 from back then.” The piece, written by Howard Dicus, went on to note that “The Honolulu Board of Realtors reported Tuesday that 355 condos went to closing for a median price of $312,500 that was up more than $12,000 from last year at the same time. This continues a trend of some months, but deep detail in the version of the report transmitted to real estate agents themselves showed not two but four factors that point to economic recovery.”

Existing Mililani homes for sale fared better in May than in previous months, according to a report on Oahu real estate from Bloomberg Businessweek. The June 8, 2010 article noted that “The Honolulu Board of Realtors reports the market for existing single-family homes and condominiums surged in May. It said Tuesday that the 284 homes sold last month on Oahu was a 31.5 percent increase over May 2009, while the 855 condos that traded hands represented a 35.5 percent boost.” The piece, also released by the Associated Press, went on to state that “The median price paid for homes in May was $606,000, an 11.8 percent increase. Meanwhile, the median price paid for condos rose by 4.2 percent to $312,500.”

The considerable rise in home sales, which is excellent news for the Mililani housing market, was also mentioned in a June 8, 2010 article from Pacific Business News. This piece said that “Home sales on Oahu rose considerably in May, while prices for single-family homes and condominiums posted modest gains compared to the same month last year.”

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