Homebuyers gobble up Mililani real estate despite rise in prices
MILILANI, OAHU (HawaiiNewsNow) - Mililani was especially popular for homebuyers last month, and in the past year the sales for single-family homes in the area increased by 87 percent.
The median price for those homes has also risen, according to the Honolulu Board of Realtors. Between May of this year and last year, those numbers increased by 10 percent with a median price of $787,000.
But it seems that the increased price hasn't deterred the buyers. The properties stayed on the market for nine days, and sold twice as quickly during the same time last year.
Condominium and town home sales in the neighborhood also grew. They went up 26 percent, but the price has remained relatively flat, averaging to about $382,000.
The condominiums and the town homes were also bought quickly, with an average of 10 days on the market .
Both groups have increased their overall inventory within the past year.
"As a master planned community, Mililani continues to be an attractive area for homebuyers," said Darryl Macha, president of the Honolulu Board of Realtors.
"The double-digit increases in closed sales, as well as the low median for days on market, indicate that properties are well-priced," Macha said. "Further, with more inventory of both single-family homes and condominiums, potential buyers have more options to consider in the Central Oahu region."
While it appears Mililani is surging in popularity, over the last year, the median price for homes on Oahu has increased, according to statistics released by the Honolulu Board of Realtors.
The numbers compare the median home price from May 2017 and 2018. Last year, the median price for a single-family home on Oahu sat at $745,000.
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