Hawaii News Now reports on an ongoing trend that has heated up more than ever as of late. Mililani real estate sales are booming right now. While consistently a strong performer, last month was a banner one for the central Oahu community, with an 87 percent year-over-year increase in sales of single detached family homes. We’ve seen large increases like that for condos, but such a lift in single family homes is pretty darn impressive.
Prices must have dropped to drive such an increase in buyer interest, right? Nope. In fact, prices rose by double digits for the same month, rising 10 percent to a median price of $787,000. So what gives? Let’s find out.
4 Reasons Why Mililani Oahu Real Estate is So Hot Right Now and What You Need to Do
1. Inventory Diversity
Between existing homes and new developments, the central region is enjoying inventory diversity. Sales of single family homes are being complemented by increases in sales (up 26%) of Mililani condos and townhouses too. There is an all encompassing air of confidence in this master planned community, which is inciting buyers to invest for the long term. Mililani is becoming a beacon on Oahu and all households (and investors) want in.
2. It’s a Prime Family Community
Earlier in the year, Mililani landed in the second spot on our Top 5 Neighborhoods on Oahu for Families list. The community has great schools (U.S. News & World Report “Best High Schools” ranking report consistently names Mililani High as one of the best in Hawaii) and a wealth of amenities for families of all shapes and sizes.
3. Favorable Climate
Isn’t all of Oahu (or Hawaii for that matter) considered a favorable climate? Sure, but given the prevalence of rain and the extended rainy season over the past five years, something is amiss (global warming?) and residents are look for drier pastures. On our list of Where to Live on Oahu to Avoid Rain (yes, we write about everything) we name Mililani as a prime candidate, averaging just 64-inches of rain per annum, enough to keep things green, but enough to keep from investing in a poncho.
4. Hot But Highly Attainable
Yes, Mililani is a hot spot on the Oahu real estate market. Yes, the median price for single family homes and condos is on the rise. However, the prospect of buying into this community is a highly attainable one. At this very moment (June 2018) you can score a LUSH Valley 2 bedroom townhouse in Mililani for just $349,500 or an impeccable 2 bedroom and 1 full bathroom ground floor unit in highly desired Mililani Parkway, for just $399,000. Whether these listings remain active by the time you find this article or not, they are just a couple of many examples of how easy (and budget friendly) it is to buy into Mililani. The only question, is will the well run dry?
Don’t wait to stake your claim in Mililani, or other hot spot on Oahu, including Hawaii Kai, Aina Haina, and more. Contact the Richmond Realty Team today to talk about what is best for you.