Now is a great time to be a homeowner in Mililani.
With top-rated schools, enviable recreation centers and wide, tree-lined streets, it’s easy to see why Mililani is a perennially popular choice for Oahu families.
Hawaii’s first master- planned community, Castle & Cooke began selling its Mililani homes, built on former pineapple fields, in the summer of 1968 for about $25,000 each. Fifty years and numerous accolades later, including being named an All-American City in 1986 and one of Money magazine’s best places to live in 2005, Mililani has become the suburban retreat its founders once dreamed of.
Locations REALTOR ® and partner Linda McCabe, who is also a long-time Mililani resident, has seen many young families move back to the area. “They want to raise their families where they grew up,” McCabe says. “Mililani is a closeknit community, and people want to settle here for the quality of schools, sports programs and more.” Rising prices and steady sales Single-family home and condo prices in Mililani have been rising steadily since 2011 – hitting record highs in the past several years.
Mililani home values doubled three times since 1978
Steady sales, at around 250 homes and 400 condos each year, have been pushing median prices upward. As we head into the fall, Locations expects sales in Mililani to hold steady and prices to continue to rise.
Mililani is in high demand
Of all Oahu market areas, Mililani has the lowest Months of Remaining Inventory (MRI) for both single-family homes and condos.
An indicator of demand, MRI simply means how quickly all current listings would sell out if no new homes came on the market. While a bump in inventory has offered future homeowners more choices, competition remains fierce in Mililani, where homes are routinely “bid up,” or sold for above the list price. With four out of 10 homes and condos sold for more than the list price, Mililani also leads the island in bid-ups. Homes that hold value Locations REALTOR ® and partner Beth Makanani, who has been helping homeowners buy and sell real estate in Mililani since 1991, credits the Mililani Town Association with helping to retain home values. “Well-run homeowners associations ensure that properties are well maintained,” said Makanani.
Mililani homeowners are sitting on a lot of home equity
Thanks to the neighborhood’s appeal, Mililani homeowners have some of the greatest home equity in Hawaii.
Depending on when the home was purchased and its estimated value, homeowners in Mililani could be sitting on nearly $700,000 or more in equity. Even recent homeowners in Mililani benefit from rising home values. For example, owners of Mililani single- family homes purchased in 2015 have amassed, on average, more than $147,000 in home equity. “A combination of relatively low interest rates, steady home prices and growing inventory make now an ideal time to use the equity in your home to trade up or downsize to a new property, renovate your current home, or purchase an investment property for passive income or to pass along to children,” said Chad Takesue, senior vice president of sales for Locations.
Wondering how much your Mililani home is worth? Check out our Locations Home Valuator for a free estimate.