As the 3rd quarter of 2011 ended, it remains clear that Oahu real estate continues to outperform both mainland and neighbor-island markets. Clear Capital recently ranked Honolulu among the top 12 best-performing metropolitan housing markets with its foreclosure rate a remarkably low 8.2 percent. In addition, local interest rates are coming in around 4.0 percent on a 30-year fixed with many locking in rates under 4.0 percent. Also fueling the local economic picture is a steadily dropping unemployment rate - currently around 6.1 percent compared to the national unemployment rate at about 9.1 percent.
During the 3rd quarter of 2011, single-family closed sales increased 6.3 percent from the 3rd Quarter of 2010 while condominium closed sales picked up 9.5 percent. Pending sales are also up a healthy 10 to 12% over this time last year, an indication of continued consumer confidence and strong demand.
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