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.
For more information about Oahu real esate, follow us on Facebook or YouTube or visit the Trends page of our website, KahalaAssociates.com, where you’ll also find the quarterly luxury market report.
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