August was a busy month in real estate with sales significantly up in both single family home and condominium markets.
Single-family home sales hit their highest level this year, up 20% to 272 units from August 2010. Condo sales were strong, up 15% to 334 units for the same period last year. The combination of low days on market and low inventory is an indication that the market may be gaining momentum.
Interest rates have the most profound effect on buying power in the real estate market. With interest rates at historic lows, it’s an ideal time for buyers. Low interest rates equate to lower monthly mortgage payments and higher purchase prices. For home sellers, low interest rates allow more buyers to qualify to
purchase your home.
This report contains real estate activity for several general areas of Oahu. Prudential Locations’ Research Department currently tracks real estate sales data for over 300 Oahu neighborhoods.