Kailua, belonging to one of the districts of Oahu, is one of the most beautiful places in Hawaii. It is set amidst mountains and beaches, and is a popular tourist spot. It is primarily a residential area, with the commercial district located alongside Kailua Road. Kailua beach is known to be Hawaii’s best beach. It has low crime rates and a good standard of living. It is essentially an ideal place for investing in real estate, being a great place to reside and to visit. Real estate in Kailua is hence a booming market, with potential growth.
The number of sales has gone down over the past decade. There has been a decrease in sales by 12.1% in comparison to the previous year. This can be attributed to the economic meltdown that is being experienced. However, there is hope, as the volatility in the stock market is redirecting investors to invest in Kaulua real estate. The median prices, however, have been increasing steadily over the past decade, with minor fluctuations.
For June 2011, to August 2011, the median sales price for houses was $750,000. In comparison to the previous quarter, this is an increase of 1.5%, which amounts to $11,000. In comparison to the previous year, it’s an increase of 4.3%. Over the last five years, there has been an increase in sales prices of 7.3%. The average home price is currently $1,696,885. Compared to the previous month, there has been a decrease in the number of listings, but has increased as compared to the first week of September 2011.
The average listing price as of September 14th 2011 was $1,765,661. Compared to August 24th, this is an increase of 5.6% which amounts to $93,765. The average rate per square foot, however, at $515, decreased by 1.7% from the previous year. The increase in median sales price can be attributed to the decrease in the number of sales in the past year. However, the increasing value of houses could attract investors, which would in turn increase the number of sales.
There are a number of mortgage brokers in Kailua. Each of them offers a varied range of mortgage rates depending on the type of mortgage and the number of years it is obtained for. It also depends on the value and location of the property. As of September 19, 2011, the annual percentage rate was3.534% for a 15 year fixed type loan. For a 30 year fixed type loan, it was 4.239%. 40 year, fixed type loan had an APR of 4.424%.
Realtors and brokers
There are a number of realtors in Kailua, Oahu, who can be contacted for any information regarding properties that are for sale. However, one must do a complete background check on the realtor or broker, before agreeing to a contract. Also, a small amount of negotiation goes a long way in helping you save money. Always look for better deals and offers. There are a number of open houses which happen all year long. Visit and thoroughly check the property before you buy it.
Since, Kailua is primarily a residential area; there is a strong sense of community amongst its residents. The community life is generally comfortable with low crime rates and good education. Only 4.2% of the community is affected by property crime while only 0.3% of the community has been affected by violent crime. The population is 36,513, with 15,220 students. There are 34 public schools which have grades from kindergarten till 12th grade.