12 West Hawaii Real Estate | May 11, 2016 An uptick in sales activity Metro home prices maintain steadfast growth in first quarter amidst meager supply levels upheld the trend of unwavering price gains in an overwhelming majority of metro areas during the first quarter of the year, according to the latest quarterly report by the National Association of Realtors. The median existing single-family home price increased in 87 percent of measured markets, with 154 out of 178 metropolitan statistical areas (MSAs) showing gains based on closed sales in the first quarter compared with the first quarter of 2015. Twenty-four areas (13 percent) recorded lower median prices from a year earlier. There were more rising markets in the first quarter compared to the fourth quarter of 2015, when price gains were recorded in 81 percent of metro areas. Twenty-eight metro areas in the first quarter (16 percent) experienced double-digit increases – a slight decrease from the 30 metro areas in the fourth quarter of 2015; fifty-one metro areas (28 percent) experienced double-digit increases in the first quarter of last year. Lawrence Yun, NAR chief economist, says home prices chugged along KONA BY THE SEA KONA BAY DR HAWAII BELT RD NANI KAILUA DR MLS# 291932 $379,000 MLS# 291621 $1,100,000 MLS# 291611 $789,000 MLS# 291613 $795,000 ACREAGE FOR SALE MLS 290835: Is a 10.5 acre producing leasehold farm with an old farmhouse on property. $195,000. MLS 295025: Panoramic view lot in Hualalai Vistas subdivision. Lot 16, 1 acre. $279,000. &$+!ķ!ŋƑƐƒƕƔ 808.895.2232 1_†1hŠ1_†1h|-‹Ѵouruor;uঞ;vĺ1ol 1_†1h|-‹Ѵouruor;uঞ;vĺ1ol ĺ!+ )ķ!"҄ѵƔƖƐƕ 808.896.7901 cbryancaldwell@hawaii.rr.com 75-5722 Kuakini Hwy, Ste #103 Kailua-Kona, HI 96740 RESIDENTIAL 3 Beds 3 Full Baths 2,398 SQFT North Kona RESIDENTIAL 3 Beds 3.5 Baths 2,454 SQFT South Kona RESIDENTIAL 3 Beds 3 Full Baths 2,198 SQFT North Kona Shoreline view from the inside of the condo overlooking the pool, palm trees and onto the ocean break. The view is even better from the lanai. Kitchen has granite countertops, stainless steel appliances and newer carpet, furniture and cabinetry. The unit has central air and internet access. This resort style 3 bed 3 bath home is the least expensive property in Kona’s nicest ocean front community. The air conditioned residence has a ĂRZLQJĂRRUSODQZLWKKLJKFHLOLQJV7KHPDQ\ windows and high ceiling let in much natural light and gives a feeling of space and tranquility. This is a beautifully landscaped property with a main house, a second house that is currently rented and a shed. All buildings are permitted and the two residences are on individual septic systems. There are approximately 250 coffee trees on the property, and you can enjoy your own brew on the lanai while looking at the ocean view. Beautiful, well designed, family home at the top RI.DLOXD9LHZ(VWDWHV7KLVĂRRUSODQĂRZVYHU\ well, with the master bed & bath on the makai side and a second bad & bath en suite on the mauka side. Home includes a fully paid for Photo Voltaic system & Solar Water. CONDO 1 Bed 2 Full Baths 919 SQFT North Kona at a robust pace in most metro areas during the first three months of 2016. “The solid run of sustained job creation and attractive mortgage rates below 4 percent spurred steady demand for home purchases in many local markets,” he said. “Unfortunately, sales were somewhat subdued by supply and demand imbalances and broadly rising prices above wage growth. As a result, the path to homeownership so far this year remains strenuous for a segment of prospective buyers in the most competitive areas.” The national median existing single family home price in the first quarter was $217,600, up 6.3 percent from the first quarter of 2015 ($204,700). The median price during the fourth quarter of 2015 increased 6.7 percent from the fourth quarter of 2014. Total existing-home sales, including single family and condo, rose 1.7 percent to a seasonally adjusted annual rate of 5.29 million in the first quarter from 5.20 million in the fourth quarter of 2015, and are 4.8 percent higher than the 5.05 million pace during the first quarter of 2015. “In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007 (5.66 million),” adds Yun. “The demand for buying is there, but unless the stock of new and existing-homes for sale increases significantly – especially in several markets in the West – the housing market will struggle to reach its full potential.” At the end of the first quarter, there were 1.98 million existing homes available for sale3, which was below the 2.01 million homes for sale at the end of the first quarter in 2015. The average supply during the first quarter was 4.3 months – down from 4.6 months a year ago. Despite a small increase in the national family median income ($68,431), climbing home prices and slightly higher mortgage rates caused affordability to decline in the first quarter compared to the first quarter of last year. To purchase a single-family home at the national median price, a buyer making a 5 percent down payment would need an income of $47,819, a 10 percent down payment would require an income of $45,302, and $40,268 would be needed for a 20 percent down payment. “Current homeowners in many metro areas – especially those who purchased a home immediately after the downturn – have enjoyed a sizeable boost in housing equity and household wealth in recent years,” adds Yun. “At a time of stagnant wage growth and mounting rent increases, the same cannot be said for renters. Their inability to reach the market because of affordability and supply restrictions is contributing to rising wealth inequality in the U.S.” The five most expensive housing markets in the first quarter were the San Jose, Calif., metro area, where the median existing single-family price was $970,000; San Francisco, $770,300; Honolulu, $721,400; Anaheim Santa Ana, Calif., $713,700; and San Diego, $554,300. The five lowest-cost metro areas in the first quarter were Cumberland, Md., $67,400; Youngstown-Warren- Boardman, Ohio, $77,500; Decatur, Ill., $83,300; Wichita Falls, Texas, $95,200, and Rockford, Ill., $95,800. Metro area condominium and cooperative prices – covering changes
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