12 West Hawaii Real Estate | December 21, 2016 Pending home sales crawl forward in October Pending home sales were mostly unchanged in October, but did squeak out a meager gain for the second consecutive month, according to the National Association of Realtors®. The Pending home sales index, a forward-looking indicator based on contract signings, inched up 0.1 percent to 110.0 in October from a slight downward revision of 109.9 in September. With last month’s small increase, the index is now 1.8 percent higher than last October (108.1). Lawrence Yun, NAR chief economist, says October’s minuscule uptick in contract activity nudged pending sales up to their highest level since July (111.2). “Most of the country last month saw at least a small increase in contract signings and more notably, activity in all four major regions is up from a year ago,” added Yun. “Despite limited listings and steadfast price growth that’s now carried into the fall, buyer demand has remained strong because of the consistently reliable job creation in a majority of metro areas.” On the topic of housing supply — which has been grossly inadequate all year — Yun explains that the unwelcoming but expected seasonal retreat in new listings is now arriving at a time when price growth remains around triple the pace of wages and properties continue to sell at a much faster pace than a year ago. Furthermore, highlighting the heightened imbalance of supply in relation to demand, 40 percent of sales in October sold at or above list price, an increase from 33 percent last October. “Many of the successful shoppers in October likely had to move fast and outbid others for the few listings available in the affordable price range,” explained Yun. “Those obtaining a mortgage last month were likely the last group of buyers to lock in a rate near historically low levels now that rates have marched to around 4 percent since the election.” With contract activity holding steady, Yun expects existing sales to close out 2016 at a pace of around 5.36 million, which surpasses 2015 (5.25 million) and is the highest since 2006 (6.48 million). “Low supply has kept prices elevated all year and has put pressure on the budgets of buyers,” added Yun. “With mortgage rates expected to rise into next year and put added strain on affordability, sales expansion will be contingent on more inventory coming onto the market and continued job gains.” “Despite limited listings and steadfast price growth that’s now carried into the fall, buyer demand has remained strong because of the consistently reliable job creation in a majority of metro areas.” - Lawrence Yun, NAR Chief Economist FURNITURE FURNITURE NEW & NEARLY NEW • ALSO REUPHOLSTERY • We buy, sell & trade Will pick up one item or a houseful! 329-4477 74-5490 Kaiwi St. Kailua-Kona by Ace Hardware DRYWALL CONTRACTOR Drywall Installations Hawaii Quality Licensed Professionals RESIDENTIAL • COMMERCIAL • TENANT IMPROVEMENT & REMODEL Metal Stud Framing / T Bar Ceiling Hang, Tape and Texture Demo / Rubbish Removal 808-896-3739 • dih2001@hotmail.com Ashford Alices Owner • License #C-21983 COLDWELL BANKER MARYL REALTY Kailua Kona • Queen Kaahumanu & Henry St. #203 Offi ce # (808) 331-8200 /Toll-Free # (800) 845-7559 PRICE REDUCED! View Current Listings listings at ColdwellBankerMaryl.com Offi ce License # RB-16961 HALI’I KAI - WAIKOLOA BEACH RESORT Fantastic 3 bedroom, 3 bath, 2-story condo with amazing views. Steps away from the salt-water lagoon-style pool & restaurant. Leanna Flem, RS-61159 (808) 895-3157 $1,200,000 299364 IOLANI Breathtaking ocean views of Kailua Bay and coastline from this very private, 4 bedroom, 3 bath home. Serenity pool and deck. Gorgeous! Kelly Akao, RS-66993 (808) 938-1118 $985,000 601458 SPECTACULAR WAINANI ESTATES HOME Sweeping ocean views from this beautiful 3 bedroom, 2 bath home in desirable neighborhood. Lush tropical landscaping. Cheryl Cataraha-Cagampang, RS-75190 (808) 938-7703 $599,000 299503 KONA PARADISE - HUNA KAI ROAD 3 bedroom, 2 bath home on Huna Kai Road. 1,476 square foot home, with 7,500 of land area! Covered carport. Gail Jamison, RB-32421 & (808) 987-5064 Kona Carla Womack, RS-61019 (808) 896-6768 $439,000 297263 PUA MAU GARDENS 5 separate “pod” buildings & over 45 acres of gardens. Very special property. Visit: PuaMau.com for more info. Dylan Nonaka RS-64242 (808) 937-8382 $3,999,000 293768 KEAUHOU RESORT 1 bedroom, 1 bath condo in the beautiful Keauhou Resort complex at a great price! Karen Ostlie, RS-60256 (808) 937-1174 $239,000 295976 KONA PACIFIC CONDO Spacious corner unit in popular “C” Building with ocean views. Walking distance to the beach. Turnkey, furnished. Kona Carla Womack, RS-61019 (808) 896-6768 $379,000 293094 GUAVA STREET, KONA PARADISE Easy-care, 2 bedroom, 2 bath, Hawaiian-style home with open-bean ceilings and panoramic coastline views! Kona Carla Womack, RS-61019 (808) 896-6768 $379,000 600761 BACK ON THE MARKET! REDUCED PRICE KONA PARADISE HOME Charming Kona Paradise home with private guest quarters. Ocean & sunset views, near the beach. 3 bedrooms, 2 baths. Must see! Kona Carla Womack, RS-61019 (808) 896-6768 $349,000 601640 • Maryl@Maryl.com PRICE REDUCED! PRICE REDUCED! KONA VISTAS - AWESOME VIEWS! Spacious 3 bedroom, 2 bath home in one of the most desirable neighborhoods in Kona. Fenced yard with a pool at a great elevation. Buddy Norwood, RB-11909 (808) 896-0144 $849,000 299294
REM_122116
To see the actual publication please follow the link above