10 West Hawaii Real Estate | November 23, 2018
2019 Forecast: Existing-home sales to stabilize and price growth to continue
Consumers should expect
home sales to flatten and
home prices to continue to
increase, though at a slower
“2017 was the best year for home sales in ten years, and 2018 is only down 1.5
percent year to date. Statistically, it is a mild twinge in the data and a very mild
adjustment compared to the long-term growth we’ve been experiencing over the
past few years.” — Lawrence Yun, NAR Chief Economist
COLDWELL BANKER ISLAND PROPERTIES
FEATURED AGENT
Kailua Kona • Queen Ka‘ahumanu & Henry St. #203
Office # (808) 331-8200 • KonaAdmin@IslandProperties.com
View Current Listings at IslandProperties.com
Office License # RB-16822
AKELE PLACE, KONA HILLS
Masterfully crafted 3 bedroom/3 bath luxury home
in gated community. Ocean views from every room
in this unique home. Set on approximately 1.59
acres, with producing banana, lychee, orange,
tangelo, tangerine, lemon, lime, and avocado trees.
Marco Silva (808) 557-8921
RB-20599 $1,560,000 / 621194
UPSCALE KAOHE RANCH
ESTATES
Spacious, new 3 bed/2.5 home on 5+ acres. Ocean,
sunset views in country setting. Private gated entry
to Kaohe Ranch Estates, an upscale community.
Homes are rarely available in this subdivision.
Kona Carla Womack (808) 896-6768
RS-61019 $699,950 / 608028
KAMAKANI STREET
Refreshed Cook’s Landing home, with quality
design and attention to detail. High, vaulted
ceilings, newer appliances, kitchen cabinets and
Corian counters. Multiple screened-in lanais grace
the home, allowing you to enjoy Kona’s ocean views
and trade winds.
Marco Silva (808) 557-8921
RB-20599 $ 595,000 / 621195
CLASSIC BEACH HOUSE,
RIGHT ON THE WATER
Unique, ocean-front home with breathtaking, 180
degree ocean views. Walking distance to popular
Kahalu‘u Beach Park. Watch the whales & dolphins
play. Just a few steps to the ocean - right on the
water!
Sona Aredjian (808) 936-2165
RS-79858 $2,100,000 / 613128
CUSTOM-DESIGNED HOME -
MAKALEI ESTATES
Custom home on 3.6 acres with panoramic ocean
& sunset views. Located near town in a highly
desirable gated community. Great attention to
detail, and special touches throughout the entire
home. PRICE REDUCTION TO $1,649,000!
Karen Ostlie (808) 937-1174
RS-60256 $1,649,000 / 613634
Kelly Valenzuela, RS-77689
(808) 936-1991
KellyForKona@gmail.com
Call Kelly for your
Big Island real estate needs!
WAIKOLOA COLONY VILLAS
TOWNHOUSE
Great opportunity to own a 3/2.5 bedroom luxury
townhouse in prestigious Waikoloa Beach Resort.
Fronting the 15th Fairway, unit is very private but
still easily accessable from west-side gated entry. 2
pools, spa, fitness center, tennis & BBQ area.
Kendall DiDonato (808) 345-5212
RS-74803 $549,000 / 616790
CHARMING VOLCANO
VILLAGE HOME
2 bedroom/2 bath fully-furnished home, currently
used as a vacation rental. Just a 10 minute drive to
the Volcano Golf Course, & 27 miles to Hilo. Secluded
cottage perfect for private weekend getaways, or to
live full-time. Unique, beautiful setting.
Buddy Norwood (808) 896-0144
RB-11909 $299,000 / 612650
MAUNA LANI POINT ESTATES
Fantastic golf course frontage lot at the Point
Estates. A two story home can be built on this lot,
and the seller has house plans for a two-story that
take advantage of the views to the north up the
coastline from the second floor master - the plans
have been approved by the resort!!!
Bob Hudspeth (808) 896-3066
RS-55464 $1,499,000 / 621598
KONA HEIGHTS HOME
WITH A POOL
Well-built home in a great location with gorgeous
views & a pool. Perfect for a large family, vacation or
long term rental. Upstairs is 3 bed/2 bath with a full
kitchen, laundry, living & dining areas. Downstairs
is a 2/1 guest quarters with separate entry.
Casey Kinney (808) 896-6155
RB-18611 $799,000 / 619742
pace, according to a residential
housing and economic forecast
session at NAR’s 2018 REALTORS
Conference & Expo.
As Lawrence Yun, chief economist
at the National Association of Realtors,
presented his 2019 housing and
economic forecast, he was joined
onstage by Lisa Sturtevant, President of
Lisa Sturtevant & Associates, LLC, who
discussed the importance of affordable
housing in the U.S.
Much of Yun’s presentation
focused on recent declines in home
sales, but in the context of longterm
trends to illustrate the housing
market’s actual performance.
“Ninety percent of markets are
experiencing price gains while very
few are experiencing consistent price
declines,” said Yun. “2017 was the
best year for home sales in ten years,
and 2018 is only down 1.5 percent
year to date. Statistically, it is a mild
twinge in the data and a very mild
adjustment compared to the longterm
growth we’ve been experiencing
over the past few years.”
As to the possibility that we
are currently experiencing a small
bubble, Yun was quick to shut down
any speculation. “The current market
conditions are fundamentally different
than what we were experiencing
before the recession 10 years ago,”
said Yun. “Most states are reporting
stable or strong market conditions,
housing starts are under-producing
instead of over-producing and we are
seeing historically low foreclosure
levels, indicating that people are
living within their means and not
purchasing homes they cannot afford.
This is a stronger, more stable market
compared to the loosely regulated
market leading up to the bust.”
Housing affordability was also
discussed by both panelists. While the
U.S. is experiencing historically normal
levels of affordability, potential buyers
may be staying out of the market
because of perceived problems with
affordability. “NAR research shows that
a lower percentage of consumers think
that now is a good time to buy, while
more are indicating that it is a good
time to sell,” said Yun. “Problems
could arise if the market is flooded
with too many sellers and not enough
buyers. Fortunately, that does not
appear to be the case, as indicated by
months’ supply of inventory at below
five months.”
Sturtevant discussed the
importance of homeownership on a
social level - how homeowners tend
to be in better physical and mental
health and have greater opportunity
for economic self-sufficiency.
Additionally, communities with
more homeowners tend to be more
economically prosperous and better
able to attract and retain workers.
“I am a researcher, not an advocate;
but the results of my research have
compelled me to see the importance
of affordable, stable housing, and the
positive economic impact to local
communities,” said Sturtevant.
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