Hawaii Housing Market Analysis - August 2024
The Hawaii housing market in August 2024 presents a changing environment with a blend of rising prices and shifting sales dynamics. The Median Sales Price for homes in Hawaii stands at $783,300, reflecting a modest year-over-year (YoY) increase of 1.2%. This indicates a steady appreciation in home values, albeit at a slower pace compared to previous years.
Conversely, the Median List Price has slightly decreased by 0.4% YoY, now at $787,000. This subtle decline suggests that sellers might be adjusting their expectations in response to market conditions. The median Price Per Square Foot has risen by 2.2% YoY to $675, while the Median List Price per square foot has seen a significant increase of 8.8% YoY, reaching $723. These figures highlight a growing demand for space, with buyers willing to pay more per square foot.
In terms of sales activity, the number of Homes Sold has decreased by 5.2% YoY, totaling 1,019 units. However, Pending Sales have increased by 6.6% YoY, reaching 1,206 units, indicating a potential uptick in future sales. New Listings have also risen by 8.9% YoY, with 1,314 new properties entering the market, suggesting that sellers are becoming more active.
Inventory levels have surged by 36.9% YoY, now at 5,533 units. This substantial increase in available homes has contributed to a significant rise in the Months of Supply, which has grown by 160.0% YoY to 5.4 months. This shift towards a more balanced market could provide buyers with more options and potentially more negotiating power.
The Median Days on Market have increased by 12.0% YoY, now averaging 76 days. This longer selling period may indicate that homes are taking more time to find buyers, possibly due to the increased inventory and higher price points.
The average sale to list ratio has slightly decreased by 0.5% YoY, now at 98.1%, suggesting that homes are selling slightly below their list prices. The percentage of Homes Sold above list price has also declined by 4.2% YoY, now at 21.6%. These trends indicate that buyers may have more leverage in negotiations.
Price Drops have increased by 3.0% YoY, now at 19.5%, reflecting a growing number of sellers adjusting their prices to attract buyers. Additionally, the percentage of homes going off the market within two weeks has risen by 13.8% YoY, now at 26.1%, indicating that well-priced homes are still moving quickly.
Overall, the Hawaii housing market in August 2024 is characterized by rising prices per square foot, increased inventory, and a more balanced supply-demand dynamic. While sales activity has slowed, the market remains active with a notable increase in New Listings and Pending Sales. Buyers may find more opportunities and negotiating power, while sellers may need to be more strategic with pricing to attract buyers in this evolving market.
