The Hawaiian real estate market in January 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased by 2.8% year-over-year, reaching $779,000. This upward movement in sales prices contrasts with the Median List Price, which has decreased by 8.6% to $799,400. This divergence suggests a potential shift in market dynamics, where sellers may be adjusting their expectations to align with buyer affordability.

In terms of Price Per Square Foot, the Median Sales Price per square foot has seen a slight increase of 0.2%, now standing at $673. Meanwhile, the Median List Price per square foot has decreased by 2.2% to $723. This indicates a narrowing gap between asking prices and actual sales prices, possibly reflecting a more competitive market environment.

The volume of Homes Sold has risen by 3.9% year-over-year, with 854 Homes Sold in January 2025. However, Pending Sales have decreased by 6.7%, totaling 1,151. This decline in Pending Sales could signal a slowdown in future transactions, despite the current increase in closed sales. New Listings have surged by 9.2%, reaching 1,451, contributing to a significant 25.1% increase in inventory, now at 5,750 homes. The Months of Supply have more than doubled, increasing by 110% to 6.7 months, indicating a shift towards a more balanced market.

The Median Days on Market have increased by 13%, with homes now taking an average of 92 days to sell. This extended time on the market may be a result of the increased inventory and slower pace of Pending Sales. The average sale to list ratio has slightly decreased by 0.7%, now at 97.4%, suggesting that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 4.8% to 15%, further indicating a cooling in competitive bidding scenarios.

Price Drops have become more prevalent, increasing by 5.3% to 21.6%, as sellers adjust their pricing strategies in response to market conditions. Additionally, the percentage of homes going off the market within two weeks has decreased by 6% to 21.2%, reflecting a slower pace of transactions.

Overall, the Hawaiian housing market in January 2025 is characterized by a mix of rising sales prices, increased inventory, and longer selling times. These trends suggest a market in transition, with potential opportunities for buyers and sellers to navigate the evolving landscape.