Hawaii Housing Market: November 2024 Analysis
The Hawaiian housing market in November 2024 presents a dynamic landscape with notable shifts in pricing, sales, and inventory. The Median Sales Price for homes in Hawaii stands at $754,100, reflecting a modest year-over-year increase of 1.4%. This indicates a steady appreciation in home values, albeit at a slower pace compared to the Median List Price, which surged by 9.2% to $821,300. This disparity suggests a widening gap between seller expectations and buyer willingness, potentially influencing market dynamics.
The median Price Per Square Foot has risen to $665, marking a 2.3% increase from the previous year. Meanwhile, the Median List Price per square foot is $755, up by 3.9% year-over-year. These figures highlight a consistent upward trend in property valuations, although the rate of increase in list prices outpaces that of sales prices, indicating potential buyer resistance to higher asking prices.
Sales activity in Hawaii shows a positive trajectory, with 854 Homes Sold, representing an 8.9% increase from the previous year. Pending Sales also rose by 2.8% to 1,051, suggesting sustained buyer interest. New Listings have increased significantly by 10.1% to 1,249, contributing to a substantial rise in inventory levels, which are up by 29.9% year-over-year to 5,645 homes. This increase in supply is reflected in the Months of Supply, which has more than doubled, rising by 110% to 6.6 months, indicating a shift towards a more balanced market.
The Median Days on Market for homes in Hawaii is now 92 days, a 19% increase from the previous year. This extended time on the market suggests that homes are taking longer to sell, possibly due to the increased inventory and higher list prices. The average sale to list ratio has slightly decreased by 0.1% to 97.5%, indicating that homes are selling closer to their list prices, but with less frequency than before.
The percentage of Homes Sold above list price has declined by 4.1% to 17.7%, reflecting a cooling in competitive bidding. Additionally, the proportion of Price Drops has seen a marginal increase of 0.1% to 16.4%, suggesting that sellers are adjusting their expectations in response to market conditions. The percentage of homes going off the market within two weeks has decreased by 3% to 25.4%, further indicating a slowdown in the pace of sales.
Overall, the Hawaiian housing market in November 2024 is characterized by rising prices, increased inventory, and a slower sales pace. While demand remains robust, as evidenced by the increase in Homes Sold and Pending Sales, the market is adjusting to a higher supply and evolving buyer expectations. This environment presents both challenges and opportunities for buyers and sellers navigating the current real estate landscape in Hawaii.
