Hawaii Housing Market: September 2024 Analysis
The Hawaii housing market in September 2024 presents a complex landscape characterized by both stability and shifts in various metrics. The Median Sales Price stands at $786,600, reflecting a modest year-over-year increase of 0.3%. This slight uptick suggests a relatively stable pricing environment despite broader market fluctuations.
Conversely, the Median List Price has decreased by 3.4% year-over-year, now at $753,700. This decline indicates potential adjustments in seller expectations or a response to changing buyer demand. The median Price Per Square Foot has seen a slight decrease of 0.5% year-over-year, now at $655, while the Median List Price per square foot has increased by 2.1%, reaching $697. These contrasting trends suggest a nuanced pricing strategy among sellers.
Sales activity has experienced a downturn, with Homes Sold decreasing by 9.4% year-over-year to 887 units. However, Pending Sales have surged by 23.9%, totaling 1,194, indicating a potential rebound in future sales activity. New Listings have increased by 6.3% year-over-year, reaching 1,244, contributing to a growing inventory, which has expanded by 36% to 5,544 units.
The Months of Supply have seen a significant increase of 210% year-over-year, now at 6.3 months. This substantial rise suggests a shift towards a more balanced market, potentially favoring buyers. The Median Days on Market have increased by 15% to 82 days, indicating that homes are taking longer to sell compared to the previous year.
The average sale to list ratio has slightly decreased by 0.3% year-over-year, now at 98%, suggesting that homes are selling closer to their list prices. The percentage of Homes Sold above list price has decreased by 4.5% to 19.7%, reflecting a cooling in competitive bidding scenarios. Price Drops have increased by 2.2% to 17.2%, indicating more frequent adjustments in pricing strategies by sellers.
Lastly, the percentage of homes going off the market within two weeks has increased by 12.8% to 27.4%, suggesting that while some properties linger, others are still moving quickly, possibly due to strategic pricing or desirable locations.
Overall, the Hawaii housing market in September 2024 exhibits a mix of stability in pricing with notable shifts in sales activity and inventory levels, pointing towards a market in transition.
