Honolulu, HI Metro Area Housing Market Analysis - August 2024
The Honolulu, HI metro area housing market in August 2024 presents a complex landscape with a mix of stable and fluctuating metrics. Below is a detailed analysis of the key data points.
Stable Median Sales Price
The Median Sales Price for homes in the Honolulu metro area stands at $725,000, showing no change year-over-year (YoY). This stability suggests that while other metrics have fluctuated, the overall value of homes has remained consistent.
Decline in Median List Price
The Median List Price has decreased by 2.1% YoY, now at $731,000. This decline indicates that sellers may be adjusting their expectations in response to market conditions, possibly to attract more buyers.
Price Per Square Foot
The median Price Per Square Foot has seen a slight increase of 0.4% YoY, reaching $664.69. Conversely, the Median List Price per square foot has risen by 3.2% YoY to $691.53. These figures suggest a modest appreciation in property values on a per-square-foot basis.
Sales and Inventory Dynamics
The number of Homes Sold has decreased by 2.7% YoY, totaling 660 units. However, Pending Sales have surged by 10.9% YoY, reaching 766 units. This increase in Pending Sales indicates a potential uptick in future closed transactions.
New Listings have grown by 4.0% YoY, now at 880 units, while inventory has seen a significant rise of 33.1% YoY, totaling 3,321 units. The Months of Supply metric has also increased dramatically by 130.0% YoY, now standing at 5.00 months. These figures suggest a shift towards a more balanced market, with increased availability of homes for buyers.
Market Speed and Sale Conditions
The Median Days on Market have increased by 11.0% YoY, now at 71 days. This longer duration indicates that homes are taking more time to sell compared to the previous year.
The average sale to list ratio has slightly decreased by 0.5% YoY, now at 98.5%. Additionally, the percentage of Homes Sold above list price has dropped by 7.9% YoY, now at 23.3%. These metrics suggest that buyers may have more negotiating power than in the past.
Price Adjustments and Off-Market Trends
The percentage of Price Drops remains unchanged YoY at 16.8%, indicating that sellers are maintaining their pricing strategies. However, the percentage of homes going off-market within two weeks has increased by 25.1% YoY, now at 30.0%. This rise suggests that a significant portion of homes are still attracting quick interest from buyers.
In summary, the Honolulu, HI metro area housing market in August 2024 exhibits a blend of stability and change. While the Median Sales Price remains steady, other metrics such as inventory, Pending Sales, and market speed reflect a dynamic environment. Buyers and sellers alike should stay informed and adaptable to navigate these evolving conditions effectively.
