Honolulu Housing Market: A Complex Landscape in November 2024
The Honolulu, HI metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 2.1% year-over-year, settling at $705,000. This decline contrasts with the Median List Price, which has risen by 10.9% to $760,000, indicating a potential gap between seller expectations and buyer willingness.
In terms of Price Per Square Foot, the Median Sales Price per square foot has seen a modest increase of 2.1%, reaching $674.52. Meanwhile, the Median List Price per square foot has grown by 4.9% to $716.70. These figures suggest a slight upward pressure on pricing, despite the overall decrease in the Median Sales Price.
Sales activity has shown positive momentum, with the number of Homes Sold increasing by 9.3% year-over-year to 543 units. Pending Sales have remained relatively stable, with a marginal increase of 0.1%, totaling 680. New Listings have surged by 12.3%, reaching 784, contributing to a significant 28.5% increase in inventory, now at 3,386 homes. This rise in inventory has led to a substantial 90% increase in the Months of Supply, now at 6.2 months, indicating a shift towards a more balanced market.
The Median Days on Market have increased by 11% to 80 days, suggesting that homes are taking longer to sell. The average sale to list ratio has seen a slight improvement of 0.3%, standing at 98.0%, while the percentage of Homes Sold above list price has decreased by 2.5% to 20.1%. This indicates a cooling in competitive bidding scenarios.
Price Drops have seen a minor increase of 0.4%, with 16.1% of listings experiencing reductions. Additionally, the percentage of homes going off the market within two weeks has risen by 0.7% to 26.2%, reflecting a segment of the market that remains active and responsive.
Overall, the Honolulu housing market in November 2024 is characterized by a mix of rising inventory and list prices, alongside a decline in sales prices and increased time on the market. These dynamics suggest a market in transition, with potential opportunities for buyers amid changing conditions.
