Honolulu Housing Market: September 2024 Analysis
The Honolulu, HI metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased to $750,000, reflecting a year-over-year (YoY) growth of 3.4%. This indicates a continued demand for properties in the area, despite some contrasting indicators in the market.
Conversely, the Median List Price has decreased by 3.4% YoY, now standing at $700,000. This decline suggests that sellers may be adjusting their expectations in response to market conditions. The median Price Per Square Foot has risen by 1.6% YoY to $662.19, while the Median List Price per square foot has also seen a modest increase of 1.3% YoY, reaching $680.63.
In terms of sales activity, the number of Homes Sold has decreased by 3.1% YoY, with 595 Homes Sold in September 2024. However, Pending Sales have surged by 34.8% YoY, totaling 805, indicating a potential uptick in future sales. New Listings have increased by 11.8% YoY, reaching 844, contributing to a growing inventory, which has expanded by 34.0% YoY to 3,368 homes.
The Months of Supply have seen a significant rise of 160.0% YoY, now at 5.70 months, suggesting a shift towards a more balanced market. The Median Days on Market have increased by 17.0% YoY to 77 days, indicating that homes are taking longer to sell compared to the previous year.
The average sale to list ratio has slightly decreased by 0.4% YoY to 98.5%, while the percentage of Homes Sold above list price has dropped by 5.6% YoY to 23.0%. This suggests that buyers may have more negotiating power than in previous periods. Additionally, Price Drops have increased by 0.6% YoY to 15.5%, further indicating potential adjustments in seller expectations.
Interestingly, the percentage of homes going off the market in two weeks has risen by 26.0% YoY to 30.1%, suggesting that while some properties linger, others are being snapped up quickly, possibly due to competitive pricing or desirable locations.
Overall, the Honolulu housing market in September 2024 reflects a dynamic environment with both opportunities and challenges for buyers and sellers. The increase in inventory and Months of Supply, coupled with the decline in the Median List Price, may provide buyers with more options and leverage, while sellers may need to be more strategic in pricing and marketing their properties.
