Kahului, HI Housing Market: November 2024 Analysis
The Kahului, HI metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has risen to $1,200,000, marking a significant year-over-year increase of 7.3%. This upward trend in sales prices suggests a strong demand for homes in the area, despite other indicators showing potential cooling in the market.
Conversely, the Median List Price stands at $1,155,000, reflecting a more modest year-over-year increase of 5.0%. This disparity between sales and list price growth could indicate sellers' willingness to negotiate or adjust expectations in response to market conditions. Additionally, the median Price Per Square Foot has decreased by 4.7% to $842.61, while the Median List Price per square foot has also declined by 5.9% to $1,040.18. These decreases suggest a potential shift in buyer preferences or a response to affordability concerns.
The number of Homes Sold has increased by 11.9% year-over-year, reaching 113 units. However, Pending Sales have decreased by 17.5%, totaling 118 units. This decline in Pending Sales may signal a slowdown in future transactions, possibly due to rising interest rates or economic uncertainties. New Listings have seen a slight increase of 3.8%, with 218 properties entering the market, contributing to a substantial 63.1% rise in inventory, now at 1,130 units.
The Months of Supply have surged by 310.0% to 10 months, indicating a significant shift towards a buyer's market. This increase in supply, coupled with a 54.0% rise in the Median Days on Market to 123 days, suggests that homes are taking longer to sell, providing buyers with more options and negotiating power.
The average sale to list ratio has decreased slightly by 1.2% to 95.6%, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 14.0% to 9.7%, further emphasizing the shift towards a more balanced market. Price Drops have seen a minor decrease of 0.9%, now at 12.2%, while the percentage of homes going off market in two weeks has declined by 5.9% to 26.3%.
Overall, the Kahului housing market in November 2024 reflects a dynamic environment with rising sales prices and increased inventory, yet a slowdown in Pending Sales and extended time on the market. Buyers may find more opportunities as the market adjusts, while sellers may need to be more strategic in pricing and negotiations.
