Kapaa, HI Housing Market: A Complex Landscape in November 2024
The Kapaa, HI metro area housing market in November 2024 presents a complex landscape characterized by significant shifts in pricing, sales activity, and inventory levels. The Median Sales Price has surged to $1,079,750, marking a substantial year-over-year increase of 21.7%. This rise in sales prices contrasts sharply with the Median List Price, which has decreased by 13.6% to $950,000, indicating a potential disconnect between seller expectations and market realities.
Despite the increase in sales prices, the market is experiencing a decline in the number of Homes Sold, which has dropped by 22.7% year-over-year to 34 units. This decline in sales volume is juxtaposed with a notable increase in Pending Sales, which have risen by 55.6% to 56 units, suggesting a potential backlog in transactions that could influence future sales figures.
Inventory levels have increased by 8.7% year-over-year, reaching 261 units, while New Listings have seen a modest rise of 4.7% to 45 units. The Months of Supply have dramatically increased by 220% to 7.7 months, indicating a shift towards a more balanced or potentially buyer-favorable market. This increase in supply, coupled with the extended Median Days on Market, which have risen by 40% to 133 days, suggests that properties are taking longer to sell.
The median Price Per Square Foot has decreased slightly by 1.3% to $731.33, while the Median List Price per square foot has increased by 14.7% to $906.08. This divergence may reflect differing market dynamics between listed and sold properties, potentially influenced by the types of homes being listed versus those being sold.
The average sale to list ratio has decreased slightly by 0.8% to 96.3%, indicating that homes are selling for slightly less than their list prices on average. The percentage of Homes Sold above list price has also decreased by 9.4% to 8.8%, further suggesting a cooling in competitive bidding scenarios. Additionally, the percentage of Price Drops has increased by 6.3% to 18.4%, highlighting a trend of sellers adjusting their expectations in response to market conditions.
Overall, the Kapaa housing market in November 2024 is characterized by rising sales prices amidst declining sales volumes, increased inventory, and extended time on the market. These factors suggest a market in transition, with potential opportunities for buyers as sellers adjust to evolving market dynamics.
