Residential Market Snapshot
Median Sold Price Hits 2024 High in June, Broader Inventory Gives Options to Price Sensitive Buyers.
Behind the Numbers: Much of Hawai‘i Island is price sensitive. We are seeing this play out as buyers look to get the most value from their purchase by waiting for the right opportunity and favoring move-in ready homes.
Residential Market Overview
Inventory
Inventory climbed in Q2, while pending sales are up and sold listings are down in June. These fluctuations are fairly normal in the Hawai‘i Island market given the diversity of inventory across the island. Both Q1 and Q2 inventory is higher than 2023.
Median Sold Price
Median sold price trended up in Q2, and Q2 prices are up year over year (YoY). Many buyers seem to be favoring single family homes that require fewer repairs or renovations to help control costs.
Average Price Per Square Foot
Ppsf trended down in Q2 but is higher than this time last year. This lift in ppfs versus last year makes sense as home prices are up in 2024 and buyers are favoring move-in-ready residences.
Days on Market
In Q2 days on market (DOM) increased from April to May then dropped in June. May 2024 saw the highest number of DOM since April 2023. Buyers are waiting for the right opportunity and shopping for interest rates, while sellers are in a lull as the market adjusts.
Months of Inventory
Months of inventory hit a high point for the year in June at 4.9, well above the same time last year. Influencing factors moving into Q3 will be buyers adjusting to interest rates and sellers making pricing concessions.
10 Year History
Median sold price rose 71.1% in the last decade. There is less residential inventory now than 10 years ago and homes sell more quickly at closer to asking price indicating a strong market. Average DOM is flat versus last year and homes sell at 6.4% higher median sold price.
Sales by Property Type
Residential Submarket Snapshot
Selected Just For You: This snapshot gives you an overview of the kind of activity we are seeing in this part of the Island. Contact me for details.
Looking Forward
Buyers and Sellers Are Both Likely to Make Concessions in Order to Close Deals Going Into Q3.
Buyers and sellers seem to be at a bit of a standoff in Q2 but we expect both will start to adjust to the current market. Based on buyer price sensitivity we anticipate motivated sellers in some markets to accept price decreases moving into Q3.
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