Are you curious about the current state of the Honolulu real estate market? We’ve covered you with the latest trends and insights to help you stay informed and make smart decisions.
Honolulu Real Estate Market Trends
In Honolulu, home prices are rising. Several factors, including high demand, limited supply, and favorable economic conditions drive this trend. For buyers, this means navigating a competitive market where bidding wars and price negotiations are common. For sellers, it presents an opportunity to capitalize on high demand and potentially achieve a quick sale at a desirable price.
Recent data shows that the median home price in Honolulu has increased by 8% over the past year. This increase is largely due to an inventory shortage and high buyer demand, making it a seller’s market.
- Median Sale Price:
- In May 2024, the median home sale price in Honolulu was $475,000, representing a 4.8% decrease compared to the previous year.
- The median sale price in Honolulu is 8% higher than the national average.
- Market Competitiveness:
- The housing market in Honolulu is not highly competitive, with homes typically receiving an average of 2 offers and selling in approximately 77 days.
- It’s unusual to receive multiple offers, and typically, homes sell for approximately 3% less than the list price.
- Sale-to-List Price Ratio:
- In May 2024, the sales-to-list price ratio for all types of homes in Honolulu was 97.7%, declining by 1.1 percentage points year-over-year.
- Migration Trends:
- 43% of Honolulu homebuyers wanted to move out of Honolulu, while 57% intended to stay within the metropolitan area.
- Inbound: Some popular destinations for people moving to Honolulu are Los Angeles, Seattle, and New York.
- Outbound: Among Honolulu residents moving elsewhere, the top choices were Hilo, Las Vegas, and Kahului.
- Forecast for 2024:
- As of February 2024, the housing market in Honolulu has been steadily increasing. Home prices have surged by 4.1% compared to the previous year, with a median price of $510,000.
Expert Analysis
Navigating a hot market like Honolulu can be challenging. Our experts recommend getting pre-approved for a mortgage, making competitive offers, and being patient. Given the current market situation, it is advisable to act promptly and be willing to make competitive offers to set yourself apart.
One key strategy is to target specific types of properties, such as condos or fixer-uppers, which might have less competition. Working with experienced real estate agents who know the Honolulu market well can also give you a significant advantage. Timing your purchase or sale strategically, such as during the off-peak season, can also be beneficial.
Neighborhood Spotlight
This month, we’re highlighting the vibrant neighborhood of Kaka’ako. Known for its modern high-rises, trendy restaurants, and proximity to the beach, it’s a great place for young professionals and investors. In Kaka’ako, home prices have increased by 10% over the past year, making it a hot spot for investment.
The neighborhood boasts excellent amenities, including parks, top-rated schools, and efficient public transport. Recent developments, such as the completion of new luxury condos and community projects, add significant value to the area.
Conclusion
Staying informed about the Honolulu real estate market is essential for making smart decisions, whether you’re buying, selling, or investing. With rising home prices, high demand, and competitive conditions, it’s a dynamic market that requires expert guidance. Collette Kama is here to provide that guidance, offering personalized service and deep local knowledge. Reach out today to take the next step in your real estate journey and achieve your goals with confidence.
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