May 2009 Oahu Real Estate Market Report

Oahu saw a decrease of about 15% in the median price for single family prices for the month of May 2009 compared to 2008.  Condos were down about about 10% for same period.

Oahu home sales May 2008 vs. 2009
	Homes Sold
Neighborhood	2008	2009	Median Sale Prices
Honolulu	24	11	$    849,500	$     725,000
Waialae-Kahala	8	12	$   1,567,500	$  1,367,500
Kapahulu-Diamond Head	19	14	$     750,000	$     690,000
Hawaii Kai	18	13	$     798,900	$     750,000
Aina Haina-Kuliouou	8	7	$     760,000	$  1,246,500
Kailua-Waimanalo	16	19	$     945,000	$     700,000
Kaneohe	8	7	$     662,000	$     595,000
Moanalua-Kalihi	8	13	$     599,500	$     540,000
North Shore	2	4	$     572,500	$     762,000
Wahiawa	7	7	$     665,000	$     425,000
Mililani	22	27	$     606,300	$     565,000
Makaha-Nanakuli	15	17	$     320,000	$     260,000
Ewa-Kapolei-Ko Olina	36	34	$     472,500	$     415,000
Makakilo	9	11	$     600,000	$     510,000
Waipahu	23	15	$     585,000	$     485,000
Pearl City-Aiea	16	16	$     607,000	$     495,000

The interest rates have creeped back up from the lows and lenders have tighted their lending guidlines including requiring a higher credit score (FICO). The interest rates are still near historic lows and with the drop in prices there are definately some great deals to be picked up.