There is some good news. Oahu saw a 9.5% increase in the number of sales for June 2009 compared to June of 2008 for single family homes. The median property price dropped by 9% for the same time periods. More buyers are starting to take advantage of the lower prices and historic low interest rates. If this keeps up it should stablize prices.

Oahu Home Sales June 2008 vs. 2009
  # Sales & Median $$        
Neighborhood 2008 2009 2008                  2009 
Honolulu 9 12 $ 494,000 $ 600,000  
Waialae-Kahala 8 7 $1,445,400 $ 1,387,500  
Kapahulu-Diamond Head 9 15 $ 790,000 $ 780,000  
Hawaii Kai 15 15 $ 870,000 $ 750,000  
Aina Haina-Kuliouou 3 3 $ 760,000 $ 1,246,500
Kailua-Waimanalo 32 20 $ 752,500 $ 712,500
Kaneohe 8 7 $ 644,000 $ 619,000
Moanalua-Kalihi 14 11 $ 494,000 $ 600,000
North Shore 2 7 $1,937,500 $ 873,000
Wahiawa 3 4 $ 352,500 $ 345,000
Mililani 28 17 $ 626,800 $ 570,000
Makaha-Nanakuli 12 18 $ 416,000 $ 282,000
Ewa-Kapolei-Ko Olina 44 49 $ 443,500 $ 4588,000
Makakilo 4 10 $ 690,000 $ 487,500
Waipahu 14 27 $ 577,500 $ 520,000
Pearl City-Aiea 17 12 $ 678,000 $ 555,000

The condo sales were not as good as the home sales.  The number of condo sales dropped by 17.5% in June of 2009 compared to June of 2008. The prices were down 5.3% compared to last June. Not as big a drecrease as single family homes.

Oahu Condo Sales June 2008 vs. 2009
  # Sales & Median $$
Neighborhood 2008 2009 2008                 2009
Waikiki 76 43 $ 300,000 $ 247,000  
Downtown -Nuuanu 24 25 $ 468,000 $ 340,000  
Kapahulu-Kuliouou 10 11 $ 406,000 $ 435,000  
Hawaii Kai 13 19 $ 600,000 $ 426,000  
Maikiki - Moiliili 54 41 $ 301,000 $ 320,000
Kailua-Waimanalo 10 10 $ 507,500 $ 392,500
Kaneohe 11 13 $ 398,000 $ 365,000
Moanalua-Salt Lake 17 13 $ 300,000 $ 247,000
North Shore 3 2 $ 300,000 $ 217,500
Wahiawa 0 0 $ 0 $ 0
Mililani 27 29 $ 365,000 $ 280,000
Makaha-Nanakuli 4 5 $ 161,000 $ 122,000
Ewa-Kapolei-Ko Olina 16 17 $ 281,200 $ 270,000
Makakilo 7 4 $ 302,000 $ 212,500
Waipahu 24 17 $ 282,800 $ 235,000
Pearl City-Aiea 27 20 $ 285,000 $ 283,500