The Hawaii Kai real estate market, an upscale portion of Oahu's housing market, remained relatively static year-over-year, despite some positive news in the commercial real estate sector. According to an August 10, 2010 article from the Associated Press, "The Honolulu Board of Realtors says Oahu's existing housing market remained relatively stable in July. The board said Monday that 268 single-family homes traded hands last month, compared with 266 in July of last year. The median sales price for the July sales was $605,000, up 1.7 percent from the $595,000 posted the year before. Meanwhile, the number of condominiums sold in July fell 6.7 percent 320, and the median sales price for condos dropped 2.7 percent to $299,000. The board also said sales closed faster in July, with single-family homes listing for 39 days, down from 45 days, and condos down to 36 days from 56. Board President Brian Benton says Oahu's market seems to be doing better than its counterparts on the mainland."
Although Hawaii Kai homes for sale and condos for sale seem to be stuck in the doldrums for the time being, there are some positive examples of Oahu commercial real estate making a turn-around. A July 30, 2010 report from Pacific Business News noted that "Oahu’s commercial real estate market is showing signs of recovery, but it could take at least another year before it is back on firm footing. That’s the assessment of leaders of three large Hawaii commercial real estate companies as the industry moves into the final five months of the year. With commercial real estate taking a beating as Hawaii and the rest of the world struggled to survive the global recession, industry leaders here believe that the worst is likely over and recovery is on the horizon. The impact of the financial crisis is evident in the dramatic decline in commercial real estate transactions over the past four years. In the first quarter of 2006, there was $1.4 billion in transaction activity, 88 percent higher than the first quarter of this year, said Mike Hamasu, consulting and research director at Colliers Monroe Friedlander."