Windward Oahu Condo median sales price stabilizing

Windward Oahu condominium units are another bright spot found in the latest May 2009 Hawaii real estate resale statistics.  The median sales price has declined only .8% since a year ago.  There has been a more than 40% decline in the number of sales in the area but there are far fewer condos coming on the market.  The windward side of Oahu encompasses the towns of Waimanalo, Kailua, Kaneohe, and out to Kaaawa.  These areas have primarily been agriculture and slowly have turned over the years into single-family homes.  There have not been many tracts of land converted in condominium use.  The densest area of condominiums is in Kaneohe town.  Kailua and Kaneohe especially have been such attractive places to live.  They both have tight-knit communities and Kailua has beautiful beaches (Lanikai and Kailua) and Kaneohe is kept cool in the gentle trade winds set close to the Koolau mountains.  All of these communities have such a nice small town feel and yet are all relatively close to the city life in Honolulu.  Because of this attraction, many people want to live here.  Over the years housing has become less and less affordable.  Several old and run down multi-unit apartment buildings were torn down to make way for more development.  These were some of the last affordable living units on the windward side.  The strong desire to be a part of these communities has been most likely the cause for these sale prices not falling. I suspect that in coming months we will not see a dramatic price decline, just perhaps fewer people wanting to sell at the current prices.