It's not an all time low, but it's close to a 5 year low.  Right now there are 83 homes for sale in all of Hawaii Kai at any price, most of them well over $1 million. 

In Ewa Beach and Kapolei combined, there are only 137 homes for sale.  That is extremely low.  In all of Kailua, there are 113 homes for sale, most of them well over $1 million. 

For the past 4 years, inventory has been on a steady decline, while sales have increased a bit.  Actually they were up 30% in 2010.  

Why?  Maybe everyone has such a low interest rate that they don't want to sell. Maybe people believe prices will increase if they hold for a while.  Maybe nobody wants to leave Hawaii.  

Whatever the reason, there are very few homes for sale, especially under $800,000.  In Hawaii Kai, there are 16 homes under that price.  

This isn't so much an interpretation as an observation.  The low supply of homes has kept prices stable in Hawaii, while other States are seeing huge numbers of foreclosures, high inventories, and quickly declinine prices.