Money magazine listed Oahu as the leader of the "10 most expensive housings markets". See article:
http://money.cnn.com/galleries/2011/real_estate/1106/gallery.highest_priced_markets/index.html
Beautiful weather, limited land space and the fact that it costs so darn much to ship things over to Hawaii is attributed to the high cost of homes in Hawaii, says Money magazine.
But then again, we already know that...don't we?? ;)