To answer your question I have to segment the market much like Jim Hale did in his comment,

First  "by choice"  This part of the market in all price ranges is dead. There are so many must sells that the by choice seller cant (or wont) compete and the by choice buyer is choosing not to take a chance.

Then by price:

Here is SW Florida the low priced homes are selling at increased prices, but they are selling to  investors, who it seems to me will ,sooner or later,  have to find end users  to profit from their investment.  Given the state of the job market and the fact that loans are hard to get, I think these investors are going to have a difficult time selling their new investment. I think we are in the middle of a classic "dead cat bounce"

Middle to high priced homes still have a long way to fall, Investors are not interested bacause they cant be rented at a profit.  This part of our market has traditionally been fueled by "northern money" ie retirees and second home buyers from colder climates. I am talking to a number of potential buyers that are not buying here until their stock market investments recover. I dont see any end to price declines until and unless the baby boomers are able to recover the losses in their other investments and redirect some of that money to retirement  or second homes in Fla