Sales of single-family, re-sale homes were up, year-over-year, by 17.6% in February. We expect this momentum to continue as the market works its way through the glut of bankowned properties. The median price for homes fell 5.7% from January. The median price was down 37.1% year-over-year. Inventory was down 18.8% from last February. This is the tenth month in a row inventory has declined year-over-year. Our Days of Inventory indicator lost eight days and is now at 268 days. In a balanced market, the supply of homes is usually around five to six months. For condos, the indicator was flat at 299 days. The sales price to list price ratio dropped 0.6 of a point to 96.4%. Days on market gained eight days to 92 days. Condo sales were down 4.8% from January, but were up 66.7% yearover-year. The median price for condos lost 12.2% from the month before, and was down 34.8% compared to last January. Condo inventory shed 4.8% month-over-month, and was down 18.1% compared to
February 2008. The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.
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