Sales of single-family, re-sale homes were up, year-over-year, by 40.8% in March. Year-to-date, home sales are up 28.4%. The median price for homes fell 4.4% from February. The median price was down 36.5% year-over-year. The average price fell 6.9% month-over-month, and was off 34% compared to last March. Inventory was down 19.7% from last March. This is the eleventh month in a row inventory has declined year-over-year. Our Days of Inventory indicator dropped 45 days and is now at 223 days. In a balanced market, the supply of homes is usually around five to six months. For condos, the indicator was down six days to 293 days. The sales price to list price ratio rose 1.1 points to 97.5%. Days on market gained nine days to 101 days. Condo sales were up 5% from February, but were down 8.7% year-over-year. Year-to-date, condo sales are up 31.9%. The median price for condos rose 8.1% from the month before, but was down 37.9% compared to last February. Condo inventory was down 25.2% compared to March 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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