March Market Report

March Residential Highlights
Market activity in March showed forward progress for month-to-month comparisons, but remains slow compared with the level of activity a year ago.
When comparing March to February 2008, closed sales were up 22.2% (1,691 v. 1,384) while pending sales also increased 5.5% (1,938 v. 1,837).
On the other hand, comparing March 2008 with March 2007, closed sales were down 39.1% and pending sales decreased 36.9%. New listings also dropped a slight 1.8%.
Also notable in March was a decrease in the level of inventory from February. At the March rate of sales, the 15,412 active residential properties would last 9.1 months.

First Quarter/Year-to-Date
Comparing market activity through March 2008 to the same period in 2007, the first quarter also shows slowing in the number of transactions. New listings grew 7.3% (14,695 v. 13,697).
However, closed sales dropped 32.6% (4,285 v. 6,359) and pending sales were down 35.6% (5,282 v. 8,204).

Appreciation
A comparison of the 12 months ending in March 2008 with the 12 prior shows that the average sale price appreciated 4.9% ($344,700 v. $328,700). Using the same formula, the median sale price appreciated 5.1% ($290,000 v. $276,000).

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*The information above is from the monthly market action report produced by RMLS and used by permission of RMLS. This information is copyrighted by RMLS, All Rights Reserved.