A look at March 2008 compared with March 2007 shows that new listings decreased 14.6%. Closed sales were down 29.2% and accepted offers dropped 33.5%. On the other hand, the 4,518 active residential properties would last 11.9 months at March’s rate of sales, down from 14.6 in February.
First Quarter/Year-to-Date
When comparing market activity for January-March 2008 with the same period in 2007, new listings fell 4.6% (3,562 v. 3,733). Closed sales also dropped 31% (944 v. 1,369) and pending sales decreased 28.8% (1,284 v. 1,803).
Appreciation
Comparing the prices for the 12 months ending in March 2008 with those of the 12 immediately prior, average sale price appreciated 0.2% ($303,900 v. $303,300). Conversely, the median sale price decreased a slight 1% ($260,000 v. $262,500).
