An early peek at March sales in my area
So how did things look in March? Not so hot. According to the data just posted ...
* Sales were down 35.8% year-over-year (979 in 2007 vs. 1,526 in 2006)
* Inventory surged 25.3% YOY (24,029 in 2007 vs. 19179 in 2006).
* Median price was down just a smidge -- 1% to $287,000 from $290,000 a year ago. But average days on market surged to 140 from 88 a year earlier.
The inventory is the real killer here. That 24,000+ figure is a fresh cycle high. I blame the re-listers, the folks who couldn't sell last year giving it the old college try again this spring. But with more than two years of housing supply on the market, we're going to have a lot of disappointed sellers come the end of the key spring real estate season.