Well the March statistics are in. The buyers market appears to be continuing. So here are the facts:

  1. The number of closed sales for March 07 compared to the same time last year is down 8%
  2. The number of closed sales for the begining of 07 compared to 06 is down 3.9%
  3. The average selling price from March 07 compared to the same time last year is down 5.3%
  4. Days on the market - up 16 days compared to this time last year
  5. The number of available homes on the market in March 07 compared to March 06 - up 9.4%
  6. The number of offers accepted the beging of March 07 compared to March 06 - down 21.1%

So what does this all mean for the "market"? For the most part there is nothing here that isn't expected. Sales are down, prices are decreasing at a reasonable rate and the inventory is still increasing. My opinion, the number of new homes on the market is mostly seasonal and although the number has increaesed from last year, if you look at March 07 compared to Feb 07 the number is exactly the same! Which is good news, this  means the number of homes added to the market was the same as the number of sales. Which leads me to believe the market may be stablizing somewhat. Of course one month isn't enough to know for sure, only time will tell. So the cliff notes version: If you need to sell, sooner is better than later, if you're looking to buy, take your time, its finally on your side. Would love to hear your feedback.