March 2009 Market Action

market-action-banner2 Just as I had hoped, the inventory (number of listings available) fell for the third consecutive month. From a shocking 19 months in January, to 16 in February, and now to 12 months in March. This is notable as listings historically are up during this same time frame. Further, comparing March 2009 sales to February, closed sales grew by 38%. Interest rates continue to hover and 5% and under, and first time home buyers are eligible for an up to $8,000 tax credit if they purchase before November 2009. Read the full report from the Regional Multiple Listing Service (RMLS) here.