West Side houses listed so far this month = 109 (424 new listings for all of March/11)
West Side houses sold so far this month = 45 (279 houses sold for March/11)
West Side active listings = 821 (525 listings in March/11)
Houses sold so far this year are about 20% less than last year.
In summary, we started the year with sales down 30% over last year and sales have gradually improved.
Inventory was hovering around 800 for all of February and is now a bit above that level.
Prices would appear to be down by about 5% over last year's peak prices in late Spring.
Well priced homes sell quickly BUT over $3,000,000 price range is tougher.
Over $3,000,000 house sales represent 13% of total sales up to the end of February BUT inventory of over $3,000,000 homes represents 45% of total inventory.
Takeaway - There are 2 markets at work, the under $3,000,000 where inventory matches sales and the over $3,000,000 market where listing inventory is heavy vs sales.
Average price for a West Side house is $2,500,000 vs $2,300,000 last year which exhibits a healthy market.