Association president Patty Kelley says bank-owned propertiesand short-sales continue to have a noticeable impact on the localmarket, contributing to the decline in home prices. These types ofproperties accounted for 52.3 of homes sold in March, she says.

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"We are starting to see the light at the end of the tunnel,"says Association president Patty Kelley. "While local home pricesare still declining, we don't anticipate that prices can get muchlower because homes are now selling for less than what it wouldcost to build that same home today. Some analysts are predictingthe bottom of the market to hit as early as later this year."

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The total number of condos and townhomes sold in March was 198,up 19.3% from 166 sales in February but down 41.9% from last March,according to the report. The total number of condos and townhomesfor sale in March was 5,373, unchanged from February and down 10.4%from this time last year. At the current rate, it would take twoyears to sell all the townhomes and condos currently on themarket.

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The median sales price for townhomes and condos increased 8.7%from February to $163,000 while the average sale price declined15.1% to $283,724. The median price was 18.5% lower than this timelast year while the average sale price was essentiallyunchanged.

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Through the first quarter of the year, approximately 40% of allcondos and townhomes on the market sold within 60 days. Another 27%of condos and townhomes sat on the market for more than 120 daysbefore selling.

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Single-family home sales in March totaled 1,478, up 34.6% from1,098 homes sold in February. The number of local homes listed forsale in March was 22,763, up 1.2% from February and up 6.9% fromthis time last year. At the current rate, it would take more than18 months to sell all homes currently on the market.

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The median sales price was $243,169, down 1.4% from February andoff by 20.3% at this time last year. The average sale price was$305,155, up 2.5% from February but down 19% from this time lastyear. Through the first three months of the year 47.3% of allsingle-family homes sold within 60 days, while another 26.7% sat onthe market for more than 120 days before selling.

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