I have been telling many of my clients that it feels like we maybe at or close to the bottom of the market.  Buyers are starting to act again, although buyers are still price sensitive.  This means sellers still need to create value and price correctly. 

This is from the "Dow Jones Tomorrow's News Today" Article dated 3/24/08.  This is strong data from the nation.  Our local market typically does better than the national market, so time will tell if in fact we are the bottom.

Demand rose for used homes during February, the first increase in seven months and
an indication sales have hit bottom in the housing slump.

Existing-home sales climbed 2.9% to a 5.03 million annual rate, the National
Association of Realtors said Monday. The last time sales increased was July.

Buyers took advantage of falling prices. The median home price was $195,900 in
February, down 8.2% from $213,500 in February 2007.

“We seem to be finding a bottom in home sales even as prices keep falling,” said Joel
Naroff, who runs an economic consulting firm.

NAR economist Lawrence Yun was encouraged by the 2.9% sales gain. “We’re not
expecting a notable gain in existing-home sales until the second half of this year, but
the improvement is another sign that the market is stabilizing,” Yun said.