A lot more listings in Bay area now, prices are down!

I have been following the housing market pretty closely in recent months in bay area(California).
And i have to say, there are a lot more listings and some of them are in the market upto 5 months! So it's no kidding that housing market is going down in bay area.
Also, some of the listings got relisted with revised(reduced) prices! I personally following condos in a specific complex and even thought it is great, people are just not moving fast enough and they are reducing prices!

My interest is in the townhomes/condos in $500k range, and seems like realestate agents are facing real challenge in moving them. I heard that there is still good market for high priced houses though!

I drive around this weekend and there are surely more "open house" signs on the streets. I'm not sure if it is because of the spring season or people want to sell it before market going down. But i'd like to think they are because of the down turn of housing market.

Please share your experience if you have in this area or any other area.

Real picture of real estate now

Is there anybody out there who can give me the real picture of real estate market now? Especially in california(but not limited to california, i still want to know about other areas to get the bigger picture). We all know that all the media analysis etc are not so accurate since they only analyse based on some hard assumptions.

I would like to know from real people with real experiences. Please share if you do have any idea about how it is going in your area with respect to housing market, even if you think it is not accurate completely. I just want to hear what you have to say on this topic.

My personal take on this...it is definitely going down. I see a lot more "open house" signs on every intersection than ever before when i go out in the weekends, and most of these are for condos.

I personally think, blogs are better to get this kind of info than any news website. So please write your comments on this topic.