Some interesting statistics to point out about the Central San Jose condo market over the last month. The current inventory and number of closed sales remained relatively stable, but the median sales price dropped considerably.

2007 . . . . . . . Inventory . . . . . Closed Sales . . . Median Sales Price

July . . . . . . . . . 159 . . . . . . . . . . 26 . . . . . . . . . $500,750

August . . . . . . . 157 . . . . . . . . . . 23 . . . . . . . . . $480,323

Total sales volume for the month also fell sharply. In July 2007, sales volume totaled $13,102,499; total sales volume dropped to $11,047,450 in August 2007. Clearly, there were more lower priced properties sold in August than July. The other notable statistic is the number of days on market (DOM) which went up from 28 in July to 51 in August. The cumulative number of days on market also spiked from 51 in July to 68 in August. The longer properties are on the market, the more likely they are to get a lower priced offer.

There have been a lot of rumors flying around about what the government will do to stem the tide of foreclosures. It will be interesting to see what happens and how the market will respond.

*These statistics are generated using information from the RE Infolink MLS, but have not been verified and are not guaranteed. RE Infolink disclaims any resposibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions.