You’ve probably heard all the bleak stories about the real estate market from January 2008. And there are plenty of stories to go around. The historical lows for the number of closed transactions was a particular hot topic in the news stories. So let’s take a look at how the condo real estate market did in the downtown San Jose area. The following statistics represent Central San Jose’s (MLS Area 9 which includes downtown San Jose) condos, townhomes, and lofts.

These aren’t exactly pretty numbers. The number of closed transactions in the area was half of what it was the previous year. The other noteable stat was the decline in the median sales price from 2007. Almost a $100,000 difference in just one year. Economists and housing officials are predicting (praying) that the economic stimulus package will help the downturn in the real estate market. It will be interesting to see what effects the new conforming loan amounts will have on the market. Do you think it make a difference?

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