It may be a little late for September’s statistics but better late than never. As always, these statistics represent Central San Jose’s (Area 9 which includes downtown San Jose) condos, townhomes, and lofts. Looking at the numbers for September wasn’t easy, mostly because they aren’t very pretty. The median sales price actually went up in September 2007 but, wow, the number of closed sales was cut almost in half.

2007 . . . . . . . Inventory . . . . . Closed Sales . . . Median Sales $ . . . . Total Sales Volume

August . . . . . . . 157 . . . . . . . . . . 23 . . . . . . . . . $480,323 . . . . . . . . . $11,047,450

September . . . . 162 . . . . . . . . . . 12 . . . . . . . . . $490,000 . . . . . . . . . $5,986,500

I also added one more column to the statistics this month (Total Sales Volume) because it is so dramatic. Over $5 million drop in total sales volume from the August to September. This isn’t really all that surprising given the correlating drop in closed transactions in September but noteworthy nonetheless. The quarterly statistics don’t paint a prettier picture for the year to date either.

2007 . . . . . . . Inventory . . . . . Closed Sales . . . Median Sales $ . . . . Total Sales Volume

Q1 . . . . . . . . . . 136 . . . . . . . . . . 80 . . . . . . . . . $511,750 . . . . . . . . . $41,179,976

Q2 . . . . . . . . . . 170 . . . . . . . . . . 78 . . . . . . . . . $520,000 . . . . . . . . . $40,441,220

Q3 . . . . . . . . . . 162 . . . . . . . . . . 65 . . . . . . . . . $495,000 . . . . . . . . . $32,207,653

As you can see, while the first six months of the year were fairly steady, the last three months have declined in the number of transactions. The buyers are still out there, they are just taking longer to make decisions and trying to feel out the market.

*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.