Amidst all the doom and gloom of the economy, let’s take a look at how the condo market is doing in downtown San Jose. While the median sales price has dropped off dramatically (particularly in June and July compared to last year), the number of closed transactions has remained fairly steady. In fact, August and September 2008 produced more transactions in 2008 (27 and 22, respectively) than August and September 2007 (23 and 12). The following statistics represent resales of Central San Jose’s (MLS Area 9 which includes downtown San Jose) condos, townhomes, and lofts. As noted in past statistical postings, these numbers do not include sales from new construction developments which generally are not included in MLS data.
| Inventory | Closed Sales | Median Sales Price | Total Sales Volume | |
| June '08 | 173 | 17 | $379,950 | $6,615,014 |
| July '08 | 168 | 19 | $375,000 | $7,787,900 |
| Aug '08 | 152 | 27 | $445,000 | $11,926,976 |
| Sep '08 | 142 | 22 | $461,944 | $9,281,726 |
| June '07 | 170 | 23 | $500,000 | $11,595,194 |
| June '08 | 173 | 17 | $379,950 | $6,615,014 |
| July '07 | 159 | 26 | $500,750 | $13,102,499 |
| July '08 | 168 | 19 | $375,000 | $7,787,900 |
| Aug '07 | 157 | 23 | $480,000 | $11,047,450 |
| Aug '08 | 152 | 27 | $445,000 | $11,926,976 |
| Sep '07 | 162 | 12 | $490,000 | $5,986,500 |
| Sep '08 | 142 | 22 | $461,944 | $9,281,726 |
As you can see, both the number of closed transactions and median sales price dipped during June and July but rebounded in August and September. A little glimmer of hope . . .
*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.