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September 29, 2008

The Los Gatos real estate market is soft – it remains a buyers market for most areas and price ranges. Agents and sellers will tell you that it’s harder to sell a home now.  Let’s look at the market data, though. It can be analyzed by price point, school district, zip code, square footage, or any number of factors. Today’s “mini update” will be a glance by zip code of condos and single family homes with focus on the days on market., amount of inventory and list prices of homes for sale. Data and graphs by Altos Research (to which I subscribe).

This first chart indicates the average days on market for Los Gatos in the 95030 zip code. The blank line represents the condo and townhouse listings and the orange line the single family homes. (This chart should automatically update itself thanks to a little html.) Both segments appear to be following a fairly similar trend here of lengthening days on the market after an easier spell from spring until about July. Houses here have been for sale at an average of 110 days, and townhouses and condos around 92 or so.These charts represent the overview of the Los Gatos real estate market. There can be a great deal of variation from one area or house to the next. The perfect, completely and recently remodeled house that is priced low may get a flurry of offers and sell way over list price. Most homes, though, don’t fit that description. Most of the real estate for sale has “some updating” but needs more. In certain areas, though, buyers will overlook condition if the price is good and the home seems clean and at least well maintained.

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