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September 28, 2007

In early October, we’ll get a great breakdown of the September market from various sources. Retrospect is always 20/20, they say.

But I’m impatient and want to know NOW what’s happening. I’m seeing a slowdown in market areas that were previously fairly robust.

One way of getting a pulse on the market is to check the amount of homes going under contract. So I did a quick sampling of condos, townhomes, and single family homes that sold (not closed, but went pending) in recent weeks. Here’s what I found:

Aug 30 – Sept 6 (Labor Day timeperiod) – 6 sales (starting inventory of 128)
Sept 7 -13 17 sales (starting inventory of 120)
Sept 14 – 20 16 sales (starting inventory of 115)
Sept 21- 27 12 sales (starting inventory of 125)

Inventory has stayed fairly consistent (bouncing around just a little) but sales have been dropping in the last three weeks. So yes, the market in Los Gatos is cooling overall.

A neat place to see graphs and charts on the housing climate is Altos Research. There’s a widget on the right margin of this blog and if you click on it, it will bring you to their website and give more data on the real estate market.

And in a week or so I’ll have more data still on our changing housing market here in Los Gatos.