is the good time to look at the top two quarters of 2008 Silicon Valley (Santa Clara Valley) real estate market which includes the following city: Campbell, Cupertino, Gilroy, Los Altos,Los Altos Hills, Los Gatos, Los Gatos Mtns, Milpitas, Monte Sereno, Mountain View, Palo Alto, San Jose, Santa Clara, Saratoga,
Sunnyvale.

We know the real estate market is changing. Let us look at the number of inventory vs closed sales which is the 2^nd and 3^rd columns:

1). At the 1^st quarter of 2007 60%of the homes sold in 47 days on market in and median sales price was $780K.

2). At the 2^nd quarter of 2008 only 42% homes has sold in average day for 48 days and the median sold price is $750K.

When we combined the both information we know that the sale ability rate has dropped for 18% and the price dropped for 5%. If you are the sellers of those cities, your home needs to be in good condition and priced aggressive to be at the 42% homes that can be sold.

Single Family Residential                                                                             

Years   New Listings  Current Inventory       Closed Sales   Average DOM            Average CDOM            Average Sales Price   Median Sales Price

2007-Q1          4402    3137    2133    47        64        1,002,671        780,000

2007-Q2          5736    4163    2797    35        47        1,090,218        865,000

2007-Q3          5318    4562    2155    37        50        1,065,137        850,000

2007-Q4          3768    3895    1557    46        61        1,035,274        842,000

2008-Q1          5264    5162    1342    55        78        994,206           780,000

2008-Q2          6053    5706    2423    48        71        954,229           750,000

Summary        30541  26625  12407  43        60        1,026,994