For many homesellers in Los Gatos (and Silicon Valley generally), and for their Realtors, the real estate market is extremely challenging right now. Buyers have been wary for many months already, but now they're concerned about a recession and job losses, not just the possibility of a real estate sales price that won't hold its value later. It is a deepening buyers market overall, but especially within the market for single family homes.
Read more at Closed Sales of Homes in Los Gatos: Yes, The Numbers Are Down (includes the absorption rates of single family homes and condos in Los Gatos in 2008).
Cheers!
Mary
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