Our manager announced at yesterday's office meeting that she and her fellow managers have a pool going to see who comes closest to guessing where the inventory will top out this year. She thought it would be fun to do the same thing within the office. If we want to play, we have to submit our guess along with $5 by Sept. 11, which is our next office meeting. The managers’ guesses range between 6500 and 7800.
Although numbers in the higher priced areas in the county are holding steady, Santa Clara County as a whole is moving up to a record not seen since 1999.
For the week of August 24, the total number of listings was 6311, of which 4657 were single family homes. Compare those figures to a year ago when there were a total of 4611, with 3387 of them single family residences.
The '06 date when listings topped out was September 15, when there were 4745 listings, 3449 of them single family.
Even with the tight money in Jumbo loans, the high end still leads the market, with an average of 34 days of unsold inventory in Mountain View, Saratoga and Palo Alto. This compares to 397 days in east south and central San Jose.
I'm still thinking about what the "winning" number will be. In this case, the homeowners could be the losers.
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