Month-over-Month Changes

In April 2024, the Gilroy real estate market experienced significant shifts from the previous month:

  • Homes Sold: 19 homes were sold, marking a 30% decrease from 27 sales in March 2024.
  • Median Sale Price: Increased by 12%, from $1,100,000 in March 2024 to $1,230,000 in April 2024.
  • Days on Market (DOM): Rose to 12 days from 9 days in March 2024.
  • Percentage of List Price Received: Sellers received 101% of their asking price, consistent with the previous month.

Analysis

The data indicates a decrease in the number of homes sold but an increase in median sale price, suggesting that while fewer homes are selling, they are fetching higher prices. The rise in DOM could indicate a slight cooling in demand, but the continued high percentage of list price received shows that the market remains competitive.

Year-over-Year Comparison

Comparing April 2024 to April 2023, the following changes were noted:

  • Homes Sold: Decreased by 21% from 24 to 19.
  • Median Sale Price: Increased from $1.12M to $1.23M.
  • Days on Market: Increased from 9 to 12.
  • Average Dollar per Square Foot: Rose from $510 to $586.
  • Months of Inventory: Increased from 1.8 months in April 2023 to 2.5 months in April 2024.

Analysis

Year-over-year trends show a decrease in the number of homes sold and an increase in the DOM, which could suggest a market adjusting to higher prices. The significant rise in the average dollar per square foot and median sale price points to increased home values, despite a slowdown in sales volume.

Price Points and Quadrants

The sales details for April 2024 by quadrants are as follows:

  • Top Quadrant: 5 homes sold, Median Sale Price: $2,290,000, Median DOM: 12, Avg. $/Sq.Ft.: $513.
  • Second Quadrant: 5 homes sold, Median Sale Price: $1,285,000, Median DOM: 34, Avg. $/Sq.Ft.: $552.
  • Third Quadrant: 5 homes sold, Median Sale Price: $1,050,000, Median DOM: 9, Avg. $/Sq.Ft.: $568.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $827,500, Median DOM: 9, Avg. $/Sq.Ft.: $562.

Analysis\

The quadrant data highlights that the top and bottom quadrants have the quickest sales with DOM at 9 and 12 days, respectively, suggesting a stronger buyer interest in these price ranges. The significant price difference in quadrants also shows a diverse market that caters to a wide range of buyers.

Conclusion

April 2024 in Gilroy showcased a market that, despite a decrease in the number of homes sold, saw an increase in median sale prices, indicating robust value growth. The year-over-year comparison underscores a market where prices continue to climb even as the pace of sales moderates. The data by quadrants reveals a market with varied activity, highlighting opportunities across different price segments, particularly in higher and lower ends of the market.

Data provided by MLS Listings and is deemed reliable but not guaranteed.