Month-over-Month Changes

In March 2024, the Gilroy real estate market showed a positive trajectory compared to February 2024:

  • Homes Sold: Increased by 17%, from 23 homes in February to 27 in March.
  • Median Sale Price: Experienced a slight increase of 1%, moving from $1,088,000 in February to $1,100,000 in March.
  • Days on Market (DOM): Decreased to 9 days from 11 days in February.
  • Percentage of List Price Received: Dipped slightly to 101% in March from 102% in February.

Analysis

The month-over-month data highlights a robust market with increased activity. The rising number of sales along with a moderate increase in median sale price suggests sustained buyer interest. The slight reduction in DOM indicates that properties are moving faster, reflecting a competitive market environment.

Year-over-Year Comparison

Comparing March 2024 to March 2023 reveals the following:

  • Homes Sold: Decreased by 23%, from 35 homes sold in March 2023 to 27 in March 2024.
  • Median Sale Price: Rose from $1.07M in March 2023 to $1.10M in March 2024.
  • Days on Market: Improved significantly, dropping from 21 days in March 2023 to 9 in March 2024.
  • Percentage of List Price Received: Increased slightly from 100% in March 2023 to 101% in March 2024.
  • Months of Inventory: Remained stable at 1.7, indicating a balanced market.

Analysis

Year-over-year, the market dynamics suggest tightening supply with fewer homes sold but at faster rates and slightly higher prices. The decrease in DOM and stable inventory levels indicate a market that remains favorable to sellers, with properties selling faster and close to the listing prices.

Price Points and Quadrants

The breakdown of sales by quadrants in March 2024 is as follows:

  • Top Quadrant: Median Sale Price: $2,350,000; Median DOM: 7; Avg. $/Sq.Ft.: $615.
  • Second Quadrant: Median Sale Price: $1,195,000; Median DOM: 8; Avg. $/Sq.Ft.: $516.
  • Third Quadrant: Median Sale Price: $972,000; Median DOM: 12; Avg. $/Sq.Ft.: $516.
  • Bottom Quadrant: Median Sale Price: $795,000; Median DOM: 10; Avg. $/Sq.Ft.: $633.

Analysis

The data shows significant variability across different market segments. The top quadrant displays robust activity with the highest prices and quick sales, suggesting strong demand for higher-end properties. Lower quadrants show longer DOMs, indicating more time on the market but still maintaining reasonable price points.

Conclusion

The Gilroy real estate market in March 2024 exhibited a vibrant and evolving landscape, marked by a blend of increased month-over-month sales and stabilized year-over-year metrics. While the top end of the market appears particularly dynamic, there remains activity across all price points, offering opportunities for a diverse range of buyers and sellers. The overall market conditions in Gilroy indicate a competitive but stable environment conducive to both buying and selling.

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