Month-over-Month Changes

In November 2023, the Gilroy real estate market experienced several notable changes compared to October 2023:

  • Homes Sold: There was a 26% decrease in homes sold, dropping from 31 sales in October to 23 sales in November.
  • Median Sale Price: The median sale price decreased by 5%, from $1,125,000 in October to $1,072,000 in November.
  • Days on Market (DOM): The DOM increased significantly, rising from 8 days in October to 18 days in November.
  • Percentage of List Price Received: Sellers received 101% of their asking price, a slight decrease from 103% in October.

Analysis

The month-over-month data suggests a cooling trend in the Gilroy market. The decrease in the number of homes sold and the increase in DOM indicate a potential shift towards a more balanced market. However, the fact that sellers are still receiving above their asking price points to continued strong demand.

Year-over-Year Comparison

Comparing November 2023 to November 2022, the Gilroy market showed the following trends:

  • Homes Sold: A decrease of 23%, from 30 homes sold in November 2022 to 23 in November 2023.
  • Median Sale Price: Increased from $936K in November 2022 to $1.07M in November 2023.
  • Days on Market: Increased from 25 days in November 2022 to 18 days in November 2023.
  • Percentage of List Price Received: Improved from 98% in November 2022 to 101% in November 2023.

Analysis

Year-over-year, there’s a noticeable decrease in the volume of sales, but an increase in the median sale price. This indicates a market where prices are rising despite a slowdown in sales volume. The increase in DOM suggests a slight easing in market velocity, but the higher percentage of list price received indicates that demand remains robust.

Price Points and Quadrants

The sales data for November 2023, broken down by quadrants, reveals:

  • Top Quadrant: 6 homes sold, Median Sale Price: $1,400,000, Median DOM: 21, Avg. $/Sq.Ft.: $476.
  • Second Quadrant: 6 homes sold, Median Sale Price: $1,157,500, Median DOM: 8, Avg. $/Sq.Ft.: $467.
  • Third Quadrant: 6 homes sold, Median Sale Price: $1,002,500, Median DOM: 29, Avg. $/Sq.Ft.: $457.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $735,000, Median DOM: 14, Avg. $/Sq.Ft.: $576.

Analysis

The quadrant data indicates a diverse market activity across different price points. The top and second quadrants show significant activity, suggesting a strong market for higher-priced homes. The longer DOM in the third quadrant could indicate a slower movement in this segment, while the bottom quadrant shows a mix of price and speed of sale.

ConclusionThe Gilroy real estate market in November 2023 demonstrated a decrease in the number of homes sold compared to the previous month and year. However, the increase in median sale price year-over-year and the stable percentage of list price received indicate a market that remains favorable for sellers. The quadrant data provides valuable insights, showing active movement across various price ranges, with higher-priced homes moving quickly.

Data provided by MLSListings and is deemed reliable but not guaranteed.