Month-over-Month Changes

In January 2024, the Gilroy real estate market experienced several notable changes compared to December 2023:

  • Homes Sold: There was a decrease to 22 homes sold, down 19% from 27 sales the previous month.
  • Median Sale Price: We observed a decrease to $1,000,000, a 16% drop from $1,187,500 in December 2023.
  • Days on Market (DOM): The DOM increased to 20 days, up from 16 days in December 2023.
  • Percentage of List Price Received: Sellers received 99% of their asking price, a slight decrease from 100% in December 2023.

Analysis

The month-over-month data suggests a cooling in the Gilroy market, with fewer homes sold and a notable decrease in the median sale price. The increase in DOM and slight decrease in the percentage of list price received further indicate a shift towards a more balanced market.

Year-over-Year Comparison

Comparing January 2024 to January 2023, the Gilroy market showed the following year-over-year changes:

  • Homes Sold: Increased slightly by 5%, from 21 to 22 homes sold.
  • Homes Listed: Decreased from 27 to 23, indicating a tighter inventory.
  • Median Sale Price: Rose from $925K to $1.00M, reflecting a growing market value.
  • Median Days on Market: Decreased significantly from 28 to 20 days, suggesting faster sales.
  • Percentage of List Price Received: Remained stable at 99%, indicating consistent market conditions.
  • Months of Inventory: Decreased from 1.9 to 1.2, showing a tighter market.

Analysis

Year-over-year, the Gilroy market has shown resilience with an increase in median sale prices and a decrease in DOM, despite a slight increase in homes sold. The decrease in months of inventory points to a competitive market, with demand outpacing supply.

Price Points and Quadrants

The January 2024 sales data by quadrants revealed:

  • Top Quadrant: 6 homes sold, Median Sale Price: $1,291,250, Median DOM: 27, Avg. $/Sq.Ft.: $482.
  • Second Quadrant: 6 homes sold, Median Sale Price: $1,037,500, Median DOM: 36, Avg. $/Sq.Ft.: $445.
  • Third Quadrant: 5 homes sold, Median Sale Price: $925,000, Median DOM: 7, Avg. $/Sq.Ft.: $466.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $765,400, Median DOM: 15, Avg. $/Sq.Ft.: $614.

Analysis

The quadrant data indicates a diverse market activity across different price points. The top and second quadrants, representing higher-priced homes, show significant activity, suggesting a strong demand for premium properties. The quicker sales in the third quadrant indicate a competitive market for mid-priced homes, while the bottom quadrant shows a healthy interest in more affordable options.

Conclusion

The Gilroy real estate market in January 2024 demonstrated a mix of cooling signs month-over-month but showed strength on a year-over-year basis. The decrease in homes sold and median sale price from the previous month indicates a slight shift towards a buyer’s market. However, the year-over-year growth in median sale prices and the decrease in DOM highlight underlying market resilience. The quadrant analysis provides insights into which segments of the market are most active, with a notable demand across all price ranges. As the market continues to evolve, these trends offer valuable insights for both buyers and sellers in Gilroy.

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