Month-over-Month Changes

In December 2023, the Gilroy real estate market experienced the following changes compared to November 2023:

  • Homes Sold: 24 homes were sold, remaining consistent with the previous month.
  • Median Sale Price: Increased by 5% from $1,098,500 in November 2023 to $1,153,750 in December 2023.
  • Days on Market (DOM): Remained steady at 16 days, unchanged from November 2023.
  • Percentage of List Price Received: Sellers received 100% of their asking price, a slight decrease from 101% in November 2023.

Analysis

The Gilroy market in December 2023 showed stability in terms of the number of homes sold and days on the market. The increase in median sale price indicates a continued interest in the area, although the slight decrease in the percentage of list price received suggests a slight adjustment in market dynamics.

Year-over-Year Comparison

Comparing December 2023 to December 2022, the Gilroy market observed the following changes:

  • Homes Sold: Increased by 26%, from 19 to 24 homes.
  • Homes Listed: Decreased from 22 to 20, a 9% decrease.
  • Median Sale Price: Rose from $1.08M in December 2022 to $1.15M in December 2023, an 8% increase.
  • Median Days on Market: Decreased significantly from 27 to 16 days.
  • Percentage of List Price Received: Improved from 97% in December 2022 to 100% in December 2023.
  • Months of Inventory: Decreased from 2.3 to 1.2 months.
  • Average Dollar per Sq. Ft.: Increased from $520 to $564, a 7% rise.

Analysis

Year-over-year, the Gilroy market has shown a robust increase in sales and sale prices, coupled with a faster sales cycle. The decrease in inventory and days on the market, along with an increase in the percentage of list price received, indicates a strong seller’s market.

Price Points and Quadrants

The sales details for December 2023 in Gilroy were broken down by quadrants:

  • Top Quadrant: 6 homes sold, Median Sale Price: $1,672,000, Median DOM: 22, Avg. $/Sq. Ft.: $519.
  • Second Quadrant: 6 homes sold, Median Sale Price: $1,217,362, Median DOM: 13, Avg. $/Sq. Ft.: $492.
  • Third Quadrant: 6 homes sold, Median Sale Price: $990,000, Median DOM: 13, Avg. $/Sq. Ft.: $603.
  • Bottom Quadrant: 6 homes sold, Median Sale Price: $807,500, Median DOM: 36, Avg. $/Sq. Ft.: $547.

Analysis

The quadrant data reveals a balanced market across all price ranges in Gilroy. The top quadrant, with the highest median sale price, experienced longer DOM, suggesting a more selective buyer pool. The third quadrant showed a higher average dollar per square foot, indicating a strong demand for mid-priced homes.

Conclusion

The Gilroy real estate market in December 2023 demonstrated a stable number of sales with an increase in median sale prices both month-over-month and year-over-year. The market dynamics suggest a strong seller’s market with a quick turnover of properties. The quadrant analysis provides insights into the diverse range of properties moving in the market, catering to various buyer preferences.

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