Month-over-Month Changes

The Gilroy real estate market saw subtle but significant movements from January 2024 to February 2024:

  • Homes Sold: The number of homes sold slightly decreased by 5%, from 22 sales in January to 21 sales in February 2024.
  • Median Sale Price: There was a noticeable increase in the median sale price, up 9% from $1,000,000 in January to $1,088,000 in February 2024.
  • Days on Market (DOM): Homes sold faster, with the DOM decreasing from 20 days in January to 13 days in February 2024.
  • Percentage of List Price Received: Sellers received a greater portion of their asking price, with the percentage increasing from 99% in January to 102% in February 2024.

Analysis

The month-over-month analysis suggests a tightening market in Gilroy, with fewer homes sold but at higher prices and more quickly than in the previous month. This trend indicates strong demand and competitive buying conditions, with sellers gaining a slight edge in negotiations.

Year-over-Year Comparison

Comparing February 2024 to February 2023, the Gilroy real estate market demonstrates growth and increased activity:

  • Homes Sold: There was a slight decline of 12% in the number of homes sold, from 24 in February 2023 to 21 in February 2024.
  • Median Sale Price: Showed a significant jump of 23%, from $886K in February 2023 to $1.09M in February 2024.
  • Days on Market (DOM): The selling pace improved drastically, with DOM reducing from 34 days in February 2023 to just 13 days in February 2024.
  • Percentage of List Price Received: Sellers are now receiving a better deal, with the percentage increasing from 96% in February 2023 to 102% in February 2024.
  • Months of Inventory: Saw a decrease from 2.5 in February 2023 to 1.7 in February 2024, indicating a tighter market.

Analysis

Year-over-year, the Gilroy market has become more competitive and favorable for sellers, evidenced by the reduced DOM, higher sales prices, and increased percentage of list price received. Despite a slight drop in the number of homes sold, the substantial increase in median sale price and faster sales cycles highlight a strong market demand.

Price Points and Quadrants

February 2024 sales distribution by quadrants provides insight into market dynamics:

  • Top Quadrant: 6 homes sold, Median Sale Price: $1,312,450, Median DOM: 9, Avg. $/Sq.Ft.: $481.
  • Second Quadrant: 5 homes sold, Median Sale Price: $1,200,000, Median DOM: 5, Avg. $/Sq.Ft.: $555.
  • Third Quadrant: 5 homes sold, Median Sale Price: $995,000, Median DOM: 18, Avg. $/Sq.Ft.: $486.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $900,000, Median DOM: 43, Avg. $/Sq.Ft.: $552.

Analysis

The quadrant analysis reveals a balanced market across various price points in Gilroy. Notably, the top and second quadrants saw quicker sales, suggesting a strong interest in higher-priced homes. Conversely, homes in the bottom quadrant experienced longer DOM, indicating a slower movement in this segment. Overall, the market shows healthy activity across all price ranges, with particular strength in mid to high-end properties.

Conclusion

Gilroy’s real estate market in February 2024 showed promising signs of growth, with increased median sale prices, quicker sales, and sellers receiving a higher percentage of their asking price. While the market has tightened slightly in terms of available inventory, the demand remains strong, especially in the mid to upper price ranges. As we move into March 2024, Gilroy continues to present opportunities for both buyers and sellers in a competitive market environment.

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