Month-over-Month Changes

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

Homes Sold: There was an 11% increase in homes sold, with 31 homes sold in October compared to 28 in September.

Median Sale Price: The median sale price saw a slight decrease of 1%, from $1,137,500 in September to $1,125,000 in October.

Days on Market (DOM): The DOM decreased, dropping to 8 days in October from 11 days in September.

Percentage of List Price Received: Sellers received an average of 103% of their asking price in October, up from 99% in September.

Year-over-Year Comparison

Comparing October 2023 to October 2022, the Gilroy market showed the following changes:

Homes Sold: Increased by 19%, from 26 homes sold in October 2022 to 31 in October 2023.

Homes Listed: Decreased by 23%, from 47 in October 2022 to 36 in October 2023.

Median Sale Price: Increased by 5%, from $1.08M in October 2022 to $1.13M in October 2023.

Days on Market: Decreased significantly by 65%, from 23 days in October 2022 to 8 days in October 2023.

Percentage of List Price Received: Increased from 99% in October 2022 to 103% in October 2023.

Months of Inventory: Decreased from 2.4 months in October 2022 to 1.7 months in October 2023.

Average Dollar per Sq. Ft.: Increased by 9%, from $515 in October 2022 to $560 in October 2023.

 Price Points and Quadrants

The sales details for October 2023 were broken down by quadrants:

Top Quadrant: 8 homes sold, Median Sale Price: $1,575,000, Median DOM: 8, Avg. $/Sq.Ft.: $552.

Second Quadrant: 8 homes sold, Median Sale Price: $1,247,327, Median DOM: 13, Avg. $/Sq.Ft.: $454.

Third Quadrant: 8 homes sold, Median Sale Price: $930,000, Median DOM: 7, Avg. $/Sq.Ft.: $555.

Bottom Quadrant: 7 homes sold, Median Sale Price: $725,000, Median DOM: 13, Avg. $/Sq.Ft.: $578.

Analysis

The Gilroy real estate market in October 2023 showed a healthy increase in homes sold compared to the previous month and a significant increase compared to the previous year. The decrease in DOM and the increase in the percentage of list price received indicate a strong seller’s market. The increase in median sale price year-over-year and the decrease in months of inventory further reinforce this trend. The quadrant data reveals that all price ranges are active, with the top and third quadrants showing particularly strong activity, suggesting a robust market across various price points.

Conclusion

The Gilroy market in October 2023 demonstrated a dynamic and competitive environment, particularly favourable for sellers. The increase in sales, combined with the decrease in inventory and faster sales cycle, indicates a strong demand for homes in Gilroy. The data across different quadrants provides valuable insights for both buyers and sellers, highlighting the competitiveness and vitality of the Gilroy real estate market.

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