Month-over-Month Changes

In September 2023, the Gilroy real estate market experienced some shifts compared to August 2023:

  • Homes Sold: 27 homes were sold, marking an 18% decrease from 33 sales the previous month.
  • Median Sale Price: Increased by 3% from $1,087,000 in August 2023 to $1,120,000 in September 2023.
  • Days on Market (DOM): Dropped to 10 days from 12 days in August 2023.
  • Percentage of List Price Received: Sellers received 99% of their asking price, down from 101% in August 2023.

Analysis

The month-over-month data suggests a slight contraction in the market. The decrease in homes sold and the drop in the percentage of list price received indicate a tempering of demand. However, the median sale price increased, and DOM decreased, suggesting that the market remains favorable for sellers.

Year-over-Year Comparison

Comparing September 2023 to September 2022, the following changes were observed:

  • Homes Sold: Decreased by 31%, from 39 to 27.
  • Homes Listed: Decreased by 22%, from 50 to 39.
  • Median Sale Price: Increased from $1.11M to $1.12M.
  • Median Days on Market: Decreased from 26 to 10.
  • Percentage of List Price Received: Increased from 98% to 99%.
  • Months of Inventory: Decreased from 2.1 to 1.6.

Analysis

Year-over-year, the market has seen a significant decrease in the number of homes sold and listed. Despite this, the median sale price has slightly increased, and the sales cycle has quickened. This points to a market where inventory is limited, but demand remains robust, driving up prices.

Price Points and Quadrants

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

  • Top Quadrant: 7 homes sold, Median Sale Price: $1,678,000, Median DOM: 39, Avg. $/Sq.Ft.: $673.
  • Second Quadrant: 7 homes sold, Median Sale Price: $1,200,000, Median DOM: 7, Avg. $/Sq.Ft.: $470.
  • Third Quadrant: 7 homes sold, Median Sale Price: $1,010,000, Median DOM: 10, Avg. $/Sq.Ft.: $486.
  • Bottom Quadrant: 6 homes sold, Median Sale Price: $764,444, Median DOM: 8, Avg. $/Sq.Ft.: $691.

Analysis

The data shows that all quadrants are active, but the top quadrant is seeing the most extended DOM, suggesting that higher-priced homes are taking longer to sell. The bottom quadrant, despite having the lowest median sale price, has the highest average price per square foot, indicating a strong market for sellers in these price ranges.

Conclusion

The Gilroy market in September 2023 showed a decrease in homes sold compared to both the previous month and year-over-year. Despite this, the median sale price has increased slightly year-over-year, and the DOM has decreased, indicating a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that the market is active across various price points.

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