Month Over Month Changes

The Gilroy real estate market has seen some significant shifts from June to July 2023. Here’s a detailed breakdown:

  • Homes Sold: A decrease from 49 to 32 homes sold, marking a 35% drop.
  • Median Sale Price: A substantial increase of 13%, from $1,000,000 in June to $1,132,500 in July.
  • Days on Market (DOM): A drop to 8 from 10 in June, indicating quicker sales.
  • Percentage of List Price Received: Sellers received 102% of their asking price in July, consistent with June.

These figures suggest a market that is slowing down in terms of sales but seeing a significant increase in median sale price.

Year Over Year Changes

Comparing July 2023 to July 2022, the Gilroy market has seen the following year-over-year changes:

  • Homes Sold: 32 in July 2023 vs. 33 in July 2022, a decrease of 3%.
  • Homes Listed: 35 in July 2023 vs. 62 in July 2022, down by 44%.
  • Median Sale Price: $1.13M in July 2023 vs. $1.11M in July 2022, an increase of 2%.
  • Average Dollar per Square Foot: $545 in July 2023 vs. $568 in July 2022, down by 4%.
  • Median Days on Market: 8 in July 2023 vs. 13 in July 2022, a decrease of 38%.
  • Months of Inventory: 1.1 in July 2023 vs. 2.0 in July 2022, a decrease of 45%.

The year-over-year data shows a trend towards fewer sales and listings, higher median sale price, but a faster market pace.

Quadrants Analysis: What’s Selling?

Here’s a breakdown of what’s selling in Gilroy by quartile:

  • Top Quartile: 8 sold, Median Sale Price: $1,622,500, Median DOM: 11, Avg. $/Sq.Ft.: $516
  • Second Quartile: 8 sold, Median Sale Price: $1,287,500, Median DOM: 8, Avg. $/Sq.Ft.: $516
  • Third Quartile: 8 sold, Median Sale Price: $1,012,500, Median DOM: 14, Avg. $/Sq.Ft.: $509
  • Bottom Quartile: 8 sold, Median Sale Price: $905,750, Median DOM: 9, Avg. $/Sq.Ft.: $609

This data reveals that properties across all quartiles are moving, with the top quartile experiencing slightly longer time on the market.

Conclusion

The Gilroy real estate market in July 2023 has shown mixed trends, with a decrease in sales but a significant increase in median sale price month over month. The market appears to be more balanced, with properties across all price points moving, but at a quicker pace.

The decrease in months of inventory suggests a more competitive market for buyers, while the slight increase in median sale price year over year indicates that quality properties are still in demand. Both buyers and sellers must be aware of these trends to make informed decisions in this evolving market.

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