Month-over-Month Changes

The Gilroy real estate market experienced some fluctuations in August 2023 compared to July 2023.

  • Homes Sold: 31 homes were sold, marking a 6% decrease from 33 sales in July 2023. This slight dip suggests that the market is experiencing a minor slowdown in transaction volume.
  • Median Sale Price: The median sale price decreased by 3%, from $1,115,000 in July to $1,087,000 in August. This could indicate a shift towards more budget-friendly options in the market.
  • Days on Market (DOM): The DOM increased to 12 days from 8 days in July, indicating that homes are taking slightly longer to sell.
  • Percentage of List Price Received: Sellers received 101% of their asking price, a slight decrease from 102% in July. This still signifies a competitive market.

Year-over-Year Comparison

Comparing August 2023 to August 2022, the market has seen some notable changes:

  • Homes Sold: Decreased by 18%, from 38 to 31.
  • Homes Listed: Decreased by 5%, from 40 to 38.
  • Median Sale Price: Decreased by 6%, from $1.16M to $1.09M.
  • Average Dollar per Square Foot: Increased by 13%, from $526 to $595.
  • Median Days on Market: Decreased by 57%, from 28 to 12.
  • Months of Inventory: Decreased by 32%, from 1.9 to 1.3.
  • Percentage of List Price Received: Increased by 2%, from 99% to 101%.

Price Points and Quadrants

The August 2023 sales details were broken down by quadrants:

  • Top Quadrant: 8 homes sold, Median Sale Price: $1,690,000, Median DOM: 24, Avg. $/Sq.Ft.: $657.
  • Second Quadrant: 8 homes sold, Median Sale Price: $1,200,000, Median DOM: 10, Avg. $/Sq.Ft.: $562.
  • Third Quadrant: 8 homes sold, Median Sale Price: $1,010,000, Median DOM: 16, Avg. $/Sq.Ft.: $516.
  • Bottom Quadrant: 7 homes sold, Median Sale Price: $900,000, Median DOM: 16, Avg. $/Sq.Ft.: $515.

Conclusion

The Gilroy market in August 2023 showed a slight decrease in sales and median sale price compared to the previous month. However, the market remains competitive, especially in the top and second quadrants. The year-over-year data indicates a market with fewer listings and slightly lower prices but quicker sales.

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