The Gilroy real estate market has some interesting differences compared to other areas.
Gilroy actually saw an 18.3% jump in sales prices compared to September last year! This while other areas actually saw an overall decrease in average sales price compared to the same time last year. The county overall saw a decrease and San Jose and Morgan Hill both saw less of a jump than Gilroy did.
The Gilroy real estate market saw a 44.3% increase in inventory when compared to the same time last year. This is very close to the increase Gilroy had in August – indicating a continuing accumulation of homes that is feeding a dramatic increase in inventory.
What About Other Areas.
Santa Clara County.
The county overall actually saw a 2.1% decrease in average sales price.
San Jose actually saw its average sales price drop during the same time Gilroy saw an average price increase. You can also check out the San Jose Market Analysis.
Both Gilroy and Morgan Hill had similar total home sales. However, Gilroy is showing greater growth in inventory that is being fed mostly by a higher rate of new listings. Check out the video below for the full Morgan Hill real estate market report.