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Gilroy Real Estate Market Report October 2022

Gilroy Real Estate Market Report – October 2022

by | Dec 21, 2022 | Gilroy Market Reports, Market Analysis | 0 comments

Robert Whitelaw, Realtor®

Robert Whitelaw, Realtor®

Published:Dec 21, 2022

Born and raised in Silicon Valley, Robert has helped clients successfully buy, sell and invest in real estate throughout Santa Clara County. Robert uses his local market knowledge to help clients across Silicon Valley!

The Gilroy real estate market continues to change in October.

morgan hill real estate granada theaterSales Price.

Average list price was up about 5.3% from the same time last year!

Inventory Grows.

Gilroy real estate saw a 73% increase in inventory when compared to the same time last year. That makes Gilroy the south valley community with the greatest percentage increase in inventory for October 2022.

New Listings Down.

New listings are also down compared to the same time last year. However, when compared to last year, it has had just about the lowest percentage decrease compared to other Southern Silicon Valley communities.

Homes Sold.

The number of homes sold has been relatively flat recently. For October, the number of sales is down 55% when compared to October of 2021.

List Price.

Seller continue to expect to get more for their homes than they did last year. The average home list price was up 10% over the year.

Sales Price.

While seller expectations increased over the year, actual sales prices increased by 5.3% over the year.

Percent Of List Price.

Sellers have been seeing their homes sell for 98.7% of asking price – down from 104.4% at the same time last year.

Days On Market.

It is taking 169% longer for home to sell in October 2022 than at the same time last year. That comes to 35 days in October 2022 and just 13 days during the same month last year.

Price Reductions.

In October 2022, 49.2% of homes on the market had their price reduced.

Check Out The Last Show!


NAR Settlement – For Buyers and Sellers

The NAR settlement, once it is approved, is set to go into effect in the middle of July 2024. This will completely change how Buyers agent are compensated and we can count on chaos while the systems adjust to the new reality.

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