The Gilroy real estate market continues to see inventory growth and sales prices drop.
In terms of inventory, Gilroy real estate saw a 107% increase compared to the same time the previous year, making it the south valley community with the greatest percentage increase in inventory for the second month in a row.
However, new listings in Gilroy were up 4.3% compared to the same time last year, this despite a 33% drop in the county overall.
In terms of homes sold, the number has remained relatively flat recently. In December 2022, the number of sales was down 58% compared to December 2021.
Sellers continue to ask for higher prices for their homes, with the average list price decreasing by 3.2% over the year.
Sales prices in Gilroy decreased slightly by 1% over the year, and sellers have generally been seeing their homes sell for a lower percentage of the asking price compared to the same time last year, at 97.2% compared to 104.7%.
Days On Market
One trend that has changed in the Gilroy real estate market is the length of time it takes for homes to sell. In December 2022, it took 186% longer for homes to sell compared to the same time the previous year, or an average of 40 days in December 2022 compared to just 14 days in December 2021.
Additionally, a higher proportion of homes on the market in December 2022 had their prices reduced, with 34% of homes experiencing a price reduction.