The Gilroy real estate market is still seeing a pivot toward buyers.
The real estate market in Gilroy has seen significant changes in November 2022.
In terms of inventory, Gilroy real estate saw a 100% 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 down 26% compared to the same time last year, a greater drop than the county overall.
In terms of homes sold, the number has remained relatively flat recently. In October 2022, the number of sales was down 43% compared to November 2021.
Sellers continue to ask for higher prices for their homes, with the average list price increasing by 1.1% over the year.
Sales prices in Gilroy increased slightly by 0.05% over the year, and sellers have generally been seeing their homes sell for a higher percentage of the asking price compared to the same time last year, at 98.5% compared to 104.8%.
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 November 2022, it took 138% longer for homes to sell compared to the same time the previous year, or an average of 38 days in November 2022 compared to just 16 days in November 2021.
Additionally, a higher proportion of homes on the market in November 2022 had their prices reduced, with 36% of homes experiencing a price reduction.
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