We saw a big jump in home inventory for the Gilroy real estate market.
In terms of inventory, Gilroy real estate saw a 53% increase compared to the same time the previous year, but even this large increase was lower than what we saw happen last month.
However, new listings in Gilroy were down 25% compared to the same time last year. This was close to the county decline of 27%.
In terms of homes sold, the number has remained relatively flat recently. The number of sold homes was down 30% compared to last year.
Sellers continue to ask for higher prices for their homes, with the average list price decreasing by 2.3% over the year.
Sales prices in Gilroy decreased significantly by 20% 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 99.3% compared to 106.6%.
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 January 2023, it took 220% longer for homes to sell compared to the same time the previous year, or an average of 32 days in January 2023 compared to just 10 days in January 2022.
Additionally, a higher proportion of homes on the market in January 2023 had their prices reduced, with 31% of homes experiencing a price reduction.