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gilroy real estate market january 2023

Gilroy Real Estate Market – January 2023

by | Mar 30, 2023 | Market Analysis, Gilroy Market Reports | 0 comments

Robert Whitelaw, Realtor®

Robert Whitelaw, Realtor®

Published:Mar 30, 2023

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!

We saw a big jump in home inventory for the Gilroy real estate market.

Inventory

gilroy real estate marketIn 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.

New Listings

However, new listings in Gilroy were down 25% compared to the same time last year. This was close to the county decline of 27%.

Homes Sold

In terms of homes sold, the number has remained relatively flat recently. The number of sold homes was down 30% compared to last year.

List Prices

Sellers continue to ask for higher prices for their homes, with the average list price decreasing by 2.3% over the year.

Sales Prices

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.

Price Reductions

Additionally, a higher proportion of homes on the market in January 2023 had their prices reduced, with 31% of homes experiencing a price reduction.

Check Out The Last Show!

NAR SETTLEMENT

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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