The Gilroy real estate market is currently the best calibrated to the current market.
In terms of inventory, Gilroy real estate saw a 22% increase compared to the same time the previous year. While the county overall saw only a 1% increase over the same time period.
However, new listings in Gilroy were down 44% compared to the same time last year. This was just a bit above county decline of 38%.
When counting for homes sold vs homes listed, Gilroy added 9 homes to the overall inventory this month. The number of sold homes was down 22% compared to last year.
Sellers in Gilroy showed they are far more willing to price at an appropriate level, with the average list price decreasing by -4.6% over the year.
Sales prices in Gilroy decreased by -5.4% 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 99.6% compared to 108.2% last year.
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. It took 325% longer for homes to sell compared to the same time the previous year, or an average of 34 days in March 2023 compared to just 8 days in the same month of 2022.