If you are a seller in the Gilroy real estate market, you got close to what homes were selling for last year! The ONLY area to do that in April 2023!
In terms of inventory, Gilroy real estate saw a 2% decrease compared to the same time the previous year. While the county overall saw a 20% decrease over the same time period. This is pivot from last month when inventories actually increased.
However, new listings in Gilroy were down 31% compared to the same time last year. This was below the county decline of 33%.
When counting for homes sold vs homes listed, Gilroy added 30 homes to the overall inventory this month. The number of sold homes was down 60% compared to last year.
Sellers in Gilroy showed they are expecting more for their homes, with the average list price increasing by 2.9% over the year to $1,244,010.
Sales prices in Gilroy decreased by 1.36% 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 101.1% 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 222% longer for homes to sell compared to the same time the previous year, or an average of 29 days in 2023 compared to just 9 days in the same month of 2022.