Inventory

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.

New Listings

However, new listings in Gilroy were down 31% compared to the same time last year. This was below the county decline of 33%.

Homes Sold

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.

List Prices

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

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.