Once again, the Gilroy real estate market breaks the mold and sees sellers getting MORE than they did last year!
In terms of inventory, Gilroy real estate saw a 29% decrease compared to the same time the previous year. While the county overall saw a 38% decrease over the same time period.
However, new listings in Gilroy were down 34% compared to the same time last year. This was above the county decline of 27%.
When counting for homes sold vs homes listed, Gilroy added 23 homes to the overall inventory this month. The number of sold homes was down 27% 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 -13.5% over the year to $1,153,615.
Sales prices in Gilroy increased by 1.89% 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 102.4% compared to 106.3% 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 156% longer for homes to sell compared to the same time the previous year, or an average of 23 days in May 2023 compared to just 9 days in the same month of 2022.