March 2009 has been and continues to be a busy month for Gilroy Real Estate.
In February of 2009 the inventory of single family homes in Gilroy was 352 with 42 homes sold and 91 new listings. The absorption rate was 7.3 months. That means that it will take 7.3 months for a new listing to close sale when no new homes come on the market. This absorption rate indicates that we currently are in a buyers' market. Mortgage rates are coming down and the new homebuyer tax credit is an additional incentive to purchase a home.
This month is not closed yet but the numbers are already looking better than last month. Currently there are 230 homes in inventory. In the first 27 days of March 49 homes sold and 75 new homes were newly listed.
If you are a first time homebuyer I will be happy to assist you in your search for the "perfect" home and help you with your purchase.
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