Gilroy Market Through June 2013

As a local realtor, I service clients primarily interested in the Morgan Hill, San Martin and Gilroy areas.  This one's a "shout-out" to my friends and neighbors in Gilroy.

How's the market?

Well, that all depends on your interest!

The market is always fluctuating and much of the data we rely on is based on recent trends.  Regardless of whether you're an investor, a buyer planning to occupy the property or a seller considering your options - you want to know where the prices are and whether they're trending up or down. 

30,000 Foot Level (Residential Properties in Gilroy, CA; 1/1/13-6/30/13):

List Price:                    Sold Price:

High         $5,195,000                 $1,995,000

Low         $    120,000                $   130,000

Average  $   617,606                  $  536,108

Median    $   499,000                  $  476,000

As June ended, we discovered a few interesting data points.  For example:

Single Family Homes (Not Townhomes or Condos):

• There were 50 single family homes activily listed for sale.  The average price per square foot was $376.61 and they had been on the market an average of 84 days.
• Two hundred sixty nine (yes, more than Morgan Hill!) homes sold and closed escrow.  The average price per square foot was $253.69.  The average time these homes were on the market was 45 days with one property holding out over 620 days before being united with a new owner.
• An additional 88 single family homes were in contract making their way through escrow.

Townhomes and Condos (Not Single Family Homes):

• There were 11 homes activily listed for sale.  The average price per square foot was $196.27 and they had been on the market an average of 122 days.  Part of the long time on market was driven by a newer development between listing and occupancy.
• 22 homes sold and closed escrow with an average price per square foot was $182.25.  The average time these homes were on the market was 72 days with one property holding out over 360 days before being united with a new owner.
• An additional 13 homes were in contract making their way through escrow.

This market report has been compiled using data recorded in the MLS which captures the majority of residential real estate transfers.

Please contact me if you have questions about this data or would like to discuss the market and how it applies to you.