Recently I posted summary information about how the Gilroy housing market completed the first half of 2013. You can find it at: Let's foresee the possibilities . . . and get results!: Gilroy Market Through June 2013
Knowing the status of the market is important, but so is seeing the trends behind the results. The charts below are provided with permission of TrendGraphix and are based on data in the MLS for this area.
Knowing the numbers: What's for sale and what's already spoken for
It's been an interesting year so far in the Gilroy housing market. Note the growth spurts tapering off some heading into the summer months.
Sold and pending sales also increased showing strong desire by buyers to capture the American dream of owning their own home.
Will this current slower trend be indicative of what's in store in the coming months?
Note: Pended and pending indicate homes that are in escrow, but not yet closed.
Knowing the financial side: Median price and price per square foot
Now that we know the quantity - what does that look like in dollars and cents?
Both sellers and buyers are concerned with the price per square foot (SQFT) which is shown with the blue bars.
The median price data is also an interesting indicator of how stable the housing market is in an area.
Isn't it intriguing how the Gilroy market is performing compared to last year?
Knowing the availability: Days on market and when we will run out
Last, but not least are the answers to the questions -
How long will the home stay on the market?
and,
Is there really a shortage of inventory?
The answer to how long any home will remain on the market is the topic of many factors and other discussions. This data simply shows the trend in Gilroy.
There are many opinions regarding months of inventory; that is, how many months it would take to sell every home for sale. In a fully balanced market, most reports indicate six months is the healthiest. Gilroy consistently has had less than a two month balance over the past year further substantiating the sellers market.
CDOM Indicates the average Calendar Days on Market; SP/Orig LP calculates the final selling price to the original listing price in a percentage.
Every home sale is unique in some way. If you have questions about this report or would like to discuss how it applies to your situation, please contact me. As always, let's foresee the possibilities . . . and get results!
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