Market Update for Gilroy Real Estate

Market Update for Gilroy Real Estate of Single Family Residential Properties.

Healthy conditions are returning to the Gilroy housing market. Sales are up and inventory is down.

May continues to be a strong month for real estate sales.

There are currently 244 single family homes in inventory with 62 new listings and 58 sold properties. In May of last year those numbers were significantly different as can be seen on this chart.

During that time Gilroy had 527 active listings with 33 properties sold and 112 new listings. There was not a big difference in the number of days on market. This is the number of days it takes to sell a home from the time it is first listed to the day it closes escrow.

The statewide median home price for single family homes was $256,700 in April 2009

When inventory decreases prices go up. The third chart shows that home values have decreased from May 2008 but are slowly recovering.