Gilroy Residential Real Estate 2016 Year-End Review

Gilroy Real Estate Market 2016 Review

The Gilroy Single Family Home Real Estate market remained strong for the entire 2016 year, with continued low levels of inventory and rising prices.  Buyers often competed against each other for attractively priced homes, with the number of sales increasing over 2015.  Not a surprise, the median sale price and the price/square foot continued to increase, in excess of 60% over the past 5 years.  Let’s look at the Gilroy Residential Real Estate Market 2016 Review graphed statistics below for single family residences (SFR).  The graphs were generated from MLSListings.com, the regional multiple listing provider.  If you are wondering about what the future holds for 2017, all indications are that the residential real estate market in Gilroy will continue to be a Seller’s Market, with 19 new single family residential homes already listed in the first 15 days of January. 

Gilroy Number of New Listings 2012 – 2016:

Gilroy Residential Real Estate Number of New Listings, click on chart to enlarge

 

 

 

 

 

 

The Gilroy real estate market saw 710 single family residences enter the market in 2016.  Over the past 5 years the number of new listings per year has increased by 75, an 11.6% increase.

Gilroy Median Sale Price 2012 – 2016:

Gilroy Residential Real Estate, Median Sale Price, click on chart to enlarge

 

 

 

 

 

 

The Gilroy real estate market also brought an increase in the median home price in 2016.  The median sale price in 2016 was $667,000 compared to $630,500 in 2015.  This number is up by $36,500, 5.9% increase.  Median Sale price in 2012 was $405,000, 2016 it is up $262,000 or 64.7%.

Gilroy Number of Sales 2012 – 2016:

Gilroy Residential Real Estate, Number of Sales, click on chart to enlarge

 

 

 

 

 

 

The Gilroy real estate market saw 597 single family residences close escrow in 2016.  This is up 27 from 2015 or a 4.7% increase in the number of sales.

Gilroy Average Price/Square Foot 2012 – 2016:

Gilroy Residential Real Estate, Average Price Per Sq. Foot, click on chart to enlarge

 

 

 

 

 

 

The 2016 Gilroy real estate market saw a sizeable increase in price per square foot of sold listings.  In 2016 this amounted to $346/sq ft which was a 7.8% increase from 2015.  In 2015 the price per square foot was $321.  This positive trend has continued since 2012, when price per sq. foot was $212/sq ft, 63% increase!

Gilroy Average Days on Market 2012 – 2016:

Gilroy Residential Real Estate, Average Days to Sell, click on chart to enlarge

 

 

 

 

 

 

In Gilroy the average number of days it took to sell a single family home in 2016 was 44 days.  Where as in 2015 the average home was on the market for 35 days.  Over the past 5 years Average Days on the Market has decreased by 19 days, a decrease of 30%.