South County Real Estate Today: Gilroy Real Estate 2017 Market Review
Gilroy Real Estate Market 2017 Review
The Gilroy Single Family Home Real Estate market remained strong for the entire 2017 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 2016. Not a surprise, the median sale price and the price/square foot continued to increase, in excess of 34% over the past 5 years. Let’s look at the Gilroy Residential Real Estate Market 2017 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 31 new single family residential homes already listed in the first 24 days of January.
Gilroy Number of SFR New Listings 2013 – 2017
The Gilroy real estate market saw 699 single family residences enter the market in 2017. Over the past 5 years the number of new listings per year has increased by 50, an 8% increase.
Gilroy SFR Median Sale Price 2013 – 2017
The Gilroy real estate market also brought an increase in the median home price in 2017. The median sale price in 2017 was $705,000 compared to $667,000 in 2016. This number is up by $38,000, 6% increase. Median Sale price in 2012 was $525,000, 2017 it is up $180,000 or 34%.
Gilroy Number of Closed SFR Sales 2013 – 2017
The Gilroy real estate market saw 640 single family residences close escrow in 2017. This is up 43 from 2016 or a 7% increase in the number of sales.
Gilroy SFR Average Price/Square Foot 2013 – 2017
The 2017 Gilroy real estate market saw a sizeable increase in price per square foot of sold listings. In 2017 this amounted to $371/sq. ft. which was a 7% increase from 2016. In 2016 the price per square foot was $346. This positive trend has continued since 2013, when price per sq. foot was $275/sq.f t., 35% increase!
Gilroy SFR Average Days on Market 2013 – 2017
In Gilroy the average number of days it took to sell a single family home in 2017 was 33 days. Compared to 2016 when the average home was on the market for 44 days. Homes selling quickly is due to a robust economy in the South Bay, generating a high demand for housing. Over the past 5 years Average Days on the market has decreased by 7 days, a decrease of 18%.