Here’s the good news Gilroyans: Our Closed Sales-to-New Listings-Ratio (CS:NL) nearly doubled that of the same time last year. June’s CS:NL ratio was 87.3% vs. 47.6% in June last year. The “bad” news is that June’s CS:NL ratio was down from May’s 93.5%.
As you would expect, Gilroy’s Average Sales Price (ASP) of $395,900 dropped 3.8% in June from the month prior ($411,500). Likewise, the ASP was down 32.5% from 6/08’s $586,800.
While interest rates and prices are still down buyers who want the American Dream, Gilroy-style, should jump on the shrinking inventory of homes. Gilroy’s home prices will go up.
Down the road in Hollister the CS:NL ratio also dropped from May to June but the ASP went UP 15.2% in that same month! Compared to ’08 Hollister is following Morgan Hill and Gilroy’s trend of an increasing CS:NL ratio.
For your own study of the actual Multiple Listing Service figures go onto “Client Portfolio” on the navigation bar. There you can see a great deal of real-time data. Enjoy.