The Morgan Hill real estate market saw a big jump in the number of homes with reduced prices in September.
While average sales price is up compared to the same time last year, it continues to be below the average list price. That price growth is slowing and if the market keeps the pace it is going now, prices will be dropping year over year soon!
The trend of growing inventory for Morgan Hill real estate continues. As long as we keep selling fewer homes than we list, that inventory will just continue to grow.
What About Other Areas.
Santa Clara County.
For yet another month – I believe this makes it 3 months in a row – Santa Clara County real estate has seen a drop in average sales price year over year!
San Jose saw the one of the lowest increases in average sales price when compared to the same time last year – at a 3.6% increase.
Gilroy is currently the standout with average sales prices in this city up by 18.3%! It could be a result of higher demand as buyers move to the more affordable markets.