The Morgan Hill real estate market is still changing, but a clear trend is that sellers expectations are still high.
Morgan Hill real estate saw a 55% increase in inventory when compared to the same time last year. Inventory numbers have remained relatively flat over the last 3 months.
New Listings Down.
The number of homeowners who decided to put their home on the market in November 2022 was down 31% compared to the same time last year.
The number of homes sold has been relatively flat recently. For November, the number of sales is down 54% when compared to November of 2021.
Seller continue to expect to get more for their homes than they did last year. The average home list price was up 21% over the year.
While seller expectations increased substantially over the year, actual sales prices only increased by 1.7% over the year.
Percent Of List Price.
Sellers have been seeing their homes sell for 98.8% of asking price – down from 104.6% at the same time last year.
Days On Market.
It is taking 227% longer for home to sell in November 2022 than at the same time last year. That equals just 11 days to sell a home in November 2021 and 36 days in November 2022.
In November 2022, 29% of homes on the market had their price reduced – a drop from last months number.