The Morgan Hill real estate market is still changing, but a clear trend is that sellers expectations are still high.

Inventory Grows.

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.

Homes Sold.

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.

List Price.

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.

Sales Price.

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.

Price Reductions.

In November 2022, 29% of homes on the market had their price reduced – a drop from last months number.