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morgan hill real estate market report November 2022

Morgan Hill Real Estate Market Report- November 2022

by | Dec 31, 2022 | Morgan Hill Market Reports, Market Analysis | 0 comments

Robert Whitelaw, Realtor®

Robert Whitelaw, Realtor®

Published:Dec 31, 2022

Born and raised in Silicon Valley, Robert has helped clients successfully buy, sell and invest in real estate throughout Santa Clara County. Robert uses his local market knowledge to help clients across Silicon Valley!

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

morgan hill real estate granada theaterInventory 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.

Check Out The Last Show!


NAR Settlement – For Buyers and Sellers

The NAR settlement, once it is approved, is set to go into effect in the middle of July 2024. This will completely change how Buyers agent are compensated and we can count on chaos while the systems adjust to the new reality.

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