The Morgan Hill real estate market continues to see growing inventory, but prices are still up from the same time last year.

Sales Price.

Average list price was up about 10% from the same time last year!

Inventory Grows.

Morgan Hill real estate saw a 66% 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 October 2022 was down 19% compared to the same time last year.

Homes Sold.

The number of homes sold has been relatively flat recently. For October, the number of sales is down 36% when compared to October 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 10% over the year.

Sales Price.

While seller expectations increased over the year, actual sales prices dropped by 9% over the year.

Percent Of List Price.

Sellers have been seeing their homes sell for 98.7% of asking price – down from 104% at the same time last year.

Days On Market.

It is taking 69% longer for home to sell in October 2022 than at the same time last year.

Price Reductions.

In October 2022, 45.5% of homes on the market had their price reduced.