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Whitelaw and Sons Real Estate Morgan Hill
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Morgan Hill Real Estate October 2022

Morgan Hill Real Estate Market Report – October 2022

by | Dec 20, 2022 | Market Analysis, Morgan Hill Market Reports | 0 comments

Robert Whitelaw, Realtor®

Robert Whitelaw, Realtor®

Published:Dec 20, 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 continues to see growing inventory, but prices are still up from the same time last year.

morgan hill real estate granada theaterSales 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.

Check Out The Last Show!

NAR SETTLEMENT

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.

Get Your FREE Home Value Estimate!

Just enter your address and get access to your instant home value estimate, but also amazing tools to evaluate refinance options, your equity, ways to levarage your homes equity, how to pay your home off faster… and so much more!

Schedule A Consultation With Robert!

 

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