The Morgan Hill real estate market continues to see growing inventory, but prices are still up from the same time last year.
Average list price was up about 10% from the same time last year!
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.
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.
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.
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.
In October 2022, 45.5% of homes on the market had their price reduced.
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