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morgan hill real estate market report december 2022

Morgan Hill Real Estate Market – December 2022

by | Jan 24, 2023 | Market Analysis, Morgan Hill | 0 comments

Robert Whitelaw, Realtor®

Robert Whitelaw, Realtor®

Published:Jan 24, 2023

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!

Sellers in the Morgan Hill real estate market are still adapting.

morgan hill real estate granada theaterInventory Grows.

Morgan Hill real estate saw a 81% increase in inventory when compared to the same time last year. That is a huge jump from the previous months 55%.

New Listings Down.

The number of homeowners who decided to put their home on the market in December 2022 was down 14% 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 48% when compared to December 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 35% over the year – which as we will see is not well calibrated to what the average sales price is in our local market.

Sales Price.

While seller expectations increased substantially over the year, actual sales prices decreased by -13% over the year.

Percent Of List Price.

Sellers have been seeing their homes sell for 94.7% of asking price – down from 104.7% at the same time last year.

Days On Market.

It is taking 85% longer for home to sell in December 2022 than at the same time last year. That equals just 26 days to sell a home in December 2021 and 48 days in December 2022.

Price Reductions.

In November 2022, 39% of homes on the market had their price reduced – a jump from last months number 29%. This is a good sign that more homes on the market are realizing a price change needs to happen to be competitive in the current market.

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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