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