Inventory in the Morgan Hill real estate market continues to grow, but in January 2023, we saw more homes listed than in the same month last year.
Morgan Hill real estate saw a 78% increase in inventory when compared to the same time last year.
New Listings Up For A Change.
The number of homeowners who decided to put their home on the market was up 9.1% compared to the same time last year.
The number of homes sold has been relatively flat recently, but we saw this number spike this month. The number of sales is down 69% when compared to the same time last year.
Sellers actually listed their homes at a LOWER price than they did last year. The average home list price was down 4.4% over the year – hopefully a sign that sellers are coming into the market with a better understanding of what the price in todays market should be.
While seller expectations decreased over the year, actual sales prices also decreased by 8.9% over the year.
Percent Of List Price.
Sellers have been seeing their homes sell for 96.9% of asking price – down from 107% at the same time last year.
Days On Market.
It is taking 243% longer for home to sell in January 2023 than at the same time last year. That equals 48 days to sell a home this year and 10 days at the same time last year.
In December 2022, 38.5% of homes on the market had their price reduced – now in January 2023, we are seeing 31.4% of homes on the market reducing their price.