Let’s take a look at the Morgan Hill real estate market as we just start to see the beginning of the “selling season”.
Morgan Hill real estate saw a 69% increase in inventory when compared to the same time last year. This is at least the second month in a row with these big inventory increases.
New Listings Take A Dip.
Last month, we actually saw an increase in new listings. However, this month saw new listings drop by 37% compared to the same time last year.
The number of homes sold has been relatively flat recently. The number of sales is down 39% when compared to the same time last year. This resulted in a total of 17 more homes being added to the inventory this month since we sold fewer homes than we listed. The total months of inventory remains ridiculously low at 1.6.
The average home list price was up 9% over the year. When considering how much less homes are selling for on average, it is clear that the Morgan Hill real estate market still needs to adjust to the new reality.
While seller expectations increased over the year, actual sales prices dropped by 13.2% over the year.
Percent Of List Price.
Sellers have been seeing their homes sell for 100.3% of asking price – down from 111.8% at the same time last year. The interesting change this month is that, on average, seller are getting over asking price again. This a reversal of what we have seen for most of the last year.
Days On Market.
It is taking 136% longer for home to sell in March 2023 than at the same time last year. That equals 33 days to sell a home this year and 14 days at the same time last year.
In March 2023, 23.1% of homes on the market had their price reduced. Last month, it was 31.8%. The county overall saw 22.6% of homes reduce their price. Morgan Hill sellers continue to need to make these adjustments in order to sync up with the current market realities.