We had a big year over year jump in inventory for the Morgan Hill real estate market in February 2023.
Morgan Hill real estate saw a 72% 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 34% compared to the same time last year.
The number of homes sold has been relatively flat recently. The number of sales is down 20% when compared to the same time last year. The good news is that this is less of a year over year decline than we have seen over the past few months.
The average home list price was up 7.1% over the year. While lower than past months, it still shows that sellers are tending to list at prices higher than the current market can support.
While seller expectations increased over the year, actual sales prices dropped by 13.8% over the year.
Percent Of List Price.
Sellers have been seeing their homes sell for 98.6% of asking price – down from 106.8% at the same time last year.
Days On Market.
It is taking 141% longer for home to sell in February 2023 than at the same time last year. That equals 53 days to sell a home this year and 22 days at the same time last year.
In February 2023, 31.8% of homes on the market had their price reduced. Last month, it was 30.4%. The county overall saw 19.2% 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.