April is usually a peak month for the Morgan Hill real estate market. If this is the peak, the rest of the year might be rough!
Morgan Hill real estate saw a 8.5% decrease in inventory when compared to the same time last year. After several months of inventory increases, this marks our first decrease in a while. However, this would be expected for April as the real estate season starts.
New Listings Take A Dip.
This month saw new listings drop by 48% compared to the same time last year.
This number was a shocker for April! The Morgan Hill real estate market normal sees an increase in sold homes in this month. However, not only was this down compared to last year – which would make sense. We also saw a month over month decline – which was extreme! Compared to last year, home sales were down 74%. At the same time, homes sales were down compared to March – which should NOT be happening in a month that normally represents the peak of homes sold!
The average home list price was up 3.9% 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. However, this was a more reasonable increase compared to last month when Sellers were expecting to get over 9% more than the same time last year.
While seller expectations increased over the year, actual average sales prices dropped by 18.5% over the year.
Percent Of List Price.
Sellers have been seeing their homes sell for 102.9% of asking price – down from 111.3% at the same time last year. With this likely being the peak for this number, we should expect this to drop in the coming months, most likely to below 100%.
Days On Market.
It is taking 233% longer for home to sell in April 2023 than at the same time last year. That equals 30 days to sell a home this year and 14 days at the same time last year.