May often competes with April as the peak is peak month for the Morgan Hill real estate market. Given that, it is likely all downhill from here!

Inventory Drops.

Morgan Hill real estate saw a 28% decrease in inventory when compared to the same time last year. A critical drop particularly at this time of year.

New Listings Take A Dip.

This month saw new listings drop by 30% compared to the same time last year.

Homes Sold.

The Morgan Hill real estate market normal sees an increase in sold homes in this month.  Compared to last year, home sales were down 20%.

List Price.

The average home list price was down 6.4% over the year. Given the realities of the current market, this is a good sign that sellers are getting better calibrated to what homes will sell for in the current Morgan Hill real estate market.

Sales Price.

Despite sellers being better calibrated to the market in terms of list prices, actual average sales prices dropped by 14.3% over the year. This continues to leave some distance between expectations of sales price and what sellers can actually expect.

Percent Of List Price.

Sellers have been seeing their homes sell for 100.1% of asking price – down from 106.1% 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 117% longer for home to sell this year than at the same time last year. That equals 26 days to sell a home this year and 12 days at the same time last year.