Month-over-Month Changes

In March 2024, the Morgan Hill real estate market displayed notable changes from February 2024:

  • Homes Sold: Increased significantly by 44%, with 26 homes sold compared to 18 in the previous month.
  • Median Sale Price: Rose by 11% from $1,377,500 in February to $1,527,500 in March.
  • Days on Market (DOM): Increased slightly from 9 to 12 days.
  • Percentage of List Price Received: Sellers received 102% of their asking price, up from 100% in February.

Analysis

The month-over-month statistics indicate a vibrant market with increased sales activity and higher sales prices, suggesting robust demand and competitive buying conditions. The increase in DOM, however, indicates that while more homes are selling, it is taking slightly longer to close sales.

Year-over-Year Comparison

Comparing March 2024 with March 2023, Morgan Hill’s market has shown growth:

  • Homes Sold: A slight decrease of 7%, down from 28 in March 2023 to 26 in March 2024.
  • Median Sale Price: Increased from $1.30M in March 2023 to $1.53M in March 2024.
  • Days on Market: Increased from 9 to 12 days, suggesting a slower pace in completing sales.
  • Percentage of List Price Received: Increased from 100% in March 2023 to 102% in March 2024, reflecting continued competitive offer conditions.

Analysis

The year-over-year data highlights a slight decrease in the number of homes sold but an increase in median sale prices and the percentage of list price received, indicating that the market remains strong with appreciating home values.

Price Points and Quadrants

The sales breakdown for March 2024 across different price quadrants in Morgan Hill is as follows:

  • Top Quadrant: 7 homes sold, Median Sale Price: $2,015,000; Median DOM: 12; Avg. $/Sq.Ft.: $631.
  • Second Quadrant: 7 homes sold, Median Sale Price: $1,580,100; Median DOM: 8; Avg. $/Sq.Ft.: $586.
  • Third Quadrant: 6 homes sold, Median Sale Price: $1,420,000; Median DOM: 30; Avg. $/Sq.Ft.: $585.
  • Bottom Quadrant: 6 homes sold, Median Sale Price: $1,130,000; Median DOM: 12; Avg. $/Sq.Ft.: $762.

Analysis

The quadrant analysis reveals a diverse market with activity at all price points. The top quadrant experienced the highest prices and a moderately quick sales cycle, suggesting strong demand for high-end properties. The third quadrant, with the longest DOM, indicates some challenges in moving mid-range properties quickly.

Conclusion

The Morgan Hill real estate market in March 2024 showed an increase in sales activity and rising property values compared to the previous month and year-over-year. Despite a slight increase in the time to sell, the market dynamics indicate a healthy demand, particularly for higher-priced homes. Sellers are benefiting from favorable conditions that allow them to secure offers above asking price, while buyers face a competitive market landscape.

Data provided by MLS Listings and is deemed reliable but not guaranteed.