Month-over-Month Changes

In November 2023, the Morgan Hill real estate market experienced several notable changes compared to October 2023:

  • Homes Sold: There was a significant decrease in the number of homes sold, with 21 homes sold in November 2023, a 45% decrease from 38 sales in October 2023.
  • Median Sale Price: The median sale price decreased by 10%, from $1,449,500 in October 2023 to $1,300,000 in November 2023.
  • Days on Market (DOM): The DOM slightly decreased, dropping to 13 days in November 2023 from 14 days in October 2023.
  • Percentage of List Price Received: Sellers received 97% of their asking price in November 2023, a slight decrease from 98% in October 2023.

Analysis

The month-over-month data indicates a cooling trend in the Morgan Hill market. The significant decrease in homes sold and the reduction in median sale price suggest a shift towards a buyer’s market. However, the relatively stable DOM and high percentage of list price received indicate that the market remains competitive.

Year-over-Year Comparison

Comparing November 2023 to November 2022, the following changes were observed:

  • Homes Sold: Increased by 17%, from 18 in November 2022 to 21 in November 2023.
  • Homes Listed: Increased from 26 in November 2022 to 34 in November 2023.
  • Median Sale Price: Decreased from $1.36M in November 2022 to $1.30M in November 2023.
  • Median Days on Market: Decreased significantly from 22 days in November 2022 to 13 days in November 2023.
  • Percentage of List Price Received: Decreased slightly from 98% in November 2022 to 97% in November 2023.

Analysis

Year-over-year, the Morgan Hill market shows an increase in activity with more homes sold and listed. However, the decrease in median sale price and the percentage of list price received indicate a slight shift towards a buyer’s market. The reduced DOM suggests that homes are selling faster, reflecting a still competitive market environment.

Price Points and Quadrants

The sales details for November 2023 in Morgan Hill were broken down by quadrants:

  • Top Quadrant: 6 homes sold, Median Sale Price: $1,850,000, Median DOM: 13, Avg. $/Sq.Ft.: $575.
  • Second Quadrant: 5 homes sold, Median Sale Price: $1,330,000, Median DOM: 27, Avg. $/Sq.Ft.: $540.
  • Third Quadrant: 5 homes sold, Median Sale Price: $1,260,000, Median DOM: 6, Avg. $/Sq.Ft.: $527.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $990,000, Median DOM: 31, Avg. $/Sq.Ft.: $551.

Analysis

The quadrant data reveals a diverse market in Morgan Hill. The top quadrant shows the highest median sale price with a relatively quick turnover, indicating strong demand for high-end properties. The third quadrant also shows quick sales, suggesting a competitive market for mid-priced homes. The bottom quadrant, despite the lowest median sale price, has the longest DOM, indicating a slower market for lower-priced homes.

Conclusion

The Morgan Hill real estate market in November 2023 demonstrated a mixed trend with a decrease in median sale price and homes sold month-over-month, but an increase in activity year-over-year. The market dynamics suggest a competitive environment with varying degrees of activity across different price quadrants. This analysis provides valuable insights for both buyers and sellers in understanding the current market trends in Morgan Hill.

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