Month-over-Month Changes

In January 2024, the Morgan Hill real estate market observed some notable shifts from December 2023:

  • Homes Sold: There was a slight increase in the number of homes sold, with 23 homes sold in January 2024 compared to 22 in the previous month, marking a 5% increase.
  • Median Sale Price: The median sale price remained stable with no significant change reported from the previous month.
  • Days on Market (DOM): The average days on market for homes increased to 22 days in January from 15 days in December 2023, indicating a slower pace in transactions.
  • Percentage of List Price Received: Sellers received 98% of their asking price in January 2024, a decrease from 103% in December 2023.

Analysis

The month-over-month data suggests a slight increase in activity with more homes sold, but a decrease in the percentage of list price received and an increase in DOM indicates a market where buyers may have more negotiation power. The stability in median sale price suggests a balanced market condition.

Year-over-Year Comparison

Comparing January 2024 to January 2023, Morgan Hill’s market has seen significant changes:

  • Homes Sold: Increased dramatically by 156%, from 9 homes sold in January 2023 to 23 in January 2024.
  • Median Sale Price: Saw an increase from $1.09M in January 2023 to $1.46M in January 2024.
  • Days on Market: Decreased significantly from 32 days in January 2023 to 22 days in January 2024.
  • Percentage of List Price Received: Improved from 96% in January 2023 to 98% in January 2024.
  • Months of Inventory: Decreased from 1.7 months in January 2023 to 1.1 months in January 2024, indicating a tighter market.

Analysis

Year-over-year, Morgan Hill’s real estate market demonstrates strong growth and increased demand, as evidenced by the significant increase in homes sold and median sale price. The decrease in DOM and months of inventory further indicates a seller’s market, with properties moving faster and less inventory available.

Price Points and Quadrants

The sales details for January 2024 in Morgan Hill were analyzed by quadrants, revealing:

  • Top Quadrant: 6 homes sold, Median Sale Price: $2,237,500, Median DOM: 40, Avg. $/Sq.Ft.: $641.
  • Second Quadrant: 6 homes sold, Median Sale Price: $1,562,500, Median DOM: 19, Avg. $/Sq.Ft.: $588.
  • Third Quadrant: 6 homes sold, Median Sale Price: $1,364,000, Median DOM: 16, Avg. $/Sq.Ft.: $658.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,160,000, Median DOM: 14, Avg. $/Sq.Ft.: $602.

Analysis

The quadrant data shows activity across all price points, with the top quadrant seeing the highest median sale price but also the longest DOM. This suggests that while there is interest in higher-priced homes, they take longer to sell. The lower quadrants show a quicker turnover, indicating a robust demand for homes at lower price points.

Conclusion

The Morgan Hill real estate market in January 2024 demonstrated a vibrant and growing market, with significant year-over-year improvements in sales, price, and market speed. The month-over-month changes reflect a slight adjustment but overall stability. The analysis by quadrants provides insights into where the market’s activity is most concentrated, with all segments showing movement but varying degrees of demand and sales pace.

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