Month-over-Month Changes

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

  • Homes Sold: There was a slight decrease in the number of homes sold, with 20 homes sold in December 2023, down 5% from 21 sales in November 2023.
  • Median Sale Price: The median sale price increased by 7%, from $1,300,000 in November 2023 to $1,396,500 in December 2023.
  • Days on Market (DOM): The average DOM rose to 19 days in December 2023, up from 13 days in November 2023.
  • Percentage of List Price Received: Sellers received an average of 103% of their asking price in December 2023, an increase from 97% in November 2023.

Analysis:

The Morgan Hill market in December 2023 showed a slight decrease in the volume of sales but an increase in the median sale price and the percentage of list price received. This suggests that while the number of transactions slightly decreased, the market remained favorable for sellers, with properties selling for more than the asking price on average.

Year-over-Year Comparison

Comparing December 2023 to December 2022, the Morgan Hill market exhibited the following changes:

  • Homes Sold: There was a 26% decrease in homes sold, from 27 in December 2022 to 20 in December 2023.
  • Median Sale Price: Increased from $1.30M in December 2022 to $1.40M in December 2023.
  • Median Days on Market: Decreased from 14 days in December 2022 to 11 days in December 2023.
  • Percentage of List Price Received: Increased from 95% in December 2022 to 103% in December 2023.
  • Months of Inventory: Decreased from 1.2 in December 2022 to 1.0 in December 2023.

Analysis:

Year-over-year, the Morgan Hill market has seen a decrease in the number of homes sold but an increase in the median sale price and a faster sales cycle. The significant increase in the percentage of list price received and the decrease in months of inventory indicate a strong seller’s market.

Price Points and Quadrants

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

  • Top Quadrant: 5 homes sold, Median Sale Price: $2,400,000, Median DOM: 7, Avg. $/Sq.Ft.: $674.
  • Second Quadrant: 5 homes sold, Median Sale Price: $1,550,000, Median DOM: 25, Avg. $/Sq.Ft.: $670.
  • Third Quadrant: 5 homes sold, Median Sale Price: $1,325,000, Median DOM: 11, Avg. $/Sq.Ft.: $640.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,185,000, Median DOM: 17, Avg. $/Sq.Ft.: $712.

Analysis:

The data indicates that all quadrants of the

Morgan Hill market are active, with a relatively even distribution of sales across different price points. The top quadrant, with the highest median sale price, experienced the quickest sales cycle, suggesting strong demand for higher-priced properties. The bottom quadrant, despite having the lowest median sale price, showed a higher average dollar per square foot, indicating a competitive market across all price ranges.

Conclusion

The Morgan Hill real estate market in December 2023 demonstrated a mix of trends. While there was a decrease in the number of homes sold both month-over-month and year-over-year, the market conditions favored sellers, as evidenced by the increase in median sale prices and the percentage of list price received. The quick sales cycle and the balanced activity across different market quadrants indicate a robust and diverse market. Buyers and sellers in Morgan Hill should note these trends to make informed decisions in this dynamic market.

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