Month-over-Month Changes

In May 2024, the real estate market in Morgan Hill experienced several notable changes compared to April 2024:

  • Homes Sold: 33 homes were sold in May, marking a slight increase of 3% from the 32 homes sold in April.
  • Median Sale Price: The median sale price rose by 3%, from $1,502,500 in April to $1,555,000 in May.
  • Median Days on Market (DOM): The DOM remained steady at 8 days, showing no change from April.
  • Percentage of List Price Received: On average, sellers received 103% of their asking price in May, a slight decrease from 104% in April.
  • Average Price per Square Foot: The average price per square foot decreased by 2%, from $690 in April to $675 in May.
  • Months of Inventory: Inventory levels remained steady at 2.0 months, slightly up from 1.8 months in April.

Analysis

The month-over-month data indicates a relatively stable market with a slight uptick in activity. The small increase in homes sold and the median sale price suggests a steady demand. However, the decrease in the average price per square foot may indicate some pricing adjustments or variations in the types of properties sold.

Year-over-Year Comparison

Comparing May 2024 to May 2023, the following changes were observed:

  • Homes Sold: There was a decrease of 13%, with 33 homes sold in May 2024 compared to 38 homes in May 2023.
  • Median Sale Price: The median sale price increased by 15%, from $1,360,000 in May 2023 to $1,560,000 in May 2024.
  • Median Days on Market: The DOM decreased from 9 days in May 2023 to 8 days in May 2024.
  • Percentage of List Price Received: Sellers received a higher percentage of their list price in May 2024 (103%) compared to May 2023 (100%).
  • Average Price per Square Foot: The average price per square foot decreased by 2%, from $690 in May 2023 to $675 in May 2024.
  • Months of Inventory: Inventory levels were slightly higher in May 2024 at 2.0 months compared to 1.8 months in May 2023.

Analysis

The year-over-year data shows a mixed market. The decrease in the number of homes sold suggests a potential softening in buyer demand. However, the increase in median sale price and the decrease in DOM indicate a robust market for sellers, with homes selling quickly and for higher prices compared to the previous year.

Price Points and Quadrants

The sales data for May 2024 is broken down by price quadrants:

  • Top Quadrant: Homes Sold: 8, Median Sale Price: $2,350,000, Median DOM: 9 days, Average Price per Square Foot: $582
  • Second Quadrant: Homes Sold: 8,Median Sale Price: $1,757,500, Median DOM: 12 days, Average Price per Square Foot: $622
  • Third Quadrant: Homes Sold: 8, Median Sale Price: $1,422,500, Median DOM: 7 days, Average Price per Square Foot: $685
  • Bottom Quadrant: Homes Sold: 8, Median Sale Price: $1,217,500, Median DOM: 8 days, Average Price per Square Foot: $724

Analysis

The data indicates that all quadrants of the market are active, with a balanced distribution of sales across different price points. The top and second quadrants show strong activity, particularly with higher median sale prices, suggesting a healthy demand for higher-priced properties. The consistent DOM across all quadrants implies a steady market pace, with homes selling relatively quickly regardless of price point.

Conclusion

The Morgan Hill market in May 2024 showed a slight increase in home sales compared to the previous month, with a significant year-over-year increase in median sale prices. The consistent DOM and strong percentage of list price received suggest a robust seller’s market. The breakdown by quadrants highlights active participation across various price points, with a particular strength in higher-priced homes.

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