Month-over-Month Changes

In February 2024, the Morgan Hill real estate market saw significant changes from January 2024, reflecting both the seasonal fluctuations and underlying market trends:

  • Homes Sold: The number of homes sold saw a decline, with 16 homes sold in February, marking a 33% decrease from the 24 sales in January 2024.
  • Median Sale Price: There was an 8% decrease in the median sale price, from $1,487,500 in January to $1,365,000 in February.
  • Days on Market (DOM): The average days on market dropped significantly to 9 days in February from 20 days in January, indicating a quicker turnover.
  • Percentage of List Price Received: Sellers received an average of 101% of their asking price in February, slightly up from 99% in January, suggesting that while the market cooled, it remained competitive.

Analysis

The month-over-month data suggests a seasonal cooling in the Morgan Hill market, with fewer transactions but a notably faster sale process. Despite the decrease in volume, the market conditions favored sellers, as evidenced by the above-list price sales.

Year-over-Year Comparison

Comparing February 2024 to February 2023, we observe the following trends:

  • Homes Sold: Remained steady with 16 homes sold in both periods.
  • Median Sale Price: Unchanged at $1.37M, indicating stability in the market’s pricing.
  • Days on Market: Saw a dramatic decrease from 54 days in February 2023 to 9 days in February 2024, showcasing a much quicker selling process.
  • Percentage of List Price Received: Improved from 98% in 2023 to 101% in 2024, reflecting a slightly more competitive market.
  • Months of Inventory: Dropped from 2.0 in February 2023 to 1.4 in February 2024, indicating a tighter market with less available inventory.

Analysis

The year-over-year comparison underscores a significant acceleration in the sales process and an increase in market competition. The stability in sales volume and pricing, coupled with a reduced inventory, suggests a consistent demand in the Morgan Hill real estate market.

Price Points and Quadrants

The sales details for February 2024 were dissected by quadrants, highlighting the market’s dynamics:

  • Top Quadrant: 4 homes sold, Median Sale Price: $1,712,500, Median DOM: 8, Avg. $/Sq.Ft.: $583.
  • Second Quadrant: 4 homes sold, Median Sale Price: $1,450,000, Median DOM: 6, Avg. $/Sq.Ft.: $639.
  • Third Quadrant: 4 homes sold, Median Sale Price: $1,212,500, Median DOM: 6, Avg. $/Sq.Ft.: $668.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $874,500, Median DOM: 48, Avg. $/Sq.Ft.: $446.

Analysis

The distribution across quadrants indicates a balanced market activity, with homes selling across various price points. The top and second quadrants moved quicker than the bottom, suggesting higher demand in the mid to high-end market segments.

Conclusion

The Morgan Hill market in February 2024 demonstrated a complex picture of stability and change. While the number of transactions decreased month-over-month, the market remained competitive, with homes selling faster and for above asking price year-over-year. The analysis of quadrants reveals a healthy spread across different market segments, with a notable preference for mid to high-priced homes. These insights provide a valuable perspective for both buyers and sellers in understanding the current dynamics of the Morgan Hill real estate market.

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