Month-over-Month Changes

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

  • Homes Sold: 30 homes were sold, marking a 15% increase from 26 sales the previous month.
  • Median Sale Price: The median sale price decreased by 2% from $1,527,500 in March 2024 to $1,502,500 in April 2024.
  • Days on Market (DOM): The average DOM dropped significantly to 7 days from 12 days in March 2024.
  • Percentage of List Price Received: Sellers received 104% of their asking price, up from 102% in March 2024.

Analysis

The month-over-month data indicates a dynamic market with increased sales and a reduced time for listings to be sold. Despite a slight decrease in the median sale price, the high percentage of list price received suggests strong buyer competition. The reduction in DOM implies that homes are selling faster, which is a positive indicator for sellers.

Year-over-Year Comparison

Comparing April 2024 to April 2023, the following changes were noted:

  • Homes Sold: There was a 100% increase in the number of homes sold, from 15 to 30.
  • Homes Listed: The number of homes listed rose from 35 in April 2023 to 58 in April 2024.
  • Median Sale Price: The median sale price slightly decreased from $1,510,000 in April 2023 to $1,500,000 in April 2024.
  • Median Days on Market: The DOM remained steady at 7 days for both years.
  • Percentage of List Price Received: Sellers received 104% of the list price in both years.
  • Months of Inventory: The months of inventory decreased from 1.9 in April 2023 to 1.7 in April 2024.
  • Average Dollar per Sq. Ft.: The average price per square foot increased from $619 to $683, representing a 10% rise.

Analysis

Year-over-year, the market has seen significant growth in the number of homes sold and listed, despite a slight dip in the median sale price. The stability in DOM and the percentage of list price received indicates sustained demand and market confidence. The decrease in months of inventory further underscores a seller’s market, with limited supply driving competition among buyers.

Price Points and Quadrants

The sales details for April 2024 were broken down by quadrants:

  • Top Quartile: Homes Sold: 7, Median Sale Price: $1,997,500, Median DOM: 8, Average $/Sq.Ft.: $676
  • Second Quartile: Homes Sold: 8,  Median Sale Price: $1,587,500, Median DOM: 7, Average $/Sq.Ft.: $636
  • Third Quartile: Homes Sold: 7, Median Sale Price: $1,400,000, Median DOM: 5, Average $/Sq.Ft.: $664
  • Bottom Quartile: Homes Sold: 8, Median Sale Price: $1,250,000, Median DOM: 9, Average $/Sq.Ft.: $667

AnalysisThe quadrant data highlights robust activity across all price points, with a particularly strong performance in the top and second quartiles. This suggests that higher-priced homes are in demand and are selling relatively quickly. The variation in median DOM among the quartiles indicates that while higher-end homes are moving fast, there is still significant movement in lower price ranges, making the market appealing to a broad spectrum of buyers.

Conclusion

The Morgan Hill market in April 2024 showed a marked increase in homes sold compared to both the previous month and the same month last year. Although the median sale price has slightly decreased, the overall market dynamics remain strong with quick sales and high list price percentages. The quadrant breakdown reveals a balanced market with active movement across all price points, making it a favorable environment for both buyers and sellers.

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