Month-over-Month Changes

In October 2023, the Morgan Hill real estate market experienced some notable changes compared to September 2023:

  • Homes Sold: There were 36 homes sold, marking a 24% increase from 29 sales in the previous month.
  • Median Sale Price: There was a 10% increase in the median sale price, rising from $1,329,000 in September 2023 to $1,462,500 in October 2023.
  • Days on Market (DOM): The DOM rose to 14 days in October 2023, up from 9 days in September 2023.
  • Percentage of List Price Received: Sellers received 99% of their asking price in October 2023, a decrease from 102% in September 2023.

Analysis:

The month-over-month data shows a significant increase in the number of homes sold, coupled with a substantial rise in the median sale price. This indicates a growing demand in the Morgan Hill market. However, the slight decrease in the percentage of list price received and the increase in DOM suggest a slight shift towards a more balanced market.

 Year-over-Year Comparison

Comparing October 2023 to October 2022, the following changes were observed:

  • Homes Sold: Remained the same at 36 homes sold.
  • Homes Listed: Decreased slightly from 29 to 27.
  • Median Sale Price: Increased significantly from $1.22M in October 2022 to $1.46M in October 2023.
  • Median Days on Market: Decreased from 20 days in October 2022 to 14 days in October 2023.
  • Percentage of List Price Received: Increased from 98% in October 2022 to 99% in October 2023.
  • Months of Inventory: Increased from 1.3 in October 2022 to 1.6 in October 2023.

Analysis: 

Year-over-year, the Morgan Hill market has seen a stable number of homes sold but a notable increase in the median sale price and a faster sales cycle. The increase in the percentage of list price received indicates a strong market for sellers, despite a slight increase in inventory.

 Price Points and Quadrants

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

  • Top Quadrant: 9 homes sold, Median Sale Price: $2,750,000, Median DOM: 30, Avg. $/Sq.Ft.: $624.
  • Second Quadrant: 9 homes sold, Median Sale Price: $1,640,000, Median DOM: 16, Avg. $/Sq.Ft.: $590.
  • Third Quadrant: 9 homes sold, Median Sale Price: $1,365,000, Median DOM: 29, Avg. $/Sq.Ft.: $634.
  • Bottom Quadrant: 9 homes sold, Median Sale Price: $1,200,000, Median DOM: 8, Avg. $/Sq.Ft.: $586.

Analysis: 

The data indicates that all quadrants are active, with the top quadrant showing the highest median sale price. The relatively balanced distribution of sales across all quadrants suggests a diverse market catering to various price points.

Conclusion

The Morgan Hill market in October 2023 demonstrated a robust increase in homes sold and median sale price compared to the previous month. The year-over-year data also reflects a strong market, particularly for sellers, with increased sale prices and a faster sales cycle. The quadrant data highlights a healthy market catering to a wide range of price points, offering opportunities for both buyers and sellers.

Data provided by MLSListings and is deemed reliable but not guaranteed.