Month-over-Month Changes

In September 2023, the Morgan Hill real estate market experienced significant shifts compared to August 2023:

  • Homes Sold: 28 homes were sold, marking a 56% increase from 18 sales the previous month.
  • Median Sale Price: Decreased by 8% from $1,460,000 in August 2023 to $1,339,500 in September 2023.
  • Days on Market (DOM): Dropped to 10 days from 17 days in August 2023.
  • Percentage of List Price Received: Sellers received 101% of their asking price, up from 99% in August 2023.

Analysis

The month-over-month data indicates a market heating up in terms of sales volume but cooling in terms of median sale prices. The significant increase in homes sold and the decrease in DOM suggest that properties are moving faster. However, the drop in median sale price may indicate a slight adjustment in market expectations.

Year-over-Year Comparison

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

  • Homes Sold: Decreased by 18%, from 34 to 28.
  • Homes Listed: Increased by 28%, from 36 to 46.
  • Median Sale Price: Decreased from $1.45M to $1.34M, an 8% drop.
  • Median Days on Market: Decreased from 20 to 10.
  • Percentage of List Price Received: Increased from 99% to 101%.
  • Months of Inventory: Increased from 1.4 to 2.1.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold but an increase in homes listed. The drop in median sale price and faster sales cycle suggest a market that is adjusting. The increase in months of inventory indicates a more balanced market compared to last year.

Price Points and Quadrants

The sales details for September 2023 were broken down by quadrants:

  • Top Quadrant: 7 homes sold, Median Sale Price: $2,740,000, Median DOM: 9, Avg. $/Sq.Ft.: $619.
  • Second Quadrant: 7 homes sold, Median Sale Price: $1,450,000, Median DOM: 24, Avg. $/Sq.Ft.: $583.
  • Third Quadrant: 7 homes sold, Median Sale Price: $1,185,000, Median DOM: 6, Avg. $/Sq.Ft.: $586.
  • Bottom Quadrant: 7 homes sold, Median Sale Price: $1,053,000, Median DOM: 8, Avg. $/Sq.Ft.: $651.

Analysis

All quadrants are active, but the top quadrant is seeing the highest median sale prices, albeit with a slightly longer DOM. This suggests that higher-priced homes are still in demand but may take a bit longer to sell. The bottom quadrant shows the highest average price per square foot, indicating that smaller, more affordable homes are selling quickly.

Conclusion

The Morgan Hill market in September 2023 showed an increase in homes sold compared to the previous month but a decrease in median sale prices both month-over-month and year-over-year. The faster DOM indicates a market where properties are moving quickly. The quadrant data provides valuable insights for both buyers and sellers, showing that all price points are active in the market.

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