Month-over-Month Changes

In August 2023, the real estate market in Morgan Hill experienced the following changes compared to July 2023:

  • Homes Sold: 18 homes were sold, marking a 36% decrease from 28 sales the previous month.
  • Median Sale Price: The median sale price decreased by 2%, from $1,482,500 in July 2023 to $1,460,000 in August 2023.
  • Days on Market (DOM): The DOM increased to 17 days from 8 days in July 2023.
  • Percentage of List Price Received: Sellers received 99% of their asking price, down from 102% in July 2023.

Analysis

The month-over-month data indicates a cooling market. The decrease in homes sold and the increase in DOM suggest that demand is waning. Sellers are receiving less than their asking price, which could be a sign of a market shift.

Year-over-Year Comparison

Comparing August 2023 to August 2022, the following changes were noted:

  • Homes Sold: Decreased by 60%, from 45 to 18.
  • Homes Listed: Decreased by 18%, from 45 to 37.
  • Median Sale Price: Increased from $1.3M to $1.46M.
  • Median Days on Market: Decreased from 26 to 17.
  • Average Dollar per Square Foot: Increased from $593 to $802.
  • Percentage of List Price Received: Remained consistent at 99%.
  • Months of Inventory: Increased from 1.5 to 1.9.

Analysis

Year-over-year, the market has seen a significant decrease in the number of homes sold and listed. However, the median sale price has increased, suggesting a market where inventory is tight but prices are rising.

Price Points and Quadrants

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

  • Top Quadrant: 5 homes sold, Median Sale Price: $2,350,000, Median DOM: 29, Avg. $/Sq.Ft.: $782.
  • Second Quadrant: 5 homes sold, Median Sale Price: $1,615,333, Median DOM: 16, Avg. $/Sq.Ft.: $582.
  • Third Quadrant: 4 homes sold, Median Sale Price: $1,239,500, Median DOM: 34, Avg. $/Sq.Ft.: $623.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $843,750, Median DOM: 37, Avg. $/Sq.Ft.: $564.

Analysis

The data shows that all quadrants are active, but the top quadrant is seeing the most activity in terms of price. This suggests that higher-priced homes are moving more slowly, indicating a market that favors buyers in these price ranges.

Conclusion

The Morgan Hill market in August 2023 showed a decrease in homes sold compared to both the previous month and year-over-year. The increase in median sale price year-over-year and the longer DOM indicate a market in transition. The quadrant data provides valuable insights for both buyers and sellers, showing that the market is diverse in terms of what is selling.

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