Month-over-Month Changes

The Morgan Hill real estate market experienced some changes in July 2023 compared to June 2023. Here’s a summary:

  • Homes Sold: 28 homes were sold, a 22% decrease from 36 sales the previous month.
  • Median Sale Price: There was a 2% decrease, from $1,520,000 in June to $1,482,500 in July.
  • Days on Market (DOM): The DOM stayed the same at 8.
  • Percentage of List Price Received: Sellers received 102% of their asking price, a slight decrease from 103% in June.

These changes suggest a market that remains competitive, with properties selling quickly and at slightly lower prices.

Year-over-Year Comparison

Comparing July 2023 to July 2022, the following year-over-year changes were noted:

  • Homes Sold: Decreased by 33%, from 42 to 28.
  • Homes Listed: Decreased by 20%, from 40 to 32.
  • Median Sale Price: Decreased by 1%, from $1.50M to $1.48M.
  • Average Dollar per Square Foot: Increased by 1%, from $680 to $688.
  • Median Days on Market: Decreased by 38%, from 13 to 8.
  • Months of Inventory: No change, remaining at 1.5.

These statistics indicate a market with fewer listings and sales compared to the previous year, with slightly lower prices and quicker sales.

Price Points and Quadrants

The July 2023 sales details were broken down by quadrants:

  • Top Quadrant: 7 homes sold, Median Sale Price: $2,000,000, Median DOM: 7, Avg. $/Sq.Ft.: $672.
  • Second Quadrant: 7 homes sold, Median Sale Price: $1,525,000, Median DOM: 17, Avg. $/Sq.Ft.: $658.
  • Third Quadrant: 7 homes sold, Median Sale Price: $1,305,000, Median DOM: 10, Avg. $/Sq.Ft.: $618.
  • Bottom Quadrant: 7 homes sold, Median Sale Price: $1,125,000, Median DOM: 6, Avg. $/Sq.Ft.: $699.

These details provide insights into the segments of the market that are most active, with an even distribution across the quadrants.

Conclusion

The Morgan Hill market in July 2023 showed a decrease in sales and prices compared to the previous month but an increase in sales compared to the previous year. The breakdown by quadrants offers valuable insights for buyers and sellers, highlighting the competitive nature of the market.

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