Mary Pope-Handy's Market Report
Morgan Hill, CA
Single-Family Homes
Sereno | 408 204-7673 | ValleyOfHeartsDelight.com/blog
Morgan Hill, CA
Tue Jun 06 2023
This week the median list price for Morgan Hill, CA is $1,850,000 with the market action index hovering around 58. This is an increase over last month's market action index of 57. Inventory has increased to 41.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
Real-Time Market Profile
| Median List Price | $1,850,000 | |
| Median Price of New Listings | $1,774,999 | |
| Per Square Foot | $623 | |
| Average Days on Market | 57 | |
| Median Days on Market | 14 | |
| Price Decreased | 20% | |
| Price Increased | 0% | |
| Relisted | 5% | |
| Inventory | 41 | |
| Median Rent | ||
| Market Action | 58 | |
| Strong Seller's Market | ||
Despite this week’s up tic, the market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this shift.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $3,499,444 | 4,710 | 1 - 2.5 acres | 4 | 4.5 | 19 | 4 | 0 | 7 |
| $2,435,000 | 3,976 | 0.5 - 1 acre | 4 | 3.8 | 16 | 2 | 1 | 70 |
| $1,699,444 | 2,620 | 8,000 - 10,000 sqft | 4 | 3 | 26 | 5 | 3 | 3 |
| $1,179,500 | 2,485 | 4,500 - 6,500 sqft | 4 | 3 | 32 | 3 | 3 | 14 |