This week the median list price for Morgan Hill, CA is $1,100,000 with the market action index hovering around 44. This is less than last month’s market action index of 45. Inventory has held steady at or around 67.
Market Action Index
The Market Action Index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.
Strong Seller’s Market
In the last few weeks, the market has been at a stasis point in terms of sales to inventory. However, prices seem to have been falling a bit recently. Technically supply levels indicate this is a Seller’s market so it is likely that the downward pricing pressure will be light or variable. Watch for an up-shift in the MAI before price stability is achieved.
If you would like a full market analysis for your home or to understand the trends in your buying search, please contact the Myrick Estates Team today!