This week the median list price for Morgan Hill, CA is $1,169,444 with the market action index hovering around 48. This is about the same as last month’s market action index of 48. Inventory has held steady at or around 90.
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 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.
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!