This week the median list price for Morgan Hill, CA is $1,198,000 with the market action index hovering around 41. This is less than last month’s market action index of 46. Inventory has held steady at or around 141.
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
The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
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!