Month-over-Month Changes

In March 2024, the Milpitas real estate market experienced noteworthy changes compared to February 2024:

  • Homes Sold: Increased significantly, with 16 homes sold, up 60% from 10 sales the previous month.
  • Median Sale Price: Decreased by 4% from $1,705,000 in February to $1,641,667 in March.
  • Days on Market (DOM): Decreased from 10 days in February to 8 days in March.
  • Percentage of List Price Received: Increased from 109% in February to 111% in March.

Analysis

The Milpitas market is showing a vibrant uptick in activity with more homes being sold and a higher percentage of list price received, indicating strong buyer competition despite a decrease in median sale price.

Year-over-Year Comparison

Comparing March 2024 with March 2023, the market statistics are as follows:

  • Homes Sold: Remained stable at 16 homes.
  • Median Sale Price: Increased slightly from $1,560,000 in March 2023 to $1,640,000 in March 2024.
  • Days on Market: Improved significantly from 12 days to 8 days, showing a faster market turnover.
  • Percentage of List Price Received: Increased from 101% in March 2023 to 111% in March 2024.
  • Months of Inventory: Remained stable at 1.0, indicating a balanced market.

Analysis

Year-over-year data reflects a market with heightened competitiveness and efficiency, where homes are selling faster and for a greater percentage over the asking price.

Price Points and Quadrants

The breakdown of March 2024 sales by price quadrants is as follows:

  • Top Quadrant: Median Sale Price: $1,845,000; Median DOM: 7; Avg. $/Sq.Ft.: $1,102.
  • Second Quadrant: Median Sale Price: $1,672,500; Median DOM: 15; Avg. $/Sq.Ft.: $1,133.
  • Third Quadrant: Median Sale Price: $1,562,500; Median DOM: 8; Avg. $/Sq.Ft.: $1,066.
  • Bottom Quadrant: Median Sale Price: $1,269,000; Median DOM: 20; Avg. $/Sq.Ft.: $1,045.

Analysis

The data illustrates a market where top-tier homes are moving quickly, with the lowest quadrant seeing longer DOMs, suggesting slower movement in this segment. However, across all quadrants, properties continue to fetch high square foot rates reflecting ongoing demand.

Conclusion

The Milpitas market in March 2024 showed dynamic shifts with an overall increase in sales activity and a quicker pace of transactions compared to last year. Despite some price reductions, the market’s strength is evident in the higher close rates above list price. This provides an optimistic outlook for both sellers aiming for quick sales at competitive prices and buyers looking for valuable investments in a robust market.

Data provided by MLS Listings and is deemed reliable but not guaranteed.