Month-over-Month Changes

In November 2023, the Milpitas real estate market experienced the following changes compared to October 2023:

  • Homes Sold: The number of homes sold remained constant at 19.
  • Median Sale Price: There was a 4% increase, rising from $1,400,000 in October 2023 to $1,460,000 in November 2023.
  • Days on Market (DOM): Increased slightly to 14 days in November 2023, up from 13 days in October 2023.
  • Percentage of List Price Received: Sellers received 100% of their asking price in November 2023, a decrease from 102% in October 2023.

Analysis

The Milpitas market in November 2023 showed stability in the number of homes sold, with a slight increase in the median sale price. The consistent demand is evident from the stable sales numbers and the complete receipt of the asking price, though there’s a minor decrease in the percentage received compared to the previous month.

Year-over-Year Comparison

Comparing November 2023 to November 2022, we observe:

  • Homes Sold: A decrease of 30%, from 27 homes in November 2022 to 19 in November 2023.
  • Median Sale Price: Increased slightly from $1.43M in November 2022 to $1.46M in November 2023.
  • Days on Market: Rose from 8 days in November 2022 to 14 days in November 2023.
  • Percentage of List Price Received: Decreased from 115% in November 2022 to 100% in November 2023.

Analysis

Year-over-year, the Milpitas market shows a significant decrease in the number of homes sold and a reduction in the percentage of list price received, indicating a shift towards a more balanced market. The increase in DOM and the slight rise in median sale prices suggest a market where buyers are more cautious, yet values remain stable.

Price Points and Quadrants

The sales details for November 2023 in Milpitas were:

  • Top Quadrant: 5 homes sold, Median Sale Price: $1,710,000, Median DOM: 14, Avg. $/Sq.Ft.: $1,404.
  • Second Quadrant: 5 homes sold, Median Sale Price: $1,515,000, Median DOM: 10, Avg. $/Sq.Ft.: $794.
  • Third Quadrant: 5 homes sold, Median Sale Price: $1,288,888, Median DOM: 52, Avg. $/Sq.Ft.: $939.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $1,194,500, Median DOM: 11, Avg. $/Sq.Ft.: $933.

Analysis

The data indicates a balanced distribution of sales across all price quadrants in Milpitas. The top and second quadrants show a healthier market with quicker sales and higher prices, while the third and bottom quadrants indicate a slower market but still maintain reasonable sale prices.

Conclusion

The Milpitas real estate market in November 2023 displayed a stable number of sales month-over-month, with a slight increase in median sale prices. Year-over-year, there’s a noticeable decrease in sales volume and a shift towards a more balanced market. The quadrant data reveals that while all segments of the market are active, the higher-priced homes are moving quicker, suggesting continued interest in premium properties.

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