Month-over-Month Changes

In January 2024, the Milpitas real estate market experienced several notable changes compared to December 2023:

  • Homes Sold: There was a 10% increase in homes sold, with 11 homes sold in January compared to 10 in the previous month.
  • Median Sale Price: There was an 8% decrease in the median sale price, from $1,530,000 in December 2023 to $1,400,000 in January 2024.
  • Days on Market (DOM): The DOM increased to 16 days in January from 10 days in December 2023.
  • Percentage of List Price Received: Sellers received 102% of their asking price in January, a slight decrease from 103% in December 2023.

Analysis

The month-over-month data indicates a mixed market dynamic in Milpitas. The increase in homes sold suggests a growing demand, while the decrease in median sale price and the increase in DOM indicate a slight cooling. The percentage of list price received remains strong, reflecting a competitive market environment.

Year-over-Year Comparison

Comparing January 2024 to January 2023, Milpitas saw the following changes:

  • Homes Sold: Increased by 22%, from 9 to 11.
  • Median Sale Price: Increased by 5%, from $1.34M in January 2023 to $1.40M in January 2024.
  • Days on Market: Increased significantly from 7 days in January 2023 to 16 days in January 2024.
  • Percentage of List Price Received: Improved from 100% in January 2023 to 102% in January 2024.
  • Months of Inventory: Decreased from 1.2 in January 2023 to 1.0 in January 2024.

Analysis

Year-over-year, Milpitas’ real estate market shows a healthy increase in both the number of homes sold and the median sale price, indicating a strong market. The increase in DOM suggests that while homes are still selling, buyers are taking a bit more time to make purchasing decisions. The improvement in the percentage of list price received and the decrease in months of inventory highlight a competitive market for sellers.

Price Points and Quadrants

The sales details for January 2024 in Milpitas were as follows:

  • Top Quadrant: 3 homes sold, Median Sale Price: $1,615,088, Median DOM: 8, Avg. $/Sq.Ft.: $969.
  • Second Quadrant: 3 homes sold, Median Sale Price: $1,420,000, Median DOM: 9, Avg. $/Sq.Ft.: $873.
  • Third Quadrant: 3 homes sold, Median Sale Price: $1,375,000, Median DOM: 29, Avg. $/Sq.Ft.: $1,127.
  • Bottom Quadrant: 2 homes sold, Median Sale Price: $1,239,500, Median DOM: 42, Avg. $/Sq.Ft.: $935.

Analysis

The quadrant data reveals a balanced activity across different price points in Milpitas, with the top and second quadrants showing quicker sales. The third and bottom quadrants, while slower, indicate that there is movement across all segments of the market. This suggests a diverse buyer interest and a healthy market that caters to various price points.

Conclusion

The Milpitas real estate market in January 2024 demonstrated a robust demand with an increase in homes sold both month-over-month and year-over-year. Despite a slight cooling indicated by the decrease in median sale price month-over-month and an increase in DOM, the market remains competitive, especially for sellers. The analysis of sales by quadrants shows a healthy distribution of activity across different price segments, offering insights for both buyers and sellers in navigating the market dynamics.

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