Month-over-Month Changes

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

  • Homes Sold: There was a significant increase in homes sold, with 10 homes sold in December 2023, up 67% from 6 sales in November 2023.
  • Median Sale Price: The median sale price rose by 8%, from $1,423,117 in November 2023 to $1,530,000 in December 2023.
  • Days on Market (DOM): The DOM decreased, dropping to 10 days in December from 12 days in November 2023.
  • Percentage of List Price Received: Sellers received an average of 103% of their asking price in December 2023.

Analysis:

The month-over-month data indicates a robust market in Milpitas, with a notable increase in sales and median sale prices. The decrease in DOM and sellers receiving more than their asking price reflect a strong seller’s market.

Year-over-Year Comparison

Comparing December 2023 to December 2022, the Milpitas market showed the following changes:

  • Homes Sold: There was a decrease of 23% in homes sold, down from 13 in December 2022 to 10 in December 2023.
  • Median Sale Price: Increased from $1.36M in December 2022 to $1.53M in December 2023.
  • Days on Market: The median DOM remained relatively stable, with a slight decrease from 13 days in December 2022 to 10 days in December 2023.
  • Percentage of List Price Received: There was an increase, with sellers receiving 103% of their asking price in December 2023, up from 99% in December 2022.

Analysis:

Year-over-year, the market shows a decrease in the number of homes sold but an increase in the median sale price. The stable DOM and increased percentage of list price received indicate continued demand and a competitive market.

Price Points and Quadrants

The sales details for December 2023 in Milpitas were as follows:

  • Top Quadrant: 3 homes sold, Median Sale Price: $1,725,000, Median DOM: 9, Avg. $/Sq.Ft.: $942.
  • Second Quadrant: 3 homes sold, Median Sale Price: $1,550,000, Median DOM: 9, Avg. $/Sq.Ft.: $854.
  • Third Quadrant: 2 homes sold, Median Sale Price: $1,432,500, Median DOM: 10, Avg. $/Sq.Ft.: $1,014.
  • Bottom Quadrant: 2 homes sold, Median Sale Price: $1,026,933, Median DOM: 40, Avg. $/Sq.Ft.: $769.

Analysis:

The data shows activity across all quadrants, with the top and second quadrants seeing the most sales. The higher median sale prices and relatively lower DOM in these quadrants suggest a strong market for mid to high-range properties.

Conclusion

The Milpitas market in December 2023 demonstrated a dynamic real estate environment. The increase in median sale price year-over-year and the high percentage of list price received are indicative of a seller’s market. The quadrant data provides insights into the market’s segmentation, highlighting the strength in the mid to high-range property sector.

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