Month-over-Month Changes

The Milpitas market saw several key adjustments in February 2024 when compared to January 2024:

  • Homes Sold: A total of 10 homes were sold, marking a decrease of 9% from the 11 sales in January 2024.
  • Median Sale Price: Experienced a significant increase of 22%, climbing from $1,400,000 in January to $1,705,000 in February.
  • Days on Market (DOM): The time on market for homes decreased to 10 days, down from 16 days the previous month.
  • Percentage of List Price Received: Sellers received an average of 109% of their listing price, up from 102% in January.

Analysis

The data suggests a strengthening in the market’s competitiveness, evidenced by the increased sale price and percentage of list price received. Despite a slight drop in the number of homes sold, the quickening pace of sales and higher sale prices indicate robust demand and a sellers’ market.

Year-over-Year Comparison

Comparing February 2024 with February 2023, we observe the following trends:

  • Homes Sold: Decreased by 23%, from 13 sales in February 2023.
  • Median Sale Price: Saw a considerable increase from $1.35M in February 2023 to $1.70M in February 2024, marking a 26% rise.
  • Days on Market: Reduced significantly, indicating faster sales.
  • Percentage of List Price Received: There was an increase to 109% from 105%.
  • Months of Inventory: Slight rise from 1.1 to 1.2, suggesting a balanced but tight supply.

Analysis

Year-over-year data indicates an appreciating market with higher sale prices and reduced time on market, despite fewer transactions. The increased percentage of list price received underscores the competitive nature of the Milpitas market, with buyers willing to pay above asking prices.

Price Points and Quadrants

February 2024’s data breaks down as follows across the different quadrants of the market:

  • Top Quadrant: 3 homes sold, Median Sale Price: $2,370,000, Median DOM: 12, Avg. $/Sq.Ft.: $931.
  • Second Quadrant: 3 homes sold, Median Sale Price: $1,780,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,000.
  • Third Quadrant: 2 homes sold, Median Sale Price: $1,605,506, Median DOM: 29, Avg. $/Sq.Ft.: $1,092.
  • Bottom Quadrant: 2 homes sold, Median Sale Price: $1,458,103, Median DOM: 10, Avg. $/Sq.Ft.: $982.

Analysis

The distribution of sales across the quadrants suggests a healthy interest in homes across various price points, with significant activity in the top and second quadrants. The varied days on market and price per square foot across quadrants reflect the diverse preferences and budgets of buyers in Milpitas.

Conclusion

The Milpitas real estate market in February 2024 depicted a market with increasing prices and a competitive edge for sellers. Despite a slight decrease in the number of homes sold compared to the previous month, the market dynamics indicate a strong demand, especially for homes listed at higher price points. The year-over-year comparison further solidifies this trend, with a significant increase in median sale prices and sellers receiving more than their asking price on average. The analysis of sales by quadrants offers insights into where the most activity is happening, guiding both buyers and sellers on market trends.

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