Month-over-Month Changes

In April 2024, the Milpitas real estate market experienced notable changes compared to March 2024:

  • Homes Sold: 30 homes were sold, marking an 88% increase from 16 sales the previous month.
  • Median Sale Price: Decreased by 2%, from $1,641,667 in March 2024 to $1,602,500 in April 2024.
  • Days on Market (DOM): Remained constant at 8 days, the same as in March 2024.
  • Percentage of List Price Received: Sellers received 110% of their asking price, down slightly from 111% in March 2024.

Analysis

The significant increase in homes sold indicates a strong buyer interest in April 2024, perhaps influenced by seasonal trends or economic factors. The slight decrease in the median sale price suggests a potential stabilization in prices, which could be attractive to buyers. However, sellers are still receiving above their asking price, reflecting a competitive market.

Year-over-Year Comparison

Comparing April 2024 to April 2023, the following changes were observed:

  • Homes Sold: Increased by 50%, from 20 to 30.
  • Homes Listed: Increased by 29%, from 24 to 31.
  • Median Sale Price: Increased from $1.42M to $1.60M.
  • Median Days on Market: Stayed constant at 8 days.
  • Percentage of List Price Received: Increased from 103% to 110%.
  • Months of Inventory: Remained at 1.2 months.

Analysis

Year-over-year, the Milpitas market has seen a significant increase in the number of homes sold and listed, along with a substantial rise in median sale prices. This indicates a robust demand and a seller’s market. The stable DOM and increased percentage of list price received suggest that homes are selling quickly and often above asking price, reinforcing the market’s strength.

Price Points and Quadrants

The sales details for April 2024 were broken down by quartiles:

  • Top Quartile: No homes sold.
  • Second Quartile: 8 homes sold, Median Sale Price: $2,162,500, Median DOM: 8, Avg. $/Sq.Ft.: $1,008.
  • Third Quartile: 8 homes sold, Median Sale Price: $1,667,500, Median DOM: 8, Avg. $/Sq.Ft.: $1,002.
  • Bottom Quartile: 7 homes sold, Median Sale Price: $1,480,000, Median DOM: 4, Avg. $/Sq.Ft.: $1,286.
  • Lowest Quartile: 7 homes sold, Median Sale Price: $1,320,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,061.

Analysis

The data shows active sales across all quartiles, with notable activity in the second and third quartiles. The bottom quartile saw homes selling quickly, indicating strong demand for more affordable options. Higher-priced homes in the top quartile did not see any sales, which could suggest a preference for mid-range priced properties in the current market.

Conclusion

The Milpitas market in April 2024 showed a significant increase in homes sold compared to the previous month, alongside a stable DOM. Year-over-year comparisons reveal a strong market with increased listings, sales, and median prices. The data by quartile indicates active sales across various price points, with particular interest in mid-range priced homes.

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