Month over Month Changes

In October 2023, the Milpitas real estate market experienced notable changes compared to September 2023:

  • Homes Sold: There were 15 homes sold, a decrease of 29% from 21 sales in the previous month.
  • Median Sale Price: There was a significant increase in the median sale price, rising 17% from $1,402,000 in September 2023 to $1,640,000 in October 2023.
  • Days on Market (DOM): The DOM increased to 14 days in October, up from 12 days in September 2023.
  • Percentage of List Price Received: Sellers received 103% of their asking price, slightly down from 104% in September 2023.

Analysis

The month over month data for Milpitas indicates a cooling trend in the market, with a decrease in the number of homes sold. However, the significant increase in the median sale price suggests that the properties on the market are attracting higher bids, possibly due to a decrease in available inventory or increased demand for certain property types. The slight increase in DOM and a small decrease in the percentage of list price received indicate a slight shift towards a more balanced market.

Year over Year Comparison

Comparing October 2023 to October 2022, we observe the following changes:

  • Homes Sold: Decreased by 21% from 19 homes sold in October 2022.
  • Median Sale Price: Increased by 17% from $1.40M in October 2022 to $1.64M in October 2023. Days on Market (DOM): Decreased significantly from 18 days in October 2022 to 14 days in October 2023.
  • Percentage of List Price Received: Increased slightly from 102% in October 2022 to 103% in October 2023.
  • Months of Inventory: Decreased from 1.2 in October 2022 to 0.8 in October 2023.
  •  Average Dollar per Sq. Ft.: Increased by 10% from $855 in October 2022 to $942 in October 2023.

Analysis

Year over year, the Milpitas market has seen a decrease in the number of homes sold but a notable increase in the median sale price. The faster sales cycle, as indicated by the reduced DOM, and the increase in the percentage of list price received, suggest a strong seller’s market. The decrease in months of inventory and the rise in the average dollar per square foot further reinforce this trend.

Price Points and Quadrants

The sales details for October 2023 in Milpitas were broken down by quadrants:

  • Top Quadrant: 4 homes sold, Median Sale Price: $2,508,750, Median DOM: 23, Avg. $/Sq.Ft.: $912.
  • Second Quadrant: 4 homes sold, Median Sale Price: $1,775,000, Median DOM: 9, Avg. $/Sq.Ft.: $881.
  • Third Quadrant: 4 homes sold, Median Sale Price: $1,511,721, Median DOM: 21, Avg. $/Sq.Ft.: $956.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $1,150,000, Median DOM: 22, Avg. $/Sq.Ft.: $954.

Analysis

The quadrant data shows a balanced activity across various price ranges in Milpitas. The top quadrant, with the highest median sale price, experienced longer DOM, suggesting a more selective buyer pool for highend properties. The second and third quadrants showed more rapid sales, indicating strong demand in the midrange market. The bottom quadrant, while having the lowest median sale price, also showed a healthy level of activity, reflecting a diverse market appeal.

Conclusion

The Milpitas real estate market in October 2023 demonstrated a decrease in the number of homes sold compared to the previous month and year over year. However, the significant increase in median sale price year over year and the stable DOM indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that while higher priced homes take longer to sell, there is consistent demand across all price ranges.

Data provided by MLSListings and is deemed reliable but not guaranteed.