Month-over-Month Changes

In September 2023, the Milpitas real estate market exhibited the following changes compared to August 2023:

  • Homes Sold: 21 homes were sold, marking a 31% increase from 16 sales the previous month.
  • Median Sale Price: Decreased by 15% from $1,642,889 in August 2023 to $1,402,000 in September 2023.
  • Days on Market (DOM): Dropped to 12 days from 14 days in August 2023.
  • Percentage of List Price Received: Sellers received 104% of their asking price, down from 105% in August 2023.

Analysis

The month-over-month data indicates a mixed market. While the number of homes sold increased, the median sale price decreased. The DOM slightly improved, suggesting that homes are selling a bit faster. Sellers are still receiving more than their asking price, which indicates a seller’s market.

Year-over-Year Comparison

Comparing September 2023 to September 2022, the following changes were observed:

  • Homes Sold: Decreased by 16%, from 25 to 21.
  • Homes Listed: Decreased by 12%, from 25 to 22.
  • Median Sale Price: Increased from $1.29M to $1.40M.
  • Median Days on Market: Remained the same at 12 days.
  • Percentage of List Price Received: Increased from 100% to 104%.
  • Months of Inventory: Decreased from 1.5 to 0.8.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold and listed, but an increase in sale prices. The stable DOM and increased percentage of list price received suggest a strong market, particularly for sellers.

Price Points and Quadrants

The sales details for September 2023 were broken down by quadrants:

  • Top Quadrant: 6 homes sold, Median Sale Price: $1,915,002, Median DOM: 13, Avg. $/Sq.Ft.: $928.
  • Second Quadrant: 5 homes sold, Median Sale Price: $1,490,000, Median DOM: 18, Avg. $/Sq.Ft.: $889.
  • Third Quadrant: 5 homes sold, Median Sale Price: $1,350,000, Median DOM: 12, Avg. $/Sq.Ft.: $898.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,200,000, Median DOM: 20, Avg. $/Sq.Ft.: $981.

Analysis

The data shows that all quadrants are active, but the top quadrant is seeing the most activity. This suggests that higher-priced homes are moving relatively quickly, indicating a strong market for sellers in these price ranges.

Conclusion

The Milpitas market in September 2023 showed an increase in homes sold compared to the previous month but a decrease in homes listed year-over-year. The decrease in median sale price month-over-month is noteworthy, but the year-over-year increase indicates a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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