Month-over-Month Changes

The Milpitas real estate market experienced some changes in July 2023 compared to June 2023. Here’s a summary:

  • Homes Sold: 20 homes were sold, a 9% decrease from 22 sales the previous month.
  • Median Sale Price: There was an 8% decrease, from $1,555,000 in June to $1,432,500 in July.
  • Days on Market (DOM): The DOM dropped to 8 from 9 in June.
  • Percentage of List Price Received: Sellers received 105% of their asking price, a slight increase from 104% in June.

These changes suggest a market that remains competitive, with properties selling quickly and at slightly lower prices.

Year-over-Year Comparison

Comparing July 2023 to July 2022, the following year-over-year changes were noted:

  • Homes Sold: Increased by 150%, from 8 to 20.
  • Homes Listed: Decreased by 50%, from 30 to 15.
  • Median Sale Price: Decreased by 12%, from $1.63M to $1.43M.
  • Average Dollar per Square Foot: Increased by 13%, from $883 to $997.
  • Median Days on Market: Decreased by 58%, from 19 to 8.
  • Months of Inventory: Decreased by 80%, from 2.0 to 0.4.

These statistics indicate a market with more sales and quicker sales compared to the previous year, but with lower prices.

Price Points and Quadrants

The July 2023 sales details were broken down by quadrants:

  • Top Quadrant: 5 homes sold, Median Sale Price: $2,001,109, Median DOM: 8, Avg. $/Sq.Ft.: $844.
  • Second Quadrant: 5 homes sold, Median Sale Price: $1,540,000, Median DOM: 7, Avg. $/Sq.Ft.: $977.
  • Third Quadrant: 5 homes sold, Median Sale Price: $1,380,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,050.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,250,001, Median DOM: 10, Avg. $/Sq.Ft.: $981.

These details provide insights into the segments of the market that are most active, with a fairly even distribution across the quadrants.

Conclusion

The Milpitas market in July 2023 showed a decrease in sales and prices compared to the previous month but an increase in sales compared to the previous year. The breakdown by quadrants offers valuable insights for buyers and sellers, highlighting the competitive nature of the market.

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