Month-over-Month Changes

In August 2023, Milpitas’ real estate market showed some notable changes compared to July 2023:

  • Homes Sold: 16 homes were sold, marking a 20% decrease from 20 sales the previous month.
  • Median Sale Price: Increased by 15% from $1,432,500 in July 2023 to $1,642,889 in August 2023.
  • Days on Market (DOM): Rose to 14 days from 8 days in July 2023.

Analysis:

The month-over-month data indicates a market that is slightly cooling off. The decrease in homes sold and the increase in DOM suggest that demand may be waning. However, sellers are still benefiting from a rise in median sale prices.

Year-over-Year Comparison

Comparing August 2023 to August 2022, the following changes were noted:

  • Homes Sold: Decreased by 27%, from 22 to 16.
  • Homes Listed: No change, remained at 23.
  • Median Sale Price: Increased from $1.51M to $1.64M.
  • Median Days on Market: Decreased from 18 to 14.
  • Average Dollar per Square Foot: Increased from $960 to $984.
  • Percentage of List Price Received: Increased from 100% to 105%.
  • Months of Inventory: Decreased from 1.8 to 1.0.

Analysis:

Year-over-year, the market has seen a decrease in the number of homes sold but an increase in sale prices and a faster sales cycle. This suggests a seller’s market where inventory is tight, but demand is high enough to drive up prices.

Price Points and Quadrants

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

  • Top Quadrant: 4 homes sold, Median Sale Price: $2,035,250, Median DOM: 8, Avg. $/Sq.Ft.: $909.
  • Second Quadrant: 4 homes sold, Median Sale Price: $1,706,500, Median DOM: 9, Avg. $/Sq.Ft.: $893.
  • Third Quadrant: 4 homes sold, Median Sale Price: $1,515,000, Median DOM: 16, Avg. $/Sq.Ft.: $979.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $1,307,250, Median DOM: 18, Avg. $/Sq.Ft.: $1,077.

Analysis:

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

Conclusion

The Milpitas market in August 2023 showed a decrease in homes sold compared to the previous month, but an increase in median sale prices year-over-year. The 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 higher-priced homes are particularly competitive.

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