The Milpitas real estate market is red hot, one of the hottest in Santa Clara County. Last month, February 2018, the average sale price to list price ratio of houses or single family homes was a staggering 120.5%. Only Sunnyvale ranked higher, at 121.5%. The county average hit 112.4%.
Appreciation year over year is also well past “double digits” with 27.6% for the median sale price and 20.2% for the average sale price of Milpitas houses. The county average for the same period were 27.5% for the median sale price, and 25.4% for the average.
Milpitas Real Estate Market Trends at a Glance
You can always view the most current info on the Milpitas market on my RE Report (it’s updated between the 5th and 10th of each month). Like elsewhere in the valley, the Milpitas market seems to be cooling a bit. I think it is a seasonal fluctuation only, but we’ll have to watch it and see. Right now, though, it looks like a good buying opportunity may be at hand.
|Trends At a Glance||Aug 2018||Previous Month||Year-over-Year|
|Median Price||$1,050,000 (-19.2%)||$1,300,000||$1,009,000 (+4.1%)|
|Average Price||$1,149,160 (-11.0%)||$1,290,780||$1,103,980 (+4.1%)|
|No. of Sales||29 (+7.4%)||27||30 (-3.3%)|
|Pending||22 (-31.3%)||32||25 (-12.0%)|
|Active||41 (+17.1%)||35||8 (+412.5%)|
|Sale vs. List Price||105.2% (-3.1%)||108.6%||108.1% (-2.7%)|
|Days on Market||19 (-5.2%)||20||15 (+22.9%)|
|Days of Inventory||42 (+9.1%)||39||8 (+430.2%)|
And last month:
|Trends At a Glance||May 2018||Previous Month||Year-over-Year|
|Median Price||$1,238,890 (-4.7%)||$1,300,000||$992,500 (+24.8%)|
|Average Price||$1,291,110 (+1.6%)||$1,270,460||$1,053,540 (+22.5%)|
|No. of Sales||23 (-8.0%)||25||32 (-28.1%)|
|Pending||28 (+40.0%)||20||39 (-28.2%)|
|Active||27 (+68.8%)||16||23 (+17.4%)|
|Sale vs. List Price||113.3% (0.0%)||113.3%||109.1% (+3.9%)|
|Days on Market||13 (+39.7%)||9||19 (-32.2%)|
|Days of Inventory||35 (+89.7%)||19||22 (+63.3%)|
For comparison, here’s a lineup of the Milpitas real estate market statistics side by side with other cities and towns in Santa Clara County. As you can see, prices are a little lower than the county averages, but the sale price to list price ratio is a bit higher.
Something you’ll notice right away is that aside from the “south county” areas of Morgan Hill, this is one of the less costly cities in the county. (There are parts of San Jose which are also on the more affordable end of the scale – please see an article on my relocation website, Move2SiliconValley.com, on the topic of the varying prices of homes within the large city of San Jose.)
Milpitas has 2 zip codes, 95035 (regular addresses) and 95036 (PO Boxes). Below, please view some Altos Research charts, which use list prices for Milpitas 95035.
|90-day stats for Single Family properties in|
MILPITAS, CA 95035 as of September 14, 2018
|Median List Price:||$1,149,224||Average List Price:||$1,669,887|
|Total Inventory:||35||Price per Square Foot:||$671|
|Average Home Size:||1,653||Median Lot Size:||6,073|
|Average # Beds:||3.73||Average # Baths:||2.88|
|Homes Absorbed:||8||Newly Listed:||9|
|Days on Market:||24||Average Age:||45|
Milpitas enjoys a close in location, good schools, and in many cases, close up views of the hills or views of the bay and valley from the hills. With BART coming from Fremont into the Berryessa area of San Jose soon, it just keeps getting better looking all the time. Alternative areas with good schools like Cambrian are far more costly. Combine these factors with the price point being a little more attractive than most of the county, and you can understand why it would draw a lot of very motivated home buyers. All around, Milpitas is a winner.
Milpitas homes for sale will be snatched up quickly in most cases because it’s a community offering good public schools, shorter commutes to many Silicon Valley tech hubs, and there are views of the hills or from them in many spots. The Milpitas real estate market is a sellers’ market due to low inventory and high demand – so if you love a particular home, don’t wait! Being pre-approved with your down payment in hand is a must!
Browse Milpitas homes for sale:
The properties below are listed in order of newness – the most recently added properties will be listed first. Property types include single family homes, condominiums (condos), townhouses (townhomes), and multi unit properties (meaning duplex, triplex, and fourplex homes).
$950,000 : 350 Smithwood ST, MILPITAS4 beds, 2 baths
$1,588,000 : 2258 Devon PL, MILPITAS4 beds, 3 baths
$749,950 : 600 S Abel ST 304, MILPITAS2 beds, 2 baths
$999,000 : 1517 Coyote Creek WAY, MILPITAS3 beds, 3 baths
$818,888 : 1818 Forest CT, MILPITAS3 beds, 2 baths
See all Real estate in the city of Milpitas.
(all data current as of 9/22/2018)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Please also see:
Milpitas (on the popehandy.com site)
What can you buy for $1 million in Silicon Valley? (on the Move2SiliconValley.com site)