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Graphic: House and yard with words Milpitas Real Estate MarketThe Milpitas real estate market has been one hot seller’s market in Santa Clara County. Altos Research has called it a strong seller’s market for many months now, and it just keeps getting hotter! Here are a few more points from the latest update to the Milpitas single family homes market, with more data and analysis in the article below:

  • March’s active inventory more than doubled from the month before but remains well below this time last year.
  • Listings regularly saw bids well over list price with an average ratio of 107.3% of asking!
  • The average Milpitas home is sells around $1.2-$1.5 million.

The Milpitas Real Estate Market

Despite unusual circumstance last year, Milpitas has maintained a favorable market for the well-prepared seller, though certainly not a typical market. This is in keeping with trends we are seeing throughout the San Francisco Bay Area and Silicon Valley: well priced homes are selling over list price, and usually above peak pricing from spring 2018! That said, sellers don’t be tempted to list your home too high. Price it appropriately to today’s market and you will have more interested buyers willing to compete for your home, perhaps even starting a bidding war!

A lot has changed since March 2020. Over time we’re beginning to get a clearer view of how covid-19 is affecting the market, but it will be a while before we know the full impact of the pandemic on real estate sales. For now, follow the latest market trends in this article and check out my post: Coronavirus impact on real estate sales, to learn more about the restrictions placed on our local market.

During the initial shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th, 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory. So disregard those previous months data, but current numbers are accurate.

So let’s look at some data. First up, the Altos charts using list price and active listings. It is updated automatically on a weekly basis, so check back often:

Altos Real-Time Market Profile, Milpitas

This chart says Milpitas is in a strong seller’s market and climbing. According to the most recent update (April 6th), inventory is starting to grow, days on market are nonexistent (sales in an average of zero days), and the market action is on the rise.

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 has started heating up early after a brief and mild winter cooling..

Prices are a little over last year and consistent month-over-month. The sale price to list price ratio dipped to a still scorching hot 107.3%, rising well above last year. Sales, pending sales, and active inventory all rose above the last month, with all but pending sales falling below last year. Turnover is quick at a speedy average of 16 days on market, just over 2 weeks. By these charts Milpitas is in a hot seller’s market!

Milpitas single family homes / houses / duet homes (not duplexes):

Trends at a Glance

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $1,350,000 (-0.6%) $1,357,500 $1,285,000 (+5.1%)
Average Price $1,526,080 (+2.8%) $1,484,080 $1,416,100 (+7.8%)
No. of Sales 17 (+70.0%) 10 18 (-5.6%)
Pending 23 (+35.3%) 17 15 (+53.3%)
Active 16 (+128.6%) 7 21 (-23.8%)
Sale vs. List Price 107.3% (-1.2%) 108.6% 103.6% (+3.6%)
Days on Market 16 (+24.4%) 13 41 (-60.4%)
Days of Inventory 28 (+49.4%) 19 35 (-19.3%)

And for the month before:

Trends At a Glance Feb 2021 Previous Month Year-over-Year
Median Price $1,357,500 (+13.1%) $1,200,000 $1,290,000 (+5.2%)
Average Price $1,484,080 (+24.6%) $1,191,170 $1,246,050 (+19.1%)
No. of Sales 10 (-44.4%) 18 15 (-33.3%)
Pending 17 (+6.3%) 16 16 (+6.3%)
Active (+16.7%) 6 17 (-58.8%)
Sale vs. List Price 108.6% (+4.5%) 104.0% 102.3% (+6.1%)
Days on Market 13 (-57.2%) 30 24 (-45.5%)
Days of Inventory 19 (+89.0%) 10 32 (-40.4%)

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.

The median price has a lot of sharp ups and downs in 95035. July hit the peak of the rising trend through spring, hitting above the peak from 2019. Data from the most recent month or so may not be complete (and it will likely smooth out as sales are added), but with fewer sales in winter and smaller pools of data wider swings in the chart are normal. Last year’s inventory never reached 2019 levels and plunged below 2019-2020 winter lows by autumn! Inventory was extremely low through the start of 2021, but is growing quickly into early spring.

Milpitas condo and townhouse market

Again, we’ll start with the Altos chart.

Altos Real-Time Market Profile for Milpitas, CA Condos

The market action is up, but not climbing in the Milpitas condo market. Inventory is growing and days on market show an extremely quick turnaround. It’s a strong seller’s market for Milpitas condos and, by these numbers, looking a little hotter than the single-family housing market.

Trends at a Glance

The Milpitas condo market (see more on the Re Report page) is also showing clear spring warming, heating up a continuing seller’s market. Sales and sales pending rose above the month before and active inventory slipped a hair. Comparing these to last year, closed and pending sales are high and active inventory remains low, about half of what it was in 2020. The sales vs list price ratio rose to 106.1% and days on market sped to 11 days. Overall, it’s a hot seller’s market in Milpitas condos.

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $1,090,000 (+10.7%) $985,000 $818,261 (+33.2%)
Average Price $981,619 (+0.8%) $973,706 $839,284 (+17.0%)
No. of Sales 21 (+23.5%) 17 15 (+40.0%)
Pending 34 (+61.9%) 21 22 (+54.5%)
Active 15 (-6.3%) 16 29 (-48.3%)
Sale vs. List Price 106.1% (+1.0%) 105.0% 102.2% (+3.7%)
Days on Market 11 (-32.1%) 16 16 (-33.6%)
Days of Inventory 21 (-15.7%) 25 58 (-63.1%)

And the month prior:

Trends At a Glance Feb 2021 Previous Month Year-over-Year
Median Price $985,000 (+7.7%) $915,000 $930,000 (+5.9%)
Average Price $973,706 (+10.5%) $881,241 $885,985 (+9.9%)
No. of Sales 17 (-5.6%) 18 17 (0.0%)
Pending 21 (-4.5%) 22 30 (-30.0%)
Active 16 (+128.6%) 7 20 (-20.0%)
Sale vs. List Price 105.0% (+2.5%) 102.4% 101.0% (+4.0%)
Days on Market 16 (-20.7%) 20 32 (-51.3%)
Days of Inventory 25 (+117.8%) 12 33 (-22.9%)

 

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:

Click on the link to view Milpitas real estate for sale. Property types include single family homes, condominiums (condos), townhouses (townhomes), and multi unit properties (meaning duplex, triplex, and fourplex homes).

Please also see:

Milpitas (on the popehandy.com site)

What can you buy for $1 million in Silicon Valley? (on the Move2SiliconValley.com site)

Cupertino real estate market trends & statistics