The Milpitas real estate market has experienced some recent ups and downs and although it’s not the same as it was at last year’s peak it remains a strong seller’s market.
Here are a few points from the latest update to the Milpitas single family homes market, with more data and analysis in the article below:
- The sales to list price ratio has had some pretty wild swings since around mid-spring, skyrocketting in May, with much milder rising and falling in the following months. Compared to this time last year, homes are selling much higher over asking, averaging 104.1% in August, and it remains a strong seller’s market.
- Listings averaged 20 days on market, twice as long as the month before, and about equal to last year.
- The average single family home price in August was $1,618,540 (+6.0% from the month before, and up a major +11.7% from a year ago)
- The median sale price rose to $1,515,000 (+7.3% from the month before, and up +5.4% from last year)
- Inventory grew significantly, pending sales barely budged, and closed sales slipped month-over-month. Compared to this time last year there are just half the available homes and only about a third less closed and pending sales.
Market activity is elevated in Milpitas, but may be cooling off as the summer season comes to a close. We may see continued softening if inventory continues to grow, but unless it grows dramatically buyers will continue to struggle with the severe housing shortage and the market will remain red hot.
The Milpitas Real Estate Market
Milpitas is perpetually attractive for home buyers as the location is convenient and offers good schools. Many areas are close to the hills and enjoy scenic views, too.
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:
This chart says Milpitas remains in a strong seller’s market, although activity has been slipping since it’s peak. According to the most recent update, inventory remains low with no signs of growth, and with fairly stable low days on market.
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).
Milpitas single family homes / houses / duet homes (not duplexes):
| Trends At a Glance | Aug 2023 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,515,000 (+7.3%) | $1,412,500 | $1,438,000 (+5.4%) |
| Average Price | $1,618,540 (+6.0%) | $1,526,330 | $1,448,670 (+11.7%) |
| No. of Sales | 12 (-25.0%) | 16 | 19 (-36.8%) |
| Pending | 15 (-6.3%) | 16 | 23 (-34.8%) |
| Active | 13 (+44.4%) | 9 | 26 (-50.0%) |
| Sale vs. List Price | 104.1% (-1.0%) | 105.1% | 100.2% (+3.8%) |
| Days on Market | 20 (+99.2%) | 10 | 21 (-2.5%) |
| Days of Inventory | 33 (+92.6%) | 17 | 41 (-20.8%) |
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, updated a few times a year.)
Milpitas condo and townhouse market
Again, we’ll start with the Altos chart.
The market action is following similar trends in the Milpitas condo and townhome market, but a notch cooler than for single family homes. Inventory is low and steady, and days on market show even, quick turnover. It’s a hot seller’s market for Milpitas condos and townhomes.
Trends at a Glance
The Milpitas condo market experienced some up and down in August. The latest update shows a large increase in available listings, growth in closed sales, and a dip in pendings. Sales were averaging higher overbids and longer days on market. And practically every datapoint indicates a significantly hotter market compared to this time last year. Overall, it remains in a seller’s market that’s hotter than last year, but with less inventory (see more on the Re Report page).
| Trends At a Glance | Aug 2023 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,119,000 (+21.5%) | $921,000 | $1,050,000 (+6.6%) |
| Average Price | $1,095,570 (+14.5%) | $957,000 | $1,034,500 (+5.9%) |
| No. of Sales | 14 (+27.3%) | 11 | 9 (+55.6%) |
| Pending | 8 (-20.0%) | 10 | 18 (-55.6%) |
| Active | 12 (+50.0%) | 8 | 16 (-25.0%) |
| Sale vs. List Price | 104.1% (+0.3%) | 103.8% | 101.2% (+2.9%) |
| Days on Market | 18 (+100.8%) | 9 | 17 (+5.6%) |
| Days of Inventory | 26 (+17.9%) | 22 | 53 (-51.8%) |
Winning Combination
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 scenic views of or from the hills 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!
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.
Browse Milpitas homes for sale:
Click on the link to view Milpitas real estate market’s homes for sale. Property types include single family homes, condominiums (condos), townhouses (townhomes), and multi unit properties (meaning duplex, triplex, and fourplex homes). Note: Milpitas has 2 zip codes, 95035 (regular addresses) and 95036 (PO Boxes).
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
