Graphic: House and yard with words Milpitas Real Estate MarketThe Milpitas real estate market has been one of the hottest in Santa Clara County, and even now, Altos Research calls it a strong seller’s market. Prices are up both year over year and month over month, and the sale to list price ratio has risen again to 102.3%. At the same time days on market are shorter and inventory and sales are on the rise. The charts show clear warming as winter moves towards spring, overall Milpitas is a hot market for the well-prepared seller, though not as hot as other areas over this past month. This is in keeping with trends we are seeing throughout the San Francisco Bay Area and Silicon Valley: well priced homes are selling close to list price, but well below peak pricing from spring 2018.

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 with inventory remaining low towards the tail end of winter.

 

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 been showing some clear warming in February.

Those which sell more than 3 weeks after hitting the market are likely to sell under list price. (This is true nearly everywhere in Santa Clara County.)

Prices are up year over year and month over month. The sale price to list price ratio is heating up, currently at 102.3%. Inventory and sales are on the rise, and homes are taking less time to sell. By these charts, Milpitas is in a strong seller’s market.

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

Trends at a Glance

 

Trends At a Glance Feb 2020 Previous Month Year-over-Year
Median Price $1,290,000 (+25.9%) $1,025,000 $1,145,000 (+12.7%)
Average Price $1,246,050 (+16.3%) $1,071,250 $1,149,180 (+8.4%)
No. of Sales 15 (+87.5%) 8 14 (+7.1%)
Pending 19 (+26.7%) 15 23 (-17.4%)
Active 11 (+10.0%) 10 35 (-68.6%)
Sale vs. List Price 102.3% (+0.3%) 102.0% 100.8% (+1.5%)
Days on Market 24 (-33.2%) 36 30 (-20.3%)
Days of Inventory 21 (-45.2%) 38 68 (-69.6%)

 

And for the month before:

 

Trends At a Glance Jan 2020 Previous Month Year-over-Year
Median Price $1,025,000 (-6.8%) $1,100,000 $1,055,000 (-2.8%)
Average Price $1,071,250 (-11.4%) $1,208,550 $1,080,380 (-0.8%)
No. of Sales (-27.3%) 11 18 (-55.6%)
Pending 15 (+66.7%) 9 14 (+7.1%)
Active 10 (+11.1%) 9 38 (-73.7%)
Sale vs. List Price 102.0% (+1.4%) 100.6% 98.6% (+3.5%)
Days on Market 36 (-29.3%) 51 36 (-1.9%)
Days of Inventory 38 (+52.8%) 25 63 (-40.8%)

 

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.)

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, and we’re currently on an upturn after a jagged late winter dip. Inventory was at a low point, but is rising again.

 

 

 

Milpitas condo and townhouse market

Again, we’ll start with the Altos chart.

 

Altos Real-Time Market Profile for Milpitas, CA Condos

 

Milpitas condos are following a similar trend to it’s houses, but show a slightly milder market than with single family homes. Prices are up a hair, days on market are down, and the market action index is rising quickly. It’s a strong seller’s market for Milpitas condos.

 

Trends at a Glance

The Milpitas condo market (see more on the Re Report page) has been bouncing up and down a little bit, but overall remaining a stable seller’s market. The condo market is much more balanced than the housing market. Prices are up, as are sales, pending listings, and there are shorter days on market, all indicating market heating. Active listings are below last month and last year, which doesn’t help ease market demand. As winter approaches spring, things are warming up in the condo market.

 

Trends At a Glance Feb 2020 Previous Month Year-over-Year
Median Price $938,430 (+29.2%) $726,500 $824,000 (+13.9%)
Average Price $892,296 (+32.2%) $675,125 $814,327 (+9.6%)
No. of Sales 16 (+100.0%) 8 11 (+45.5%)
Pending 31 (+34.8%) 23 10 (+210.0%)
Active 11 (-21.4%) 14 46 (-76.1%)
Sale vs. List Price 100.8% (+1.0%) 99.8% 100.7% (+0.1%)
Days on Market 34 (-38.8%) 55 27 (+24.8%)
Days of Inventory 19 (-63.3%) 53 113 (-83.0%)

 

And the month prior:

 

Trends At a Glance Jan 2020 Previous Month Year-over-Year
Median Price $726,500 (-14.3%) $847,500 $810,000 (-10.3%)
Average Price $675,125 (-19.5%) $838,741 $757,306 (-10.9%)
No. of Sales (-33.3%) 12 14 (-42.9%)
Pending 23 (+64.3%) 14 (+155.6%)
Active 14 (-54.8%) 31 41 (-65.9%)
Sale vs. List Price 99.8% (+0.7%) 99.1% 99.6% (+0.2%)
Days on Market 55 (+45.4%) 38 48 (+15.4%)
Days of Inventory 53 (-32.3%) 78 88 (-40.2%)

 

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

 

 

 

ArabicChinese (Simplified)DutchEnglishFilipinoFrenchGermanGreekItalianKoreanLatinPersianPortugueseRussianSerbianSpanishUkrainianVietnamese

Join our monthly newsletter

* indicates required

Click to view the Privacy Policy

Mary Pope-Handy
Realtor
ABR, CIPS, CRS, SRES
Sereno Group Real Estate
214 Los Gatos-Saratoga Rd
Los Gatos, CA 95030
408 204-7673
Mary (at) PopeHandy.com
License# 01153805


Selling homes in
Silicon Valley:
Santa Clara County,
San Mateo County, and
Santa Cruz County.
:
Special focus on:
San Jose, Los Gatos,
Saratoga, Campbell,
Almaden Valley,
Cambrian Park.
Mary’s other resources
Silicon Valley real estate report
Real estate statistics and trends for Santa Clara County, San Mateo County, and Santa Cruz County

Live in Los Gatos blog
Los Gatos neighborhoods, history, businessses, parks, restaurant reviews, and more

Valley Of Heart's Delight
Santa Clara County Real Estate,
with an interest in history

Move2SiliconValley.com
Silicon Valley relocation info

popehandy.com
Silicon Valley real estate,
focus on home selling
Categories