The Milpitas real estate market has calmed down, and although it’s nowhere near what it was last spring, it is still a 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 risen to 101.0%.
- Time on market averaged at 30 days, twice as long as the last month, and only 3x longer than last year.
- The average single family home price in February was $1,366,890 (+2.8% from the month before, and down -17.9% from a year ago)
- The median sale price rose to $1,440,000 (+8.1% from the month before, and down -7.1% from last year)
- Inventory and closed sales barely shifted month-over-month, and pending sales grew. Compared to last year, inventory and sales are nearly the same, but pending sales are far behind.
Market activity may be starting to pick up again in Milpitas, and while this sellers market is much milder than it was this time last year, unless inventory picks up buyers will continue to struggle with the severe housing shortage.
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 with some recent ups and downs coming out of an early winter slowdown. According to the most recent update inventory is low with no signs of growth while activity is up.
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 | Feb 2023 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,440,000 (+8.1%) | $1,332,500 | $1,550,000 (-7.1%) |
| Average Price | $1,366,890 (+2.8%) | $1,330,130 | $1,665,670 (-17.9%) |
| No. of Sales | 9 (+12.5%) | 8 | 9 (0.0%) |
| Pending | 20 (+25.0%) | 16 | 34 (-41.2%) |
| Active | 10 (-9.1%) | 11 | 9 (+11.1%) |
| Sale vs. List Price | 101.0% (+1.3%) | 99.7% | 115.1% (-12.2%) |
| Days on Market | 30 (+121.8%) | 14 | 10 (+189.4%) |
| Days of Inventory | 30 (-27.3%) | 41 | 27 (+11.1%) |
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 in flux in the Milpitas condo and townhome market. Inventory has been slipping steadily and days on market show quick turnover. It’s a hot seller’s market for Milpitas condos and townhomes.
Trends at a Glance
The Milpitas condo market is showing mixed signals, but overall remains in a seller’s market with falling inventory and rising activity (see more on the Re Report page).
| Trends At a Glance | Feb 2023 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $870,000 (+0.6%) | $865,000 | $1,150,000 (-24.3%) |
| Average Price | $990,556 (+4.8%) | $945,000 | $1,092,190 (-9.3%) |
| No. of Sales | 9 (+200.0%) | 3 | 26 (-65.4%) |
| Pending | 25 (+19.0%) | 21 | 35 (-28.6%) |
| Active | 10 (-16.7%) | 12 | 9 (+11.1%) |
| Sale vs. List Price | 97.1% (-1.9%) | 99.0% | 113.8% (-14.7%) |
| Days on Market | 54 (+88.0%) | 29 | 10 (+447.3%) |
| Days of Inventory | 30 (-75.0%) | 120 | 9 (+221.0%) |
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
