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. The sale to list price ratio rose again, inventory is only a drop in the bucket compared to 2019, and days on market are shrinking.

Despite unusual circumstance this year, Milpitas is a favorable market for the well-prepared seller, though not as hot as we might have anticipated it would be prior to the pandemic. 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 below peak pricing from spring 2018.

A lot has changed since the start of March. Over time we’re beginning to get a clearer view of how these changes are affecting the market, but it will be a while before we know the full impact of the pandemic on real estate sales. For now, check out my post: Coronavirus impact on real estate sales.

During the shutdown so far, 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. 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 with prices dipping, inventory rising, and the days on market speeding up. According to the most recent update (September 11th), there are some ups and downs and overall the market action is holding steady – this market is showing mixed signals, but it’s still a strong seller’s 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). Like elsewhere in the valley the Milpitas market has seen some clear cooling since March through spring, but has been heating back up again.

Prices rose in dropped in August compared to July but are looking favorable compared to a year ago. The sale price to list price ratio continues to climb, currently at 102.6% after a sharp drop to a cool 95.4% of list price in May. Inventory rose a hair though though it’s well behind last year. By these charts Milpitas is still heating up!

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

Trends at a Glance

Trends At a Glance Aug 2020 Previous Month Year-over-Year
Median Price $1,180,000 (-7.5%) $1,275,440 $1,100,000 (+7.3%)
Average Price $1,197,820 (-9.3%) $1,320,780 $1,129,350 (+6.1%)
No. of Sales 21 (-25.0%) 28 34 (-38.2%)
Pending 30 (+15.4%) 26 12 (+150.0%)
Active 21 (+10.5%) 19 38 (-44.7%)
Sale vs. List Price 102.6% (0.0%) 102.5% 102.1% (+0.5%)
Days on Market 15 (-34.5%) 23 17 (-11.5%)
Days of Inventory 30 (+47.4%) 20 34 (-10.5%)

And for the month before:

Trends At a Glance Jul 2020 Previous Month Year-over-Year
Median Price $1,275,440 (+23.2%) $1,035,000 $1,155,000 (+10.4%)
Average Price $1,320,780 (+20.5%) $1,096,390 $1,188,510 (+11.1%)
No. of Sales 28 (+3.7%) 27 31 (-9.7%)
Pending 26 (-13.3%) 30 30 (-13.3%)
Active 19 (+5.6%) 18 33 (-42.4%)
Sale vs. List Price 102.5% (+1.5%) 101.0% 100.6% (+1.9%)
Days on Market 23 (+2.4%) 23 20 (+16.2%)
Days of Inventory 20 (+5.3%) 19 32 (-36.3%)

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. Below, inventory was at a low point in mid-winter and has been climbing for the most part since, but still hasn’t reached 2019 levels.

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 has leveled out for this sector as well, inventory is up, and days on market are low and steady. It’s a strong seller’s market for Milpitas condos, though not quite as hot as the single-family housing market.

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. Prices have fallen since last month and last year, the sales vs list price ratio rose to 101.1%, and condo sales and pending rose since the month before.  Overall, it’s a clear seller’s market in Milpitas condos.

Trends At a Glance Aug 2020 Previous Month Year-over-Year
Median Price $781,250 (-20.1%) $977,500 $890,000 (-12.2%)
Average Price $804,606 (-13.8%) $933,083 $849,007 (-5.2%)
No. of Sales 16 (+33.3%) 12 25 (-36.0%)
Pending 24 (+20.0%) 20 16 (+50.0%)
Active 23 (-17.9%) 28 61 (-62.3%)
Sale vs. List Price 101.1% (+0.8%) 100.3% 98.9% (+2.3%)
Days on Market 23 (-63.8%) 63 45 (-49.2%)
Days of Inventory 43 (-38.4%) 70 73 (-41.1%)

And the month prior:

Trends At a Glance Jul 2020 Previous Month Year-over-Year
Median Price $977,500 (+10.5%) $885,000 $929,500 (+5.2%)
Average Price $933,083 (+15.0%) $811,145 $894,849 (+4.3%)
No. of Sales 12 (-7.7%) 13 22 (-45.5%)
Pending 20 (+25.0%) 16 25 (-20.0%)
Active 28 (+40.0%) 20 61 (-54.1%)
Sale vs. List Price 100.3% (+1.2%) 99.1% 101.3% (-0.9%)
Days on Market 63 (+79.4%) 35 21 (+200.9%)
Days of Inventory 70 (+56.9%) 45 83 (-15.8%)

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

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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


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