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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. This December, sales for single family homes were double the active inventory for that market, as were pending sales. Here are a few more points from the Milpitas single family homes market, with more data and analysis in the article below:

  • December’s market was double the speed and double the sales compared to last year.
  • Listings regularly close close to list price at an average ratio of 101%.
  • The average Milpitas home is sells around $1.1-$1.3 million.

The Milpitas Real Estate Market

Despite unusual circumstance last year, Milpitas has maintained a favorable market for the well-prepared seller, though not as hot as we might have originally anticipated before 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 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 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. According to the most recent update (January 12th), there are some ups and downs and overall the market action is up and inventory is on the decline.

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 through summer and autumn.

Prices are keeping about +10% higher than last year. The sale price to list price ratio is currently at 101%, cooler than the month before but stronger than a year ago. Sales rose a hair while both pending sales and active inventory fell from the month earlier. Looking year over year, sold and pending listings practically doubled with active listings falling short. Homes are selling quickly in under a month, going double the speed of last year although it slowed considerably from November. It’s clearly a much hotter market than this time last year. By these charts Milpitas is still hot!

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

Trends at a Glance

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $1,267,500 (+9.3%) $1,160,000 $1,100,000 (+15.2%)
Average Price $1,307,970 (+9.4%) $1,196,060 $1,208,550 (+8.2%)
No. of Sales 21 (+5.0%) 20 11 (+90.9%)
Pending 21 (-25.0%) 28 10 (+110.0%)
Active 10 (-9.1%) 11 13 (-23.1%)
Sale vs. List Price 101.0% (-1.6%) 102.7% 100.6% (+0.3%)
Days on Market 21 (+150.9%) 8 51 (-58.5%)
Days of Inventory 14 (-10.4%) 16 35 (-59.7%)

And for the month before:

Trends At a Glance Nov 2020 Previous Month Year-over-Year
Median Price $1,160,000 (-4.4%) $1,214,000 $970,000 (+19.6%)
Average Price $1,196,060 (-6.7%) $1,281,910 $1,025,450 (+16.6%)
No. of Sales 20 (-28.6%) 28 19 (+5.3%)
Pending 28 (+27.3%) 22 13 (+115.4%)
Active 10 (-50.0%) 20 21 (-52.4%)
Sale vs. List Price 102.7% (-1.6%) 104.3% 99.1% (+3.5%)
Days on Market (-63.8%) 23 40 (-79.0%)
Days of Inventory 15 (-32.3%) 21 32 (-54.8%)

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. July hit the peak of the rising trend through spring, hitting above the peak from 2019. Data from the most recent month 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. Below, inventory in 2020 never reached 2019 levels and now it’s plunging even lower than last winter’s lows by autumn! Inventory continues to fall in winter.

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 escalating for this sector as well. Inventory has plunged and days on market are speeding up. It’s a strong seller’s market for Milpitas condos and, by the numbers, looking even hotter than 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. Sales and sales pending increased from the month before (nearing double what they were a year ago) while active inventory was cut by half from the month before (and only a quarter of the year before). The sales vs list price ratio grew to 102.4% and days on market held steady at 20 days. Overall, it’s a hot seller’s market in Milpitas condos.

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $945,000 (+3.8%) $910,000 $847,500 (+11.5%)
Average Price $912,790 (+5.7%) $863,706 $838,741 (+8.8%)
No. of Sales 19 (+11.8%) 17 12 (+58.3%)
Pending 21 (+5.0%) 20 13 (+61.5%)
Active 10 (-56.5%) 23 39 (-74.4%)
Sale vs. List Price 102.4% (+1.4%) 101.0% 99.1% (+3.3%)
Days on Market 20 (+2.3%) 19 38 (-48.0%)
Days of Inventory 16 (-59.8%) 39 98 (-83.8%)

And the month prior:

Trends At a Glance Nov 2020 Previous Month Year-over-Year
Median Price $916,500 (+0.9%) $908,000 $844,440 (+8.5%)
Average Price $867,688 (-2.1%) $886,414 $842,104 (+3.0%)
No. of Sales 16 (-44.8%) 29 18 (-11.1%)
Pending 21 (+5.0%) 20 18 (+16.7%)
Active 16 (-11.1%) 18 55 (-70.9%)
Sale vs. List Price 100.9% (+0.1%) 100.8% 100.3% (+0.6%)
Days on Market 20 (-3.1%) 21 36 (-43.8%)
Days of Inventory 29 (+55.7%) 19 89 (-67.3%)

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