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Graphic: House and yard with words Milpitas Real Estate MarketThe Milpitas real estate market has been one hot seller’s market in Santa Clara County! Altos Research has called it a strong seller’s market for many months now, and it just keeps getting hotter! Here are a few more points from the latest update to the Milpitas single family homes market, with more data and analysis in the article below:

  • August’s sales shrank and active inventory grew a hair month-over-month.
  • Homes are regularly bid well over list price with sales averaging at 106.8% of asking!
  • The average Milpitas home is taking around 3 weeks to sell, and often less.

The Milpitas Real Estate Market

Despite unusual circumstance last year, Milpitas has maintained a favorable market for the well-prepared seller, though certainly not a typical market. This is in keeping with trends we are seeing throughout the San Francisco Bay Area and Silicon Valley: well priced homes are selling over list price, and usually above peak pricing from spring 2018! That said, sellers don’t be tempted to list your home too high. Price it appropriately to today’s market and you will have more interested buyers willing to compete for your home, perhaps even starting a bidding war!

A lot has changed since March 2020. Over time we’re beginning to get a clearer view of how covid-19 is affecting the market, but it will be a while before we know the full impact of the pandemic on real estate sales. For now, follow the latest market trends in this article and check out my post: Coronavirus impact on real estate sales, to learn more about pandemic restrictions on our local market.

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 (September 15th), inventory shrank again, listings are selling quickly in around 2 weeks, and the market action has evened out again after some early summer cooling.

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).

August saw clear cooling from the month before, although looking back a year ago it’s still red hot! Prices remain high year-over-year, the sale price to list price ratio plunged month-over-month to a (still red hot) 106.8% of asking, with average turnover slowing to just 22 days. The Milpitas market is finally calming down, but it’s nowhere near balanced and remains strongly in the seller’s favor!

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

Trends at a Glance

Trends At a Glance Aug 2021 Previous Month Year-over-Year
Median Price $1,425,000 (-9.8%) $1,580,000 $1,180,000 (+20.8%)
Average Price $1,503,930 (-6.6%) $1,609,400 $1,197,820 (+25.6%)
No. of Sales 25 (-7.4%) 27 21 (+19.0%)
Pending 30 (-6.3%) 32 28 (+7.1%)
Active 18 (+28.6%) 14 23 (-21.7%)
Sale vs. List Price 106.8% (-2.5%) 109.6% 102.6% (+4.1%)
Days on Market 22 (+49.4%) 14 15 (+41.6%)
Days of Inventory 22 (+38.9%) 16 33 (-34.3%)

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. June and July 2020 hit the spring peak, climbing above the 2019 peak. In 2021 higher price tiers peaked in March, while lower down the chart there is a more gradual incline into summer, leveling out around July-August. Data from the most recent month or so may not be complete (and it will likely smooth out as sales are added), and fewer sales in winter with smaller pools of data can cause wider swings in that portion of the chart.

Last year’s inventory never reached 2019 levels and plunged below 2019-2020 winter lows by autumn! Inventory was extremely low through the start of 2021 and has shown only mild growth through spring, finally beginning to rise in summer.

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 remains high and almost level in the Milpitas condo market. Inventory has been falling and days on market show an extremely quick turnover. It’s a strong seller’s market for Milpitas condos and, by these numbers, more active than the single-family housing market!

Trends at a Glance

The Milpitas condo market (see more on the Re Report page) isn’t slowing down much for summer, tending a prolonged seller’s market. Pending sales jumped above the month before, and nearly double last year, while closed sales and active inventory saw significant dips. Compared to last year, closed and pending sales are high and active inventory is less than half. The sales vs list price ratio dipped to 104% and days on market held steady at 12 days for the third month in a row. Overall, it’s a hot seller’s market for Milpitas condos.

Trends At a Glance Aug 2021 Previous Month Year-over-Year
Median Price $975,000 (-7.4%) $1,052,500 $782,500 (+24.6%)
Average Price $970,023 (-6.7%) $1,039,980 $821,195 (+18.1%)
No. of Sales 22 (-26.7%) 30 19 (+15.8%)
Pending 40 (+29.0%) 31 23 (+73.9%)
Active 12 (-36.8%) 19 34 (-64.7%)
Sale vs. List Price 104.0% (-1.5%) 105.6% 101.1% (+2.9%)
Days on Market 12 (-1.7%) 12 21 (-44.2%)
Days of Inventory 16 (-13.9%) 19 54 (-69.5%)

 

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

Author

  • Silicon Valley Realtor, selling homes in Los Gatos, Saratoga, San Jose, Silicon Valley, and nearby since 1993. Prolific blogger with a network of sites.