Milpitas Real Estate MarketThe Milpitas real estate market has shown some more up and down into early spring and overall remains a strong 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:

  • 14 single family homes closed in March. That’s double the closed sales from February, but still a tiny pool of data, so take it with a grain of salt!!
  • Compared to this time last year, the average sale to list price ratio rose +6.9% higher, averaging 109.5% in March (a drop of -2.6% from February’s 112.4% average).
  • The average single family home price in March was $1,634,020 (-15.7% from the month before, and down -6.0% from a year ago)
  • The median sale price followed similar trends at $1,660,000 (-8.3% from the month before, and down -1.3% from last year)
  • Listings averaged 12 days on market,consistent with the month before and a hair faster than this time last year.
  • Closed sales doubled since the month prior, and pending sales also nearly doubled, while active inventory fell behind.

While it’s unclear how much of the ups and downs we’re seeing in the sales data are representative of any market changes, what is clear is that it’s red hot with extremely high demand in Milpitas’ single family housing market! Unless inventory grows dramatically buyers will continue to struggle with the severe housing shortage and the market will remain red hot for sellers.

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:

Altos Real-Time Market Profile, Milpitas

This chart says Milpitas remains in a strong seller’s market with activity on the rise after a winter decline. According to the most recent update, inventory remains critically low despite growth, and days on market holding relatively stable.

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 GlanceMar 2024Previous MonthYear-over-Year
Median Price$1,660,000 (-8.3%)$1,810,000$1,682,500 (-1.3%)
Average Price$1,634,020 (-15.7%)$1,939,430$1,737,600 (-6.0%)
No. of Sales14 (+100.0%)712 (+16.7%)
Pending24 (+84.6%)1315 (+60.0%)
Active(-18.2%)1111 (-18.2%)
Sale vs. List Price109.5% (-2.6%)112.4%102.5% (+6.9%)
Days on Market12 (-0.6%)1214 (-15.8%)
Days of Inventory19 (-56.2%)4428 (-29.9%)

 

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.

Altos Real-Time Market Profile for Milpitas, CA Condos

The market action is following somewhat different trends in the Milpitas condo and townhome market with slightly more inventory and just a notch cooler market action than for single family homes. That said, inventory remains low, and days on market show turnover is hot and speeding up. It’s a strong seller’s market for Milpitas condos and townhomes.

Trends at a Glance

The Milpitas condo market looks a little different, but still has it’s ups and downs and overall remains hot.

Available inventory, pending, and closed sales all rose month-over-month. Compared to last year, closed sales fell behind while pending sales doubled, and available inventory tripled. Properties sold at an average of 105.9% of list price, up +2.5% above this time last year. Prices rose year-over-year, but slipped a hair month-over-month, and the days on market are looking slower than both. With so few homes listed and selling it doesn’t take much to cause big waves in the data. Take it with a grain of salt. Overall it remains in a clear seller’s market (see more on the Re Report page).

 

Trends At a GlanceMar 2024Previous MonthYear-over-Year
Median Price$1,100,000 (-2.7%)$1,130,000$995,000 (+10.6%)
Average Price$1,090,830 (-7.9%)$1,184,010$985,765 (+10.7%)
No. of Sales12 (+33.3%)917 (-29.4%)
Pending18 (+63.6%)11(+100.0%)
Active11 (+57.1%)7(+175.0%)
Sale vs. List Price105.9% (-1.0%)106.9%103.4% (+2.5%)
Days on Market19 (+114.6%)917 (+12.3%)
Days of Inventory28 (+26.3%)22(+289.6%)

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