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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:

  • April’s active inventory plummeted to half of the month before and well below last year while sales continued to grow.
  • Listings regularly saw bids well over list price with an average ratio of 110.0% of asking!
  • The average Milpitas home is sells around $1.2-$1.5 million.

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 the restrictions placed 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 and climbing. According to the most recent update (May6th), inventory low and stable, listings are disappearing extremely quickly (the median days on market is zero days), and the market action continues to rise.

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 started heating up early after a brief and mild winter cooling..

Prices are high year-over-year and fairly consistent month-over-month. The sale price to list price ratio rose to a scorching hot 110.0%, rising well above last year. Sales and pending sales rose above the last month and last year, and active inventory shrank by half since last month and dropped to a third of last year. Turnover is quick at a speedy average of 10 days on market, just 1.5 weeks. By these charts Milpitas is in a fiery hot seller’s market!

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

Trends at a Glance

Trends At a Glance Apr 2021 Previous Month Year-over-Year
Median Price $1,427,500 (+5.7%) $1,350,000 $1,132,000 (+26.1%)
Average Price $1,436,640 (-5.9%) $1,526,080 $1,142,710 (+25.7%)
No. of Sales 24 (+41.2%) 17 17 (+41.2%)
Pending 37 (+60.9%) 23 (+428.6%)
Active (-50.0%) 16 24 (-66.7%)
Sale vs. List Price 110.0% (+2.5%) 107.3% 102.2% (+7.6%)
Days on Market 10 (-39.5%) 16 16 (-39.9%)
Days of Inventory 10 (-65.8%) 28 41 (-76.4%)

And for the month before:

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $1,350,000 (-0.6%) $1,357,500 $1,285,000 (+5.1%)
Average Price $1,526,080 (+2.8%) $1,484,080 $1,416,100 (+7.8%)
No. of Sales 17 (+70.0%) 10 18 (-5.6%)
Pending 23 (+35.3%) 17 15 (+53.3%)
Active 16 (+128.6%) 7 21 (-23.8%)
Sale vs. List Price 107.3% (-1.2%) 108.6% 103.6% (+3.6%)
Days on Market 16 (+24.4%) 13 41 (-60.4%)
Days of Inventory 28 (+49.4%) 19 35 (-19.3%)

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. Data from the most recent month or so may not be complete (and it will likely smooth out as sales are added), and with fewer sales in winter and smaller pools of data wider swings in that portion of the chart are normal. 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, but seems to be growing in spring.

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 up and stable in the Milpitas condo market. Inventory is growing and days on market show an extremely quick turnaround. It’s a strong seller’s market for Milpitas condos and, by these numbers, about as active as the single-family housing market!

Trends at a Glance

The Milpitas condo market (see more on the Re Report page) is also showing spring warming, keeping up a continuing seller’s market. Sales and sales pending grew from the month before and active inventory slipped a hair. Comparing these to last year, closed and pending sales are extremely high and active inventory remains severely low. The sales vs list price ratio shrank to 104.9% and days on market held at 12 days. Overall, it’s a hot seller’s market in Milpitas condos.

Trends At a Glance Apr 2021 Previous Month Year-over-Year
Median Price $1,004,000 (-7.9%) $1,090,000 $940,000 (+6.8%)
Average Price $1,010,920 (+3.0%) $981,619 $900,500 (+12.3%)
No. of Sales 28 (+33.3%) 21 10 (+180.0%)
Pending 36 (+5.9%) 34 13 (+176.9%)
Active 14 (-6.7%) 15 31 (-54.8%)
Sale vs. List Price 104.9% (-1.1%) 106.1% 103.4% (+1.5%)
Days on Market 12 (+11.3%) 11 11 (+9.5%)
Days of Inventory 15 (-32.3%) 21 90 (-83.9%)

And the month prior:

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $1,090,000 (+10.7%) $985,000 $818,261 (+33.2%)
Average Price $981,619 (+0.8%) $973,706 $839,284 (+17.0%)
No. of Sales 21 (+23.5%) 17 15 (+40.0%)
Pending 34 (+61.9%) 21 22 (+54.5%)
Active 15 (-6.3%) 16 29 (-48.3%)
Sale vs. List Price 106.1% (+1.0%) 105.0% 102.2% (+3.7%)
Days on Market 11 (-32.1%) 16 16 (-33.6%)
Days of Inventory 21 (-15.7%) 25 58 (-63.1%)

 

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