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. Prices are up both year over year and month over month and the sale to list price ratio has risen again to over 101%, a number it’s been close to for most of two years. At the same time days on market are longer and inventory and sales are shrinking. This is in keeping with trends we are seeing thoughout the San Francisco Bay Area and Silicon Valley: well priced homes are selling close to list price, but well below peak pricing from spring 2018.

So let’s look at some data. First up, the Altos charts using list price and active listings. It is updated weekly, automatically, so check back often:

 

 

This chart says Milpitas is in a strong seller’s market with a shrinking inventory (which is normal in this season).

 

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 been showing some cooling.

Those which sell more than 3 weeks after hitting the market are likely to sell under list price. (This is true nearly everywhere in Santa Clara County.)

Prices are up year over year and month over month. The sale price to list price ratio also heated up to 101.3%. While some indicators show warming, others show some cooling, such as the growing days of inventory. This market has significantly less active listings than a month ago, which is seasonally normal but also well below inventory from this time last year. By these charts, Milpitas is in a mild seller’s market.

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

Trends at a Glance

 

Trends At a Glance Dec 2019 Previous Month Year-over-Year
Median Price $1,212,500 (+25.0%) $970,000 $945,000 (+28.3%)
Average Price $1,290,500 (+25.8%) $1,025,450 $982,471 (+31.4%)
No. of Sales (-57.9%) 19 17 (-52.9%)
Pending 12 (-40.0%) 20 20 (-40.0%)
Active (-27.3%) 11 24 (-66.7%)
Sale vs. List Price 101.3% (+2.2%) 99.1% 98.8% (+2.5%)
Days on Market 66 (+65.9%) 40 31 (+113.7%)
Days of Inventory 30 (+78.7%) 17 42 (-29.2%)

 

And for the month before:

 

Trends At a Glance Nov 2019 Previous Month Year-over-Year
Median Price $970,000 (-9.3%) $1,070,000 $1,055,000 (-8.1%)
Average Price $1,025,450 (-6.3%) $1,094,420 $1,053,370 (-2.7%)
No. of Sales 19 (-5.0%) 20 24 (-20.8%)
Pending 20 (-9.1%) 22 21 (-4.8%)
Active 11 (-45.0%) 20 32 (-65.6%)
Sale vs. List Price 99.1% (-0.4%) 99.6% 102.8% (-3.6%)
Days on Market 40 (+33.3%) 30 22 (+84.4%)
Days of Inventory 17 (-44.0%) 30 39 (-56.6%)

 

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, and we’re currently on a downturn to prices we haven’t seen since winter early this year. likewise, inventory is at a similar low point, but not the lowest it’s been in 2019.

 

 

 

Milpitas condo and townhouse market

Again, we’ll start with the Altos chart.

 

 

Milpitas condos are following a similar trend to it’s houses, but is a milder market. Price per square foot is up, but median list price is down. Decreasing inventory and rising days on market also cooling things down. Still, it’s a slight seller’s advantage in Milpitas condos.

 

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, moving from a seller’s market towards a balanced market, which is more visible comparing statistics over a number of months. November had a little bit of warming, but remains relatively stable.

 

Trends At a Glance Dec 2019 Previous Month Year-over-Year
Median Price $847,500 (+0.4%) $844,440 $935,000 (-9.4%)
Average Price $838,741 (-0.4%) $842,104 $875,198 (-4.2%)
No. of Sales 12 (-33.3%) 18 14 (-14.3%)
Pending 17 (-29.2%) 24 23 (-26.1%)
Active 28 (0.0%) 28 27 (+3.7%)
Sale vs. List Price 99.1% (-1.2%) 100.3% 99.4% (-0.3%)
Days on Market 38 (+5.3%) 36 29 (+32.4%)
Days of Inventory 70 (+55.2%) 45 58 (+21.0%)

 

And the month prior:

 

Trends At a Glance Nov 2019 Previous Month Year-over-Year
Median Price $844,440 (-1.8%) $860,000 $1,020,000 (-17.2%)
Average Price $842,104 (-5.5%) $891,398 $971,216 (-13.3%)
No. of Sales 18 (+5.9%) 17 14 (+28.6%)
Pending 24 (-4.0%) 25 28 (-14.3%)
Active 28 (-34.9%) 43 38 (-26.3%)
Sale vs. List Price 100.3% (+1.1%) 99.2% 100.1% (+0.2%)
Days on Market 36 (-6.6%) 38 29 (+24.3%)
Days of Inventory 45 (-40.6%) 76 79 (-42.7%)

 

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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