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Milpitas Real Estate MarketThe Milpitas real estate market has been one hot seller’s market in Santa Clara County, although it’s finally starting to come down from the peak. Altos Research has called it a strong seller’s market for many months now, and that remains the case today. 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:

  • May’s sale to list price ratio cooled significantly month-over-month dropping to 110.1% (down 6.1% from the month before, and up 2.4% from a year ago)
  • Time on market was low averaging at 10 days, stable with the month before and fairly consistent with last year’s 11 day average
  • The average single family home price in May was $1,687,230 (down 9.3% from the month before, and up 8.5% from a year ago)
  • The median sale price was $1,557,500 (down 5.6% from the month before, and up 8.1% from a year ago)

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 despite recent cooling. According to the most recent update inventory is growing, market action is slowing down, listings are still selling extremely quickly, and prices are remaining high.

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 Glance May 2022 Previous Month Year-over-Year
Median Price $1,557,500 (-5.6%) $1,650,000 $1,441,000 (+8.1%)
Average Price $1,687,230 (-9.3%) $1,861,130 $1,554,770 (+8.5%)
No. of Sales 16 (-30.4%) 23 31 (-48.4%)
Pending 26 (+13.0%) 23 17 (+52.9%)
Active 25 (+8.7%) 23 17 (+47.1%)
Sale vs. List Price 110.1% (-6.1%) 117.3% 107.6% (+2.4%)
Days on Market 10 (+2.2%) 10 11 (-2.2%)
Days of Inventory 47 (+61.6%) 29 16 (+184.9%)


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 high and stable in the Milpitas condo and townhome market! In fact, the market action is looking even hotter here than in the single family market! Inventory has been slower to rise and days on market show an extremely fast turnover. It’s a red hot 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 is hardly slowing down! (see more on the Re Report page)

Trends At a Glance May 2022 Previous Month Year-over-Year
Median Price $1,225,000 (-2.0%) $1,250,000 $1,020,000 (+20.1%)
Average Price $1,177,200 (-0.5%) $1,182,670 $992,145 (+18.7%)
No. of Sales 34 (-17.1%) 41 35 (-2.9%)
Pending 34 (-19.0%) 42 33 (+3.0%)
Active 18 (-10.0%) 20 15 (+20.0%)
Sale vs. List Price 111.2% (-2.4%) 114.0% 105.1% (+5.8%)
Days on Market (+1.7%) 8 18 (-53.0%)
Days of Inventory 16 (+12.3%) 14 13 (+23.5%)

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

Authors

  • Realtor, GREEN | DRE 02153633 | Christie's International Real Estate - Sereno

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