The Milpitas real estate market has experienced some recent ups and downs and although it’s not the same as it was at last year’s peak it 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:
The sales to list price ratio has had some pretty wild swings since around mid-spring, skyrocketting in May, with much milder rising and falling in the following months. Compared to this time last year, homes are selling much higher over asking, averaging 104.1% in August, and it remains a strong seller’s market.
Listings averaged 20 days on market, twice as long as the month before, and about equal to last year.
The average single family home price in August was $1,618,540 (+6.0% from the month before, and up a major +11.7% from a year ago)
The median sale price rose to $1,515,000 (+7.3% from the month before, and up +5.4% from last year)
Inventory grew significantly, pending sales barely budged, and closed sales slipped month-over-month. Compared to this time last year there are just half the available homes and only about a third less closed and pending sales.
Market activity is elevated in Milpitas, but may be cooling off as the summer season comes to a close. We may see continued softening if inventory continues to grow, but unless it grows dramatically buyers will continue to struggle with the severe housing shortage and the market will remain red hot.
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:
It’s possible to live in Silicon Valley and have no idea that there are still some original adobe houses to be found right here in the San Jose area. Today, though, I hope to help some of our residents discover the past which is lurking right in front of us!
The historic Adobe Woman’s Club is just a block or two off the campus of Santa Clara University, tucked away on a side street now that The Alameda is re-routed as The El Camino. Address: 3260 The Alameda, Santa Clara. According to the state’s historical preservation site, this state landmark # 249 is one of the oldest in the Santa Clara Valley, was built between 1792 and 1800 and was one of many row houses built for the native Americans who worked at Mission Santa Clara. Please note that this is private property and you may not enter without permission, but the adobe abode is very visible from the sidewalk.
Today the beautifully preserved adobe house functions as a nonprofit group with these objectives: “to promote educational, moral, social welfare, cultural, civic and community service. Anyone who supports these objectives is welcome.” This scenic place can also be rented out for private events. The garden is quite lovely and the interior appears to be very modern. You can see photos of the inside of the house at the club’s website: The Santa Clara Woman’s Club.
If you arrived into Silicon Valley via Highway 101, driving south from San Francisco, you might believe that the Santa Clara Valley, the San Jose area and Silicon Valley as a whole has got to seem to be the ugliest place on earth. Although heavily traveled, that is not the “scenic route”.
So, too, if you are looking for a place to live and are groping to find a place that is reasonably priced, fairly safe and not a terrible commute distance. You might not even have “is nice looking” on your wish list. You might not think it’s possible if all you ever see are the ugly concrete tilt-up buildings in north San Jose, Santa Clara, Alviso, or anywhere along the 237 corridor. That area is an architectural wasteland.
Let me assure you: there are a lot of beautiful places in Silicon Valley where you can rent or buy a home. But how do you find them? It helps a lot to have a local give you a few pointers. I’ll give you some tips today on finding a scenic place to live.
Hills – An easy way to find a scenic location to make your home is to settle near the hills, especially those in the west valley (the Santa Cruz Mountains or the Coastal Range) as they are green year-round. Communities at the base of the west valley foothills include, in Santa Clara County, Palo Alto, Los Altos, Los Altos Hills, Cupertino, Saratoga, Monte Sereno, Los Gatos, and the Almaden Valley area of San Jose. All of these areas are adjacent to the hills or mountains and offer far better than average schools (many of them qualify as great – compare costs between these areas). (more…)
Spanish style houses evoke a kind of nostalgia for “old California”, and when we think of local history, homes with a Spanish type of architecture seem most appropriate, especially if the landscaping reinforces it – things like bougainvillea, hibiscus, ferns, palms, roses and citrus trees.
California features different types of Spanish style homes
There are a number of Spanish styles found locally and throughout California: Spanish Colonial Revival, Spanish Mission, Spanish Eclectic, Mediterranean, and Monterey, which is the only archietectural style hailing from California (and admittedly is a hybrid).
Where to find classic, older Spanish style homes in Silicon Valley
Some neighborhoods, like downtown San Jose’s Japantown and many of the older areas in Willow Glen, are filled with beautiful Spanish Revival bungalows which were mainly built in the 1920s and 1930s. The largest collection is probably there, close to Lincoln Avenue and near Bird & Minnesota Avenues, and especially in the “Palm Haven” neighborhood of Willow Glen.
More can be found in the older parts of San Jose’s Alum Rock Park (up by the country club), in Santa Clara’s oldest neighborhood (by the university), in downtown Los Gatos and downtown Palo Alto, more in south county, especially Gilroy, and scattered throughout the Santa Clara Valley.
What about newer Spanish style homes in Silicon Valley?
There are some newer houses and homes with a Spanish flair, but for the most part it’s limited to the exterior (or “elevation”). The interiors of most Spanish style homes built since 1950 are not at all Spanish style. There were a number of Spanish style tract homes built in the 70s and 80s, but they are essentially ranch style homes with a Mediterranean elevation only.
Too often, the very newest homes don’t seem to know what style they’re trying to reflect at all, but tile and stucco and a few arches are thrown in to attempt something generically Mediterranean. In the last 20 years, many builders have created neighborhoods with varying home styles – the same floor plans but varying styles on the exterior such that one is pseudo Spanish, another is pseudo Craftsman, another is pseudo English cottage or Tudor. Home buyers may get to choose which “style” they want if they get in before it’s built.
Resources for Spanish style homes in the San Jose area
Fabulous books can be found to help restore and remodel these homes. Older houses need remodeling for practical reasons, and the younger ones can benefit from it to make them more authentically Spanish styled.
Meanwhile, if you love Spanish style homes of all ages, you’ll find plenty of classic older ones around here (all pre-1950). Unfortunately this search tool does not allow me to constrain results to the style of home, so there will be some Victorians and Arts and Crafts homes in the mix below.
Christie's International Real Estate Sereno, Los Gatos, CA 95030 408 204-7673 Mary@PopeHandy.com License# 01153805
Clair Handy, Realtor
GREEN
Christie's International Real Estate Sereno 214 Los Gatos-Saratoga Rd Los Gatos, CA 95030 ClairHandy@sereno.com License# 02153633
Mary & Clair sell homes throughout Silicon Valley: Santa Clara County, San Mateo County, and Santa Cruz County. with a special focus on: San Jose, Los Gatos, Saratoga, Campbell, Almaden Valley, Cambrian Park.
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The Milpitas real estate market has experienced some recent ups and downs and although it’s not the same as it was at last year’s peak it remains a strong seller’s market.
