Milpitas real estate market

Milpitas Real Estate MarketThe Milpitas real estate market has shown some more up and down into late 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:

  • 15 single family homes closed in May. That’s a little over half the closed sales from April, a tiny pool for data!!
  • Compared to this time last year, the average sale to list price ratio rose +0.4% higher, averaging a jaw dropping 110.5% in May (a rise of +0.6% from April).
  • The average single family home price in May was $1,705,130 (+0.8% from the month before, and up +14.4% from a year ago)
  • The median sale price rose to $1,650,000 (+3.0% from the month before, and up +11.3% from last year)
  • Listings averaged just 13 days on market, nearly double the month before and slower than this time last year.
  • Closed sales plummetted from the month prior, while active inventory slipped just a hair, and pending sales shot up.

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! Often either March or April are the spring peak for prices, so this doesn’t come as a surprise. 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