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:
- Only 8 single family homes closed in January, so take all sales data with a grain of salt!! Major swings are not likely to be indicative of overall market trends, but of the few individual homes sold that month.
- Compared to this time last year homes sold 3.2% higher and over asking, averaging 102.9% in January.
- The average single family home price in January was $1,483,760 (-4.1% from the month before, and up +11.5% from a year ago).
- The median sale price followed similar trends at $1,435,000 (-7.4% from the month before, and up +21.1% from last year)
- Listings averaged 24 days on market, slower than the month before and slower than this time last year.
- Closed sales rose a hair from the month prior, inventory more than doubled, and pending sales fell by nearly half. Compared to this time last year closed sales are even, pending sales have slipped a hair, and available inventory continues to fall short.
Demand remains high in Milpitas with softer early-winter activity. 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: