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

(more…)

Santa Clara County Market Update By School District Q1 2014

Today I’m sharing with you Silicon Valley real estate statistics which were presented to me by my company, Sereno Group. These are “by school district” and I think you will find them immensely insightful! First, though, a brief commentary on the overall findings, then statistics for single family homes (mostly houses but a few “duet homes”) in Santa Clara County, and lastly, the same info but for condominiums and townhouses.

 

Sereno Market Report Intro May 10 2014

 

Please find the real estate market statistics by school district in the Santa Clara County area next.  Please note that the San Jose Unified School District is extremely large and varied, and the numbers would be very different if you were narrowing it to Almaden Valley with Leland High School as opposed to some areas which are not performing nearly as well.

 

Market Report By School District Quarter 1 2004 Single Family Homes

 

(more…)

With scarce competition, now is an ideal time to sell Silicon Valley real estate with location issues

The Silicon Valley real estate market is always good for someone – buyers, sellers, investor, move up or move down home owners.  Right now, it’s good for sellers because there is far more demand than supply in most of the region.

Some properties are usually hard to sell in normal markets unless they are deeply discounted.  These are the homes or lots where there are location problems or issues, such as being on a busy road or adjacent to something less desirable (high voltage power lines, railroad tracks, freeway, etc.).  This current real estate climate provides an easier selling opportunity for those home owners who would like to be home sellers.   The tighter the inventory, the better the odds are of being able to sell real estate with issues (assuming that it’s priced in line with the market).  Today I did a quick study of the months of inventory (MOI) on our multiple listing service, MLSListings.com, for a few places around the county.  The image below is my handiwork, with the areas enjoying the best market for selling (lowest MOI) at the top.

 

Santa Clara County Months of Inventory Jan 28 2014

 

It should be noted that this is an overview only, and that each area has lots of micro-markets, which can be investigated themselves (refining the search by school district, price point, age of home, with or without pool, and so on).   The general trend seems to be that it’s very difficult for the more expensive markets such as Monte Sereno, Los Altos Hills, Los Gatos, and Saratoga.  But if you were to break it down and view many of these in their lowest pricing tier, you’d likely find that in most of these places, the least expensive homes are moving fairly swiftly.  I pointed this out in two examples only above – for Palo Alto and Los Gatos.

How does this information assist a home owner with a location challenge?  If you are thinking of selling and your home is in an area with a very low “months of inventory”, that’s a good indicator that right now may be an ideal time for your home to be on the market.   The real estate market is red hot in Santa Clara, Milpitas, Sunnyvale, the Cambrian area of San Jose, and several other parts of Santa Clara County – particularly in the under $1 million price range.  Interested in investigating this more?  Please call or email me and we’ll set up a confidential, no obligation appointment.