Based on the sales pattern these last 3 months, it will take 5-6 months to clear out the current housing supply in Milpitas. This seems to be consistent with the absorption rates in other Bay Area cities.
Other findings:
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Short sales make up about 40% of current listings in Milpitas, and absorption for this sale type is 10.8 months! This shows how much short sales can drag over time, as supply continues to build up.
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Regular sales make up another 40% of current inventory, with a much better absorption rate of 3.6 months.
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REO’s, which is now a mere 20% of homes for sale, will take about 6 months to clear.
| MILPITAS - TOTAL | |||||||||
| Current listings, as of 11/2/10 | 155 | ||||||||
| Sold homes, past 3 months | 83 | ||||||||
| ABSORTION RATE: | 5.6 MONTHS (TOTAL) | ||||||||
| MILPITAS - BANK-OWNED HOMES | |||||||||
| Current listings, as of 11/2/10 | 27 | ||||||||
| Sold homes, past 3 months | 13 | ||||||||
| ABSORTION RATE: | 6.2 MONTHS (BANK-OWNED HOMES) | ||||||||
| MILPITAS - BANK-SHORT SALES | |||||||||
| Current listings, as of 11/2/10 | 65 | ||||||||
| Sold homes, past 3 months | 18 | ||||||||
| ABSORTION RATE: | 10.8 MONTHS (SHORT SALES) | ||||||||
| MILPITAS - REGULAR SALES | |||||||||
| Current listings, as of 11/2/10 | 63 | ||||||||
| Sold homes, past 3 months | 52 | ||||||||
| ABSORTION RATE: | 3.6 MONTHS (REGULAR SALES) | ||||||||
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