How much is my Milpitas, CA home worth?

By
Real Estate Agent with (408) 425-1601 CA bre 1519182

Sam Shueh

Realty One Group

                                                     San Jose, CA

 

                                       Milpitas City Hall, CA                                                

 

                                                Total listings SFH =21   

                           Inventory: 1.1 month (2.5 month is healthy)

                              unemployment rate=3.6%

                              Sold/Asked=105%

                               Marketing time=19 days

                              Avg home size (1300-2000 sf)

 

                  $871K (Apr-June 2016)      $836 (1 yr ago) +4.2%

                  $541/sf                              $527/sf            +2.6%

 

The home price appreciation rate is slightly lower than San Jose City prices in reference 1 below. 

 Milpitas avg home prices

                                                               Milpitas July 2016 avg sfh sold prices 

Milpitas momentum chart

                                                        Milpitas SFH market momentum tapering off

 

This neighborhood home price has been steady for first time since 2012. A year ago the annual appreciation was over +15% the year before was 8%. We expect this neighborhood will continue to be sought after due to its central location and affordable prices.

 

We have been having a robust steep price increase since last quarter of 2011 or over 5.5 years now. It will take this summer to see how many homes are coming on the market and how the high tech job market holds up.

 

In San Jose City, YTY Median home prices increased by 7% yearly to $925,000 from $865,000. The average home sales price rose by 5.4% to $1,020,290 from $968,152. Home volume sales shrink by 4.7%.

 

I have seen more transferees and retirees who are cashing out their equity and are moving out the state. There are, however, fewer sellers this year than in the past as suggested by the 4.7% shrinkage. 

 

SOURCE:

   San Jose North and Milpitas 2016 home prices (Milpitas Home prices)

  San Jose, CA June Home Prices (June 2016 San Jose Home prices)

  Shueh, Sam              (Sam Shueh Blogs)

    Shueh, Sam        (Sam Shueh Realtor website)


 Sam Shueh Realtor    

 I've called San Francisco South Bay home for over 30 years. We love this area and all it has to offer, and I enjoy sharing what I know about homes.  I documented in several books about Silicon Valley history. I have much expertise in real estate...please give me a call.      SamShuehRealtor@Gmail.com                         (Four-O-Eight)  425-1601 

Comments (10)

Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Hi Sam, thank you for sharing the great market report for Milpitas, California. 

Jul 11, 2016 02:06 PM
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Sybil Campbell 

It was the home of Ford Mustang plant. Mach 1  Now a Mall.

Jul 11, 2016 02:34 PM
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Sam Shueh - Great information and real estate update for the Milpitas, CA area!

Jul 11, 2016 06:02 PM
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Hi Sam - the market momentum is not one I've seen before but it gives an interesting picture. I'm going to look into it  - how is it calculated?

Jul 11, 2016 11:03 PM
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Buying a home in another state after selling a California home would be a breeze!

Jul 12, 2016 10:32 AM
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Wayne and Jean Marie Zuhl 

A bit like rolling average to even out each month fluctuation. It used sold as well as listing.   When I see 20% it is very strong. If I see 10% it is an average. If it is negative that means inventory built up heading for a decline.

Here is a better explanation:

Market Momentum

Jul 12, 2016 12:45 PM
Sheila Newton Team Anderson & Greenville SC
Berkshire Hathaway HomeServices - C. Dan Joyner - Anderson, SC
Selling the Upstate since 1989

105% of asking... wow... and 19 days marketing time.. what a great market you are in

Jul 12, 2016 01:21 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I really love that purple in that photo it really brightens up my life inside me

Jul 12, 2016 04:59 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

105% is pretty correct I think but let's get it to a Max effect

Jul 12, 2016 04:59 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Love and light to you and then you become a better person. Love and light!

Jul 12, 2016 05:00 PM