Realty One Group
San Jose, CA
Milpitas City Hall, CA
Total listings SFH =21
Inventory: 1.1 month (2.5 month is healthy)
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 July 2016 avg sfh sold prices
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.
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)
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