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Thursday, February 5, 2015

Milpitas Real Estate Market Update January 2015

Milpitas Real Estate Market Update January 2015

Contact Alex Urbano Tafoya - Broker at 408-753-7773 or Alex@MyMilpitasHome.com to know more about Milpitas Real Estate 



January is showing a healthy and stable real estate market for the city of Milpitas, CA. The median home price has increased to $825,000 compared to last months $800,000. This being more likely of the result of the newly built homes being sold in the city of Milpitas. Overall the average sale price is relatively the same as the median home price. One very important statistic to look at specially if you're a home owner is the Sales Price vs. List Price. The sale price vs. list price is tilting back to less than 100% which means that sellers will have to compete to sell their home a the highest price possible. Currently the sales price vs. list price is 99.1% which is relatively still very good for sellers.




Let's break down the current stats for Milpitas Real Estate Market Update January 2015,

  • Median Home Price - The increase of $825,000 for a home has increased 3.1% from last month
  • Average Sale Price - The actual sold price has increased by 2.6%
  • Number of Homes SOLD - This dropped for the month of January (typical) from 28 to 10 homes.
  • Pending Properties - 24 homes went pending or in contract compared to 23 last month
  • Foreclosures Sold - No sold foreclosures in the city of Milpitas for January or last December
  • Short Sales Sold - There were not short sale listed homes for January or last December
  • Active Listing - New homes for sale came on the market a total of 17 for January 2015
  • Active Foreclosures - There was 1 foreclosure that was listed for the month of January 2015
  • Active Short Sales - No short sales were listed for the month of January 2015
  • Sales Price vs. List Price - This is showing that a home for sale is only getting 99.1% of the asking price.
  • Average Days on Market - Indicates how long it takes for a home to sell, right now it's currently at 50 days for the month of January 2015.
That's the break down of the stats for Milpitas Real Estate Market Update January 2015, if you want to find out what your home will sell for in todays market get a free no obligation home evaluation here. 
Contact Alex Urbano Tafoya 408-753-7773 or Alex@MyMilpitasHome.com to know more about Milpitas Real Estate trends or to get a current Milpitas Real Estate Market update visit www.MyMilpitasHome.com


Wednesday, February 4, 2015

Are home prices falling in Milpitas?

Are Home Prices Falling in Milpitas?


Home prices have been tilting for the past couple of months. What does this mean? Well, it can only mean 3 things.

One, it can mean absolutely nothing given the fact that there is still much demand for homes in the area of Milpitas. This demand is due in part of the growing number of jobs that have been held steady for the past couple of years, most coming from the high tech companies. With new jobs or job relocation some people have found that it makes more sense to buy a home then to rent a home given that the payment for one or the other is very much similar, but buying the home is a much better investment for most people.

Two, it could mean that we are finally adjusting from a highly competitive Milpitas real estate market. Within the past few years starting in 2011 the Milpitas real estate market became an investors dream and at the same time the Milpitas Real estate market was an opportunity for many first time home buyers. Because there were many distressed properties and the interest rates were low both investors and first time home buyers clashed driving the home prices higher and higher each year until recently.

Three, it could possibly mean that we are at the tip of the market shift and we are now seeing the scales tilt towards home prices dropping. Home prices will eventually drop, but this time when they do it will not be like the previous crisis we faced back in 2007 and 2008. This time it will be a gradually. Currently the homes in Milpitas have been maintaining their value, most sellers usually get the price towards what they are asking for their home. For most of last year sellers were receiving at least 3% over the asking price. Now we are seeing that the list price is not the same as the sold price which according to recent sales most sellers are getting 99.1% of the asking price. This is a difference of 3.9%.






Find out what the value of your home is today

So Are home prices falling in Milpitas? I'll let you decide. See the charts above for yourself. This shows the average days that a home stays on the market as well as the sale price to list price ratio. Currently the average days on the market is 62 days, that's almost double compared to last years days on the market of 36. The current ratio of list to sale price is 99% this is compared to last years 104%

Contact Here if you have questions regarding the current value of your home.