Unlock Lucrative Deals in Milpitas’ Booming Real Estate Market! 2024
Milpitas Real Estate Market Update: June 2024 Insights
Current Market Dynamics in Milpitas
The real estate market in Milpitas, California, is experiencing a period of high demand and low supply, creating a competitive environment for both buyers and sellers.Â
Low Inventory Driving High Competition
The Months Supply of Inventory is a critical indicator of market health, currently sitting at a remarkably low 0.87 months. This metric reveals a limited number of homes available for sale, intensifying competition among buyers. Such scarcity often leads to increased property prices, benefiting sellers.
- Months of Inventory: At 0.87, this figure is down by 13.86% month-over-month, highlighting a tightening market.
- 12-Month Change: A significant decrease of 14.71% over the past year underscores the growing competitiveness in the market.
Rapid Sales Pace
Homes in Milpitas are selling at a brisk pace, with the Median Days on Market being just 9 days. This rapid turnover rate indicates strong buyer interest and a fast-moving market.
- Median Days on Market: Homes spend a median of only 9 days on the market, up 28.57% from the previous month but still indicative of swift sales.
Sellers Benefiting from High List to Sold Price Ratios
The List to Sold Price ratio is currently at 106.2%, meaning that homes are typically selling for above their asking price. This is a clear sign of robust demand and competitive bidding among buyers.
- List to Sold Price Ratio: At 106.2%, this figure represents a 1.77% increase month-over-month, illustrating strong buyer willingness to meet or exceed asking prices.
High Median Sold Prices
The Median Sold Price for homes in Milpitas is $1,613,500, reflecting the high value and desirability of properties in the area.
- Median Sold Price: The current median sold price is $1,613,500, a slight decrease of 0.71% from the previous month, indicating a stabilizing yet still lucrative market for sellers.
Growth in Property Values
The Median Estimated Property Value in Milpitas has reached $1,733,260, showing continuous growth.
- Last Month Change: Property values have risen by 2.7% in the last month.
- 12 Month Change: Over the past year, property values have increased by 12.2%, showcasing long-term growth and stability.
For sellers, now is an opportune time to list your property. With low inventory and high demand, you can expect competitive offers, often above asking price. For buyers, while the market is competitive, there are opportunities to secure a great deal if you act quickly and negotiate effectively.
Conclusion
The Milpitas real estate market in June 2024 is characterized by high demand, low inventory, and fast sales. Sellers are in a favorable position to secure lucrative deals, while buyers must be prepared to act swiftly and possibly pay a premium for desirable properties. Staying informed and working with an experienced real estate professional like Harvinder Balu can help you navigate this competitive market effectively.
For more personalized advice and to stay updated on the latest market trends, visit RealtorHarvinder.com or contact Harvinder Balu directly. Take advantage of expert insights to make informed decisions in the Milpitas real estate market.
Short link: bit.ly/milpitas-june2024
Direct Link for this post:Â https://Harvinder.dscloud.me/blog/04/22/2024/milpitas-paradise/
2284 Norwood Rd Livermore – Modern Comfort in a Charming Neighborhood
If you’re on the hunt for a beautifully updated home in one of Livermore’s most established and peaceful neighborhoods. This charming single-story residence blends modern upgrades,
California New Foreclosure Protection Law (AB 2424): What Bay Area Homeowners Need to Know
Foreclosure can be scary and overwhelming, especially here in the Bay Area where our homes mean so much to us. The good news is that
Critical Update: How State Farm’s Emergency Rate Hike Could Impact Your Bay Area Home
State Farm Emergency Rate: California homeowners are bracing for a steep jump in insurance premiums this summer as State Farm – the state’s largest property
San Jose, CA – Seize the Seller’s Advantage: Powering Through Real Estate Metrics 2024
Newark, CA – Seize Your Selling Success: Newark’s Hot Market! Supply! Days on Market 7
Essential November Home Maintenance Tips for Bay Area Homeowners
About The Author
Harvinder Balu
Harvinder Balu | CA DRE 02195792 | 510-600-3425 | info@RealtorHarvinder.com | http://www.RealtorHarvinder.com
