We wanted to explore what sold for $1M in Milpitas during June 2013. The answer was only 6 properties and none of the properties sold in June cracked the $1M mark. We have written monthly posts on impact of Foreclosure Activity in Milpitas and consider this city a good place to buy some fixer uppers for rehab and flip.
But let’s check what happened at the top end of the market in Milpitas during June 2013 :
Mipitas List Price Range : $799,444 to $9,48,000
Mipitas Sold Price Range: $800,000 to $9,61,000
1)Days on the market: These 6 homes sold in Milpitas sold between 6-33 days which is remarkably fast given the sold price of the homes. Needless to say the homes that are closing in less than 10 days are typically cash purchases since no lender is approving loans in one week these days.
2) List Price Per Sqft: The price per square feet for these 21 sales were $$340 which is about $220 dollar less than Los Gatos List price.
3) Average Size: The average of home size for these sales was 2,434 square feet which is larger than the Average Size of homes sold in Los Gatos and Los Altos. This is yet another indicator that the every dollar buys more square footage in Milpitas compared to the other cities in Silicon Valley.
4) Average Sale Price: The Average Sale price of these 5 homes was $8,64,000 which is about 400,00 cheaper that smaller homes in Los Gatos and Los Altos.
5) Sale Price Per Sqft: These Mipitas homes sold for $360.32 per sqft which is a good sign of a seller’s market since they are getting more than 100% of their list price.
So the answer to the question about what you could buy for $1 M in Milpitas is a decent size house with more that 2,400 sqft. We will be reviewing the Milpitas Foreclosure Activity for June 2013 to explore the impact of distressed sales in the market.