Milpitas North San Jose Berryessa Real Estate News

As we enjoy the summer sun and fun in the month of June, the market can certainly use some lighten up.  If I have to use one phrase to describe the June market, that would be "tug of war".  Although more houses were changed hands, generally, the single family houses in Milpitas took longer to sell comparing to May.  Price went down 7%.  Town houses stayed very much in demand and enjoyed a price increase of 20%.

Both single family houses and town houses' price advanced in June for 95131.  However, it did take longer to sell them.  Houses in 95132 went marginally lower where 95127 and 95133 went marginally higher.

If you see the numbers, it seems like the market is all over the place.  Well, I would have to agree with you.  That's why in my opinion it was the month of struggle where buying power and selling power about equal.  What does that mean?  Considering it was the end of the Federal tax credit program and the market condition I am witnessing today, I think the market is taking a short break from all the buying frenzy created by the tax credit.

Yes, surprisingly, the housing market is taking a break in the middle of the summer.  What does this mean to the buyers?  It's great news!  This is the heart of the Bay Area, which means the low price in housing market will not stay low forever.  I think the buyers should take this opportunity to grab a bargain.  Many agents I know are thinking of doing the same thing.

I can't say for sure that this is the market bottom.  I wish I had a crystal ball....But even if it's not the exact bottom, in my opinion, it's pretty darn close to it. 

Just my 2 cents....Until next time, take care.