How’s the Cupertino real estate market?

Cupertino - view from Ridge Vineyards

Cupertino – view from Ridge Vineyards

The real estate market in Silicon Valley can sometimes be a little quirky, so I like to approach this question from a few angles. In this article I’ll make use of  my charts from Altos Research, which uses listing data (not solds) and is automatically updated every week and also monthly reports from my RE Report subscription. Also I’ll periodically update it with info from the MLS that I have crunched myself or anecdotal stories from those of us “in the trenches.” The article is a bit long but I think much more comprehensive giving the multiple methods of answering the question of how the Cupertino real estate market is faring.

Cupertino median list price of houses by price quartile

Often the real estate market in any given city is very different between the most expensive homes and the most affordable ones. While many Cupertino home buyers are looking for a short commute, great public schools or strong resale value, some seek a luxury property with a view in the Cupertino hills (either off of Montevina Road by Ridge Vineyards or in other lower foothills).
Real Estate Market Chart by Altos Research www.altosresearch.com

The last few months have had some ups and downs in pricing, but most segments of the Cupertino real estate market have seen an overall uptick since last year. The luxury market in Cupertino had some calming over summer, but is back on the rise again. What if we look back more than a year? Combining the quartiles, it seems that there’s been more up than down.

Real Estate Market Chart by Altos Research www.altosresearch.com

What’s happening with the most expensive homes for sale in Cupertino? Prices were rising, but perhaps that’s slowing down now. Here’s the same data just for the top quartile, the most expensive properties (luxury homes segment):

Real Estate Market Chart by Altos Research www.altosresearch.com

 

For the 2nd top tier in Cupertino:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

3rd level or lower middle in Cupertino:
Real Estate Market Chart by Altos Research www.altosresearch.com

 

And most affordable Cupertino real estate for single family homes or lowest quartile:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

Cupertino Days on Market by Price Quartile: What’s Selling Fastest

Surprisingly, the luxury real estate market appears to be selling better than entry level houses in Cupertino. But sales price is not all there is to it. Here’s a look at the days on market (DOM) for Cupertino by price point over the last year.

Real Estate Market Chart by Altos Research www.altosresearch.com

The highest priced homes in the Cupertino luxury market are surprisingly the second quickest to sell. Typically, homes in the highest price points are slowest to sell. With that in mind, it’s still the most affordable market which is selling the most quickly, though it is on a slowing trend.

How does Cupertino stack up compared to its closest neighbors?  Let’s have a look.

 

Cupertino Median List Prices of houses Compared to Neighboring Saratoga, Sunnyvale and Los Altos 

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

How does Cupertino fare as compared to the closest cities? Often there are clear patterns that all Silicon Valley communities share – but in this case, Saratoga and Los Altos, both very expensive areas, demonstrated a more typical winter and spring pattern that is only faintly expressed in Cupertino and altogether absent in Sunnyvale.

 

RE Report real estate statistics for the most recent month

Now let’s see the numbers for houses in Cupertino that are for sale or sold in the last month for which we have data on my Real Estate Report for Cupertino (This report normally is updated between the 5th and 10th of each month. Please click on the link above to get many more details on this and other parts of Santa Clara County, San Mateo County, or Santa Cruz County.)

You might notice things look a little different. The REReport page has been updated to improve load time and give mobile viewers a better experience. With the update, the Sales At A Glance (the bullet points) section and both Short Sales and Foreclosures have been dropped, but Days of Inventory has been added and if you click the link you will find a new kind of market commentary available. It will take a little while to clean up some quirks in the new system, so each area might have some things missing, but expect them to return soon! Thank you for your patience.

How crazy is it? The average sale price to list price ratio, has risen to a whooping 108.6%. Average days on market are at a mere 13 days average. It’s still a very strong sellers market with homes consistently selling above list price in well under a month.

Cupertino real estate market from the RE Report

If you think that the single family home market is nuts, wait ’til you see what’s happening for townhouses and condominiums for sale in Cupertino.

The condo and townhome real estate market usually looks volatile because of the small number of homes available, pending and sold. Last month had low inventory with 16 sold, 4 pending, and 6 active. That being said, over the last six months, we see the sales vs list price remain above list price, bouncing back and forth between about 100%-110%. Small inventory can also be attributed to the big shift in the average days on market, which dropped to 12 days. Despite massive swings, we can tell that properties are still selling above list price and quickly. It remains a stable, hot seller’s market that’s keeping up with the single family housing market. Here’s a quick look at the Cupertino condominiums and townhouses for sale or recently sold:

What drives the Cupertino real estate market?

The residential real estate market in Cupertino, California, is driven in large part by the extremely high quality of its local public schools. Many in Silicon Valley would state that for San Jose area home buyers, Cupertino offers the best “bang for the buck” when one lines up the cost of purchasing a home to the schools’ API scores. (Conversely, some residents are concerned that the very top schools – including, but not limited to, Cupertino – are so focused on academics that there may be too much pressure on kids and may lack balance for them.) Other drivers are, of course, short commutes to many work places, belief in stronger resale value in Cupertino, the local economy (such as the initial public offerings happening with some of the Silicon Valley tech giants), the availability of more affordable financing, and how the realty market in general is performing for any particular price point or particular school area. (Even within Cupertino, some schools are much more in demand than others.) Comments in this article refer generally to this city of about 50,000 residents – real estate is local, though, so for excellent buyer or seller representation and precise information in any given area or tier of the market, please contact me!

Houses for sale in Cupertino California

Please browse real estate listings and houses for sale in Cupertino, listed from the lowest prices up to the highest.

  1. 1 bed, 1 bath
    Home size: 786 sq ft
    Lot size: 2.03 ac
  2. 3 beds, 2 baths
    Home size: 2,574 sq ft
    Lot size: 1.69 ac
  3. 3 beds, 2 baths
    Home size: 1,678 sq ft
    Lot size: 9,147 sqft
  4. 3 beds, 2 baths
    Home size: 1,688 sq ft
    Lot size: 11,338 sqft
  5. 4 beds, 2 baths
    Home size: 1,516 sq ft
    Lot size: 5,998 sqft

See all Real estate in the city of Cupertino.
(all data current as of 7/21/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Mary Pope-Handy
Realtor
ABR, CIPS, CRS, SRES
Sereno Group Real Estate
214 Los Gatos-Saratoga Rd
Los Gatos, CA 95030
408 204-7673
Mary (at) PopeHandy.com
License# 01153805


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