How’s the Cupertino real estate market?

Cupertino - view from Ridge Vineyards

Cupertino – view from Ridge Vineyards

Much of the Santa Clara County is seeing lower prices than it did back in March or April, but most of the county is “up” year over year.

Cupertino, though, is not. Nearer to the bottom of this post, please check out the RE Report stats and note that prices are lower by 19 and 9%, respectively, for the median and average sale prices of single family, resale homes in the city of Cupertino.

One month does not a trend make, but we’ll be following this carefully.

About this info:

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, which uses sold data as well as active listings data. 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.

See also: new listing as of July 17, 2018 in Cupertino with Monta Vista High at 1190 Crestline Drive

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). The more moderate pricing tiers are faring better in Cupertino and in most of the valley than those in that luxury tier (think over $3 or $4 million for luxury tier in this city).

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, even after a bit of recent price cooling. The luxury market in Cupertino had a steep rise at the start of the year, but it appears to have peaked. What if we look back more than a year? Combining the quartiles, it seems that there’s been more up than down, though buyers will be happy to see the current trend is pointing down.

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

What’s happening with the most expensive homes for sale in Cupertino? Prices rose in 2018 at an alarming rate. The current trend is lowering, but there’s no way to tell how long or far that will continue. 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 Cupertino, the high-end and luxury markets, are surprisingly not the slowest to sell. Typically, higher end properties take longer on the market than entry-level and mid-tier properties, but not always. Right now, the entry level homes are taking the longest to sell. With that in mind, all but the bottom tier are following their usual relationship, with mid-priced homes selling in record speed and high-end properties right on their tail with luxury homes going slower than either but still at a spitfire pace. Despite the odd switch-up, most markets do show that they are following similar trends with all tiers evening out after a winter drop after new year.

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 seasonal patterns that are only faintly expressed in Cupertino and almost 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.)

How crazy is it? The average sale price to list price ratio, is still strong at an impressive 111.5%! Average days on market are down again at 8 days on 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

Year over year, prices and sales are now down. This is a big shift from the month before – and the shift isn’t minor, it’s over 19% for the median price and over 9% for the average sale price. Prices have been bouncing a bit – within a band – so I’d be inclined to say the market is fairly flat.

Inventory has surged compared to a year ago, so it will be interesting to see if the days on market remain so low in next month’s report.

Trends at a Glance

The market for Cupertino single family homes remains a strong seller’s market with prices up year over year AND month over month and homes selling at more than 5% over list price on average. (The condo market in Cupertino is softer – scroll down to read about that.)

Trends At a Glance Sep 2018 Previous Month Year-over-Year
Median Price $2,116,000 (+5.8%) $2,000,000 $2,103,000 (+0.6%)
Average Price $2,241,890 (+2.5%) $2,186,520 $2,092,880 (+7.1%)
No. of Sales 11 (-35.3%) 17 26 (-57.7%)
Pending 19 (+46.2%) 13 21 (-9.5%)
Active 33 (+17.9%) 28 10 (+230.0%)
Sale vs. List Price 105.8% (-0.5%) 106.3% 110.7% (-4.4%)
Days on Market 26 (+35.5%) 20 31 (-14.2%)
Days of Inventory 87 (+76.1%) 49 11 (+680.0%)

 

And the month before:

 

Trends At a Glance Aug 2018 Previous Month Year-over-Year
Median Price $2,000,000 (-19.2%) $2,475,000 $2,275,000 (-12.1%)
Average Price $2,186,520 (-12.8%) $2,508,160 $2,406,620 (-9.1%)
No. of Sales 17 (-34.6%) 26 18 (-5.6%)
Pending 13 (-23.5%) 17 25 (-48.0%)
Active 28 (+16.7%) 24 15 (+86.7%)
Sale vs. List Price 106.3% (-4.6%) 111.5% 110.7% (-3.9%)
Days on Market 20 (+36.9%) 14 17 (+15.6%)
Days of Inventory 49 (+78.4%) 28 25 (+97.6%)

 

The Cupertino Condominium and Townhouse Market

The condo and townhome real estate market usually looks volatile because of the small number of homes available, pending and sold. Despite massive swings and low inventory, we can tell by watching certain trends that properties are still selling above list price and quickly and have been doing so for many months.  It remains a stable, hot seller’s market BUT it is also softening lately. Here’s a quick look at the Cupertino condominiums and townhouses for sale or recently sold:

 

Cupertino Condos and Townhomes Trends at a Glance: cooling trend

This month we find that the average price is actually lower than a year ago, which is very telling of the market’s direction. Right now it’s still a seller’s market – homes are selling in under a month and they are selling for more than list price, on average. The direction, though, is inching toward a balanced market (and if it continues like this into the new year, it could become a buyer’s market for condominiums and townhouses in Cupertino).

Trends At a Glance Sep 2018 Previous Month Year-over-Year
Median Price $1,180,000 (-17.5%) $1,430,000 $1,178,000 (+0.2%)
Average Price $1,182,600 (-18.1%) $1,444,440 $1,246,350 (-5.1%)
No. of Sales (-50.0%) 10 11 (-54.5%)
Pending (+25.0%) 4 (+25.0%)
Active (+28.6%) 7 (+800.0%)
Sale vs. List Price 101.0% (-8.2%) 110.0% 110.5% (-8.6%)
Days on Market 26 (+67.5%) 15 18 (+42.6%)
Days of Inventory 52 (+148.6%) 21 (+1,880.0%)

 

And the month before:

 

Trends At a Glance Aug 2018 Previous Month Year-over-Year
Median Price $1,430,000 (+9.5%) $1,306,000 $1,366,500 (+4.6%)
Average Price $1,444,440 (+4.6%) $1,380,300 $1,375,500 (+5.0%)
No. of Sales 10 (0.0%) 10 (+25.0%)
Pending (-42.9%) 7 (-42.9%)
Active (-30.0%) 10 (+250.0%)
Sale vs. List Price 110.0% (+4.5%) 105.3% 107.0% (+2.8%)
Days on Market 15 (-24.9%) 21 13 (+19.6%)
Days of Inventory 21 (-30.0%) 30 (+180.0%)

 

 

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: 802 sq ft
    Lot size: 1.88 ac
  2. 3 beds, 3 baths
    Home size: 1,411 sq ft
    Lot size: 4,342 sqft
  3. 3 beds, 2 baths
    Home size: 1,127 sq ft
    Lot size: 5,871 sqft
  4. 4 beds, 2 baths
    Home size: 1,499 sq ft
    Lot size: 6,242 sqft
  5. 4 beds, 2 baths
    Home size: 1,032 sq ft
    Lot size: 6,098 sqft

See all Real estate in the city of Cupertino.
(all data current as of 10/21/2018)

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

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Mary Pope-Handy
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Sereno Group Real Estate
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