Cupertino real estate market will be more expensive for view homes in nearly all cases -image taken from Ridge VineyardsHow’s the Cupertino real estate market? In December and January both, sales were down month over month, which is not atypical for this time of year. Home buyers getting into contract in November or December typically get the best prices of the year with the least competition (and often lowest interest rates, too, as that is also a supply and demand issue).

We are seeing and hearing of multiple offers and massive overbids in many parts of the valley right now. How about Cupertino? A quick look just now (Feb 14) at the pending sales (no contingencies) finds:

  • 14 houses / single family homes sale pending
  • Average days on market = 13 (super fast)
  • 10 of the 13 homes sold in 9 days or less (red hot)
  • list prices range from about $2.2 mil to about $3.9 million with an average list price of about $3 million (clearly not just entry level homes are selling well)

The pending sales are our window into the near future and from these we can see a market which is heating up as compared to the closed sales in the table below from the RE Report. Buyers, buckle up – it is a seller’s market and it’s deepening in that direction!

Cupertino Real Estate market – Closed Sales and Trends at a Glance

Here are the most recent real estate statistics, via our Cupertino Real Estate Report. The market is HOT! With just 10 sales in January, the prices appear to be lower than in December, but these aren’t enough data points to be sure.

(If you’re viewing the chart below on a mobile device, please swipe horizontally to see all columns.)

Trends at a Glance

Trends At a GlanceJan 2024Previous MonthYear-over-Year
Median Price$2,465,000 (-8.7%)$2,700,000$2,475,000 (-0.4%)
Average Price$2,580,400 (-9.0%)$2,835,390$2,376,670 (+8.6%)
No. of Sales10 (-33.3%)15(+66.7%)
Pending(0.0%)9(+80.0%)
Active15 (+114.3%)7(+87.5%)
Sale vs. List Price96.6% (-4.0%)100.6%99.4% (-2.9%)
Days on Market20 (-52.2%)4213 (+62.4%)
Days of Inventory45 (+221.4%)1440 (+12.5%)

 

 

Cupertino real estate market via the Altos Research weekly charts (they use LIST prices, not sale prices):

 

The Altos research chart above updates approximately once a week. The latest update says it is in a strong seller’s market, but the market action index is falling.

Cupertino median list price of houses by price quartile (Altos Research)

 

 

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

Median List Price (half of all homes are listed for more, half for less):

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

 

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

Median List Price (all quartiles combined)

 

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

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

 

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

The market may vary by price point or exactly location somewhat. For instance, the Monta Vista neighborhood may sell differently from areas in Cupertino closer to Sunnyvale or Santa Clara.

The Cupertino Real Estate Market: Condominium and Townhouse Segment

Altos chart using LIST pricing data:

 

Given the usually small number of sales, this data can change drastically, which skews the trends and makes this information less reliable, so take these statistics with a grain of salt.

This is an active seller’s market for condos and townhomes, but calmer than the single family home market, and of course the trend is toward softening or leveling off now. Here’s a quick look at the Cupertino condominiums and townhouses for sale or recently sold:

Cupertino real estate market for condos and townhomes

The condo market has very few sales – a year ago January there were none, and in Jan 2024 just 4. The sale to list price ratio tells a better story with overbids of 2.9% on average. Also note the number of active listings compared to the number of pending sales – more pendings! This is a hot market !

Trends at a Glance

Trends At a GlanceJan 2024Previous MonthYear-over-Year
Median Price$1,285,000 (+1.2%)$1,270,000$0 (N/A)
Average Price$1,407,500 (+0.1%)$1,406,650$0 (N/A)
No. of Sales(+33.3%)3(N/A)
Pending(+100.0%)4(+14.3%)
Active(+133.3%)3(+133.3%)
Sale vs. List Price102.9% (+6.4%)96.7%0.0% (N/A)
Days on Market24 (+54.8%)16(N/A)
Days of Inventory53 (+75.0%)30(N/A)

 

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(all data current as of 2/23/2024)

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