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Cupertino - view from Ridge VineyardsHow’s the Cupertino real estate market?

In July the average single family home prices rose in Cupertino and are above where they were a year ago. The sale price to list price rose, also – it’s increasingly harder for home buyers as both interest rates and prices have been rising.

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.

Here are the most recent real estate statistics, via our Cupertino Real Estate Report. The market is HOT!

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

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

This is a very strong seller’s market, as the data below makes clear.

Trends at a Glance

Trends At a Glance Aug 2023 Previous Month Year-over-Year
Median Price $3,105,000 (+0.4%) $3,094,000 $2,750,000 (+12.9%)
Average Price $3,321,440 (+1.4%) $3,276,000 $2,786,120 (+19.2%)
No. of Sales 18 (0.0%) 18 31 (-41.9%)
Pending 26 (+73.3%) 15 25 (+4.0%)
Active 13 (-35.0%) 20 28 (-53.6%)
Sale vs. List Price 111.8% (+6.1%) 105.4% 102.6% (+8.9%)
Days on Market 12 (-36.5%) 19 22 (-45.9%)
Days of Inventory 22 (-35.0%) 33 27 (-20.0%)

 

 

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 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

There are just 2 closed sales in Cupertino in August. Here’s the data from The RE Report:

Trends at a Glance

Trends At a Glance Aug 2023 Previous Month Year-over-Year
Median Price $1,265,000 (+14.2%) $1,107,780 $1,305,880 (-3.1%)
Average Price $1,265,000 (+21.7%) $1,039,260 $1,437,910 (-12.0%)
No. of Sales (-33.3%) 3 (-75.0%)
Pending (+50.0%) 2 11 (-72.7%)
Active (+33.3%) 3 20 (-80.0%)
Sale vs. List Price 101.4% (-1.5%) 103.0% 104.4% (-2.8%)
Days on Market 13 (+21.0%) 10 27 (-54.3%)
Days of Inventory 60 (+100.0%) 30 75 (-20.0%)

 

With just 2 sales, we cannot really know if values are rising or falling, since one month they could all be really high and the next month perhaps only small 1 bedroom units sell.  We can see that the days of inventory have risen significantly, and the sale to list price ratio sank, and now there are more active listings than closed sales. These all point to a slightly softer market.

 

 

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See all Cupertino, California Real Estate Condos.
(all data current as of 9/30/2023)

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

 
 

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