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? The Spring market is underway and the market is hot. The best homes are getting multiple offers and high overbids. Prices are up from last year, though down from last month. Some of this may be seasonality.

Our inventory has been extremely constricted, so it looks like these market conditions will persist for the near future, at the very least.

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! It has cooled just slightly from the month before, but not enough to bring any relief to weary home buyers.

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

 

Trends At a GlanceMay 2024Previous MonthYear-over-Year
Median Price$3,410,000 (-1.2%)$3,450,000$2,802,000 (+21.7%)
Average Price$3,278,860 (-7.1%)$3,529,810$2,747,450 (+19.3%)
No. of Sales22 (-33.3%)3322 (0.0%)
Pending24 (+60.0%)1517 (+41.2%)
Active17 (0.0%)1717 (0.0%)
Sale vs. List Price109.4% (-1.2%)110.8%104.0% (+5.2%)
Days on Market11 (+7.0%)1020 (-44.9%)
Days of Inventory23 (+55.2%)1523 (0.0%)

 

Prices are up annually, but off monthly. The market remains hot, though, as several data points underscore.

Next, the 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 Cupertino condo market got a nice inventory boost in April, and a nice boost in the number of sales for that reason.

The median and average sale prices are up both monthly and annually, the sale to list price ratio shot up, and the days of inventory shrunk Nearly all indicators point to a hotter condo and townhouse market. This is very interesting as much of the valley is seeing the condominium and townhome market cooling – not continuing to heat up!

 

Trends At a GlanceMay 2024Previous MonthYear-over-Year
Median Price$1,320,000 (+1.5%)$1,300,000$1,241,250 (+6.3%)
Average Price$1,523,040 (+8.3%)$1,406,790$1,302,420 (+16.9%)
No. of Sales17 (+13.3%)15(+183.3%)
Pending11 (0.0%)11(+120.0%)
Active10 (-37.5%)16(+400.0%)
Sale vs. List Price107.0% (+2.2%)104.7%105.3% (+1.7%)
Days on Market16 (+12.8%)1542 (-60.3%)
Days of Inventory18 (-43.0%)3110 (+76.5%)

 

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(all data current as of 6/20/2024)

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

 
 

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