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First a quick note before we dive into the Sunnyvale real estate market trends and statistics. A lot has changed since the start of March and it will likely be a while before we see can see the full impact of coronavirus on the data in these charts. To read more about how the pandemic is affecting the real estate market, please read my post: Coronavirus impact on real estate sales.
During the shutdown so far, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for those past months, but not current data.
Just now I pulled the July sales of single family homes for the Sunnyvale real estate market trends & statistics. In that time there were 61 single family homes (mostly houses, but possibly duet homes) that closed escrow. The range in sale price was from $1,058,000 to $2,900,000 (27 sold at $2 mil or higher). For this Sunnyvale group:
- the average list price came in at $1,865,571
- average sale price was $1,919,822 – over $54K more
- average age 56 years
- average square footage 1,663 SF
- average lot size 7,104 SF
- average days on market 11
- average price per SF for all 61 houses: $1,193.66 (down again from $1,102.37 the month before)
Not all homes sold $54K over list price, however. Here’s a bit more data on that part of the Sunnyvale housing market.
There were 48 homes (out of 61, or roughly 79%) which sold in 14 days or less. Of those hot listings, the average list price was $1,871,384 and average sale price $1,955,399, that’s over $84K more! Home size average 1,643 SF and lot size average 7,256 SF, so not much different from the whole batch. It seems that if the home sells quickly, in two weeks or less, the odds are better for a higher sale. Price per SF for the fast sales group: $1,232.65, or $38.99/SqFt over the total market average.
If we focus on just the slower 15 days or more to sell homes, the numbers are all bleaker for sellers and better for buyers. Among those 13 sales, only 2 sold above list price and the remainder sold below. Their average list price (may include price reductions) was $1,844,107, and average sale price was $1,788,462 or almost $56K under list price. Average price per SF $1,049.72, or a whopping $143.94/SqFt below the total market average!
This kind of result is why Realtors so often try to get the home sold fast. We can look for similarities between the slower selling homes compared to the faster ones, and sometimes pinpoint what market is selling best, perhaps by price or age of house. Maybe they are a little more remodeled or in a slightly better area? It would be a longer study to pick that apart, but it is worth noting the correlation between the speed of the sale and the list to sale price difference.
The sale price to list price ratio is all over the board when houses are viewed individually as opposed to by how fast they sell alone.
The Sunnyvale real estate market also varies by location (east of El Camino is generally not as desirable as west of it), school district (the portion with Cupertino schools is likely the strongest part of the market), and as mentioned above, price point. Being too close to train tracks, being in a flood plain, or other location issues will make it more challenging to sell.
Do you find this kind of info useful? If so, I’d love to hear from you – my email address is mary@popehandy.com. Please tell your friends, especially if they are interested in buying or selling residential property here!
The Real Estate Report numbers for Sunnyvale (entire city), single family homes
Feel free to visit the same statistics, trends, and more at my ReReport page.
(If you’re viewing this on a mobile phone, swipe horizontally to see the full chart if it goes off the screen.)
Sunnyvale realty market statistics
| Trends At a Glance | Jul 2020 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,911,000 (-1.4%) | $1,937,500 | $1,540,000 (+24.1%) |
| Average Price | $1,921,190 (-0.5%) | $1,931,780 | $1,613,500 (+19.1%) |
| No. of Sales | 58 (+38.1%) | 42 | 41 (+41.5%) |
| Pending | 51 (-8.9%) | 56 | 40 (+27.5%) |
| Active | 32 (-27.3%) | 44 | 59 (-45.8%) |
| Sale vs. List Price | 103.2% (+0.9%) | 102.3% | 101.2% (+2.0%) |
| Days on Market | 16 (-4.3%) | 17 | 20 (-20.0%) |
| Days of Inventory | 17 (-45.5%) | 30 | 43 (-61.7%) |
How’s the Cupertino real estate market?
Cupertino – view from Ridge Vineyards
Cupertino’s active inventory fell, and sales still aren’t where they were a year ago. The sale to list price ratio remained at 102.4% for single family homes. It’s a limited but active market in Cupertino right now.
Normally, looking at the market data for the previous month gives us a good idea about where the market is today. But changed seems to be the only constant since the start of March. We’ll be seeing a clearer impact of the novel coronavirus on the real estate market over time, but for now you can read more about the Coronavirus impact on real estate sales in my other post.
At the start of the shutdown, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for prior months. June numbers should be accurate.
This city often represents how the best markets in the valley are performing, as it offers a short commute to major tech centers, fantastic schools, and homes that are (generally) not too elaborate or wastefully luxurious. If Cupertino’s doing well, you’ll have a pretty good idea that the market in the more affordable price points in Los Altos, Saratoga, Los Gatos, etc. are likely also doing well. And if Cupertino is faring poorly, that is not a good sign for anywhere!
How’s the Saratoga California real estate market?
This spring has been unlike any other, yet remains in the seller’s favor for the Saratoga, CA real estate market. Much of the market strength depends on the price point, school district, and condition – today’s buyers generally prefer recently remodeled homes. (Not long ago, I showed a home that was remodeled in 2010 and my buyers found it to be dated.) In response to this strong preference, many sellers have begun moving out and getting their homes updated prior to going on the market.
That being said, the real estate market today is not the same as it was at the start of March. We’ll see more of the results of these changes in the April market analysis than we will looking back on March. To learn more about how Covid-19 is affecting the real estate market, please check my post: Coronavirus Impact on Real Estate Sales.
During the shutdown so far, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for those months while current numbers should be accurate.
Orchard and Hills in Saratoga, California
First, a quick glance at the Altos Research market profile for a quick summary of the market conditions. Altos uses LIST prices, not sold prices, for this chart and the others, below.
In the latest update, August 7th, Altos shows a strong seller’s market with rising market action and declining inventory.
Next, let’s turn to the closed sales from last month. This time we’re using data from a subscription service of mine to the RE Report.
Here are the real estate sales statistics for closed sales last month among houses and duet homes (if there are any) in the 95070 zip code (click on link to read the full Saratoga Real Estate Report for houses). Bottom line is that most livable homes in Saratoga will run between $2 and $3 million if they are mid sized (2000-3000 SF) and in the best schools area (Saratoga or Cupertino). Homes in the Campbell schools area, which have very strong elementary and middle schools, are very rare and generally more affordable, closer to $1.5, but depending on size, condition, and location they can be significantly higher (the ones selling in October 2019 were closer to $2.5, for instance).
Trends at a Glance for the Saratoga CA Real Estate Market
Saratoga has remained fairly stable. Prices are up. Sales rose while active listings and pending sales fell, though everything but active listings are over 2019 numbers. The sales to list price ratio fell to 99.4%, which is a hair above year ago. This isn’t too far from the usual market at this time of year. It’s a stable seller’s market.
| Trends At a Glance | Jul 2020 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $2,935,000 (+2.2%) | $2,872,500 | $2,625,000 (+11.8%) |
| Average Price | $3,061,070 (+3.7%) | $2,952,790 | $2,901,530 (+5.5%) |
| No. of Sales | 37 (+68.2%) | 22 | 31 (+19.4%) |
| Pending | 27 (-28.9%) | 38 | 25 (+8.0%) |
| Active | 36 (-7.7%) | 39 | 65 (-44.6%) |
| Sale vs. List Price | 99.4% (-1.3%) | 100.7% | 99.0% (+0.4%) |
| Days on Market | 36 (+9.3%) | 33 | 33 (+8.0%) |
| Days of Inventory | 29 (-43.2%) | 51 | 63 (-53.6%) |
And the month before:
Home sales in Santa Clara County continued to rise dramatically in July. The average home price was up significantly from last year and up a little from last month. The median sale price was up from last year but down a hair from last month. Multiple, non-contingent offers are common on single family homes that sell quickly (or soon after a price reduction). Small condos or those with no outdoor space are harder to sell right now.
Santa Clara County Real Estate Market Data
Days on market were down month over month and year over year. The first image below is the brief update on the housing market from my Silicon Valley RE Report.
Data from MLS Listings for the Santa Clara County real estate market
Inventory often rises in summer, but this year the listings are selling almost as fast as they come on the market, so available inventory is extremely low. Check out July’s inventory, which is counted on the last day of the month, versus other Julys in recent history.
Willow Glen is perhaps the most charming residential area of the city of San Jose with its old style architecture, tree lined streets and quaint downtown area on Lincoln Avenue and nearby. For folks working in downtown San Jose, the Willow Glen area (roughly the same as 95125 zip code, though a bit of 95124 is included also) is extremely convenient.
The Willow Glen real estate market for single family homes remains in a long-term seller’s market despite recent cooling.
But things have certainly changed since the start of March. We should have a better view of the affect those changes are having on the Willow Glen real estate market this month, though not the complete picture. For an understanding of how Covid-19 is affecting the local real estate market, please check my post titled Coronavirus Impact on Real Estate Sales.
During the shutdown so far, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for those previous months, though current numbers should be accurate.
1. Willow Glen Market Trends: Single Family Homes
Prices rose in July along with sales sales, and active inventory shrank indicators of an active market! Homes have sold close to list price for a long time now and are on the rise again with July sales averaging 101.5% of list price, higher than last year. Overall the market is a little warmer than the month before and Willow Glen remain in a clear seller’s market.
Here are the most recent housing sales statistics from the RE Report.
Click for the complete Willow Glen real estate report:
| Trends At a Glance | Jul 2020 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,479,000 (+7.1%) | $1,381,000 | $1,400,000 (+5.6%) |
| Average Price | $1,605,210 (+3.4%) | $1,552,050 | $1,566,360 (+2.5%) |
| No. of Sales | 61 (+3.4%) | 59 | 43 (+41.9%) |
| Pending | 65 (0.0%) | 65 | 50 (+30.0%) |
| Active | 57 (-5.0%) | 60 | 86 (-33.7%) |
| Sale vs. List Price | 101.5% (+1.2%) | 100.2% | 99.8% (+1.7%) |
| Days on Market | 23 (+11.8%) | 21 | 25 (-6.7%) |
| Days of Inventory | 28 (-4.9%) | 29 | 60 (-53.3%) |
The Los Gatos real estate market shows a mild seller’s market with some ups and downs.
However a lot has changed since the beginning of March. We’re just beginning to see the result of the pandemic on local real estate markets in these monthly analyses. For more on how Covid-19 is affecting our local real estate market, please check my post titled Coronavirus Impact on Real Estate Sales.
During the shutdown so far, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory from the months prior. June numbers should be accurate.
This post will include info from both Altos Research, which uses LIST prices, and the RE Report, which uses listing and closed sale data, for the “in town” areas of Los Gatos (95030 and 95032).
From ALTOS – a view of LG 95030 (they are updated automatically a few times a month):
And 95032:
Have you ever been to the J & P Cosentino Family Farm? If you’re a foodie who’s been in the Bay Area for a while, you might remember the incomparable quality of groceries at the Cosentino’s Markets or the insightful broadcasts on KLIV radio’s Produce Report by Mr. Produce himself, Phil Cosentino. While the famous fresh food family has stepped back from the spotlight in its members retirement years, you can still enjoy the taste of delicious Cosentino quality produce from the J & P Cosentino Family Farm!
