Cupertino Real Estate Market Trends and Statistics

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):

 

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Incredible year over year appreciation in Sunnyvale

It costs whatToday I spent a little time gathering the month over month and year over year median sales price changes in Sunnyvale from my Santa Clara County ReReport (you can do it too, it just takes time). Sunnyvale has felt like a bubble in that the appreciation has been too steep, too long for it to be sustainable.

Is it a bubble?  The market is calming down or leveling out a bit in many places – but how about Sunnyvale?.  Jobs are strong. Many firms are hiring. There remains a housing shortage.  But the rate of appreciation has been crazy high.  Rather than speculate about how good (sellers) or bad (buyers) it is, let’s see how strong the change has been.

The image below shows the increase or decrease of the median sales price for single family homes in Sunnyvale, first month over month, and then year over year from May 2011 to May 2013. The the last 12 months, the year over year average change to the median sales price has been a whopping 22%.  One month it was 60%! (It was when that was happening that I screamed “bubble” on this blog.) (more…)

Cambrian Park Real Estate: Bottomed Out Already

If you are a first time homebuyer looking to purchase a house in the Cambrian Park area of San Jose, I encourage you to consider moving on this plan sooner rather than laterHome prices have stopped sinking and appear to be moving within a range of about 10%, which can easily be attributed to precise location, condition, or situation of the home sale. Meanwhile, interest rates are inching up, making homes less affordable than they were a few weeks ago.

Some of the bank owned homes in this part of San Jose are priced at fire sale prices.  Because of the affordability, they are getting a lot of attention from buyers, and I’m hearing more stories of multiple offers with the prices getting bid up from the list price.  This is not just happening in Cambrian, but all over San Jose where the prices are amazingly affordable for first-time homebuyers.  The availability of FHA backed financing and the $8,000 tax credit are incentivizing people to buy San Jose real estate priced at under $729,000. Investors are also getting in on the cleanup of low-priced homes and “all cash offers” are not unheard of.

Here are the basic real estate sales statistics (and trends) in Cambrian Park:

 

Trends At a GlanceMay-09Apr-09Mar-09Feb-09
Median Price$548,750$520,000 (+5.5%)$550,000 (-5.5%)$515,000 (+6.8%)
Average Price$576,935$532,280 (+8.4%)$543,358 (-2.0%)$567,983 (-4.3%)
No. of Sales5441 (+31.7%)33 (+24.2%)30 (+10.0%)
Pending Properties8567 (+26.9%)69 (-2.9%)52 (+32.7%)
Active98125 (-21.6%)141 (-11.3%)168 (-16.1%)
Sale vs. List Price98.40%95.9% (+2.6%)97.8% (-2.0%)98.2% (-0.4%)
Days on Market4274 (-42.8%)50 (+49.3%)77 (-35.3%)

 

The lowest median price in recent months was in February, which of course reflects sales that happened in January.  This may well be a “seasonal fluctuation”. Homes are often cheapest in the dead of winter, and interest rates are often lowest then too, but selection is extremely limited.

For more information on Cambrian Park real estate sales and market trends, please see my online Real Estate Report for Cambrian.  You may view the last five years’ worth of closed data, or see it quarterly or annually. Or plug in your own address or that of a home that interests you in the “property analysis” tab and check out the recent listings, current homes for sale, pendings and solds in the immediate area.