How’s the Cupertino real estate market?
Cupertino – view from Ridge Vineyards
The real estate market in Silicon Valley can sometimes be a little quirky, so I like to approach this question from a few angles. In this article I’ll make use of my charts from Altos Research, which uses listing data (not solds) and is automatically updated every week and also monthly reports from my RE Report subscription. Also I’ll periodically update it with info from the MLS that I have crunched myself or anecdotal stories from those of us “in the trenches.” The article is a bit long but I think much more comprehensive giving the multiple methods of answering the question of how the Cupertino real estate market is faring.
Cupertino median list price of houses by price quartile
Often the real estate market in any given city is very different between the most expensive homes and the most affordable ones. While many Cupertino home buyers are looking for a short commute, great public schools or strong resale value, some seek a luxury property with a view in the Cupertino hills (either off of Montevina Road by Ridge Vineyards or in other lower foothills).
The last few months have had some ups and downs in pricing, but most segments of the Cupertino real estate market have seen an overall uptick since last year. The luxury market in Cupertino had some calming over summer, but is back on the rise again. What if we look back more than a year? Combining the quartiles, it seems that there’s been more up than down.
What’s happening with the most expensive homes for sale in Cupertino? Prices were rising, but perhaps that’s slowing down with this turnaround. Here’s the same data just for the top quartile, the most expensive properties (luxury homes segment):
For the 2nd top tier in Cupertino:
3rd level or lower middle in Cupertino:
And most affordable Cupertino real estate for single family homes or lowest quartile:
Cupertino Days on Market by Price Quartile: What’s Selling Fastest
Surprisingly, the luxury real estate market appears to be selling better than entry level houses in Cupertino. But sales price is not all there is to it. Here’s a look at the days on market (DOM) for Cupertino by price point over the last year.
The highest priced homes in the Cupertino luxury market are unsurprisingly the slowest to sell. Typically, that’s the cases, but not always – earlier this month for a brief period, the highest priced homes were selling faster than elsewhere. With that in mind, it’s still the most affordable markets which are selling the most quickly, with the lower third (mid-priced) beating the bottom fourth (entry-level). All but the luxury market are speeding up.
How does Cupertino stack up compared to its closest neighbors? Let’s have a look.
Cupertino Median List Prices of houses Compared to Neighboring Saratoga, Sunnyvale and Los Altos
How does Cupertino fare as compared to the closest cities? Often there are clear patterns that all Silicon Valley communities share – but in this case, Saratoga and Los Altos, both very expensive areas, demonstrated a more typical winter and spring pattern that is only faintly expressed in Cupertino and altogether absent in Sunnyvale.
RE Report real estate statistics for the most recent month
Now let’s see the numbers for houses in Cupertino that are for sale or sold in the last month for which we have data on my Real Estate Report for Cupertino (This report normally is updated between the 5th and 10th of each month. Please click on the link above to get many more details on this and other parts of Santa Clara County, San Mateo County, or Santa Cruz County.)
How crazy is it? The average sale price to list price ratio, has stuck at a whooping 110.8%. Average days on market have dropped to a 15 days average. It’s still a very strong sellers market with homes consistently selling above list price in well half a month.
Cupertino real estate market from the RE Report
| Trends At a Glance | Oct 2017 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $2,040,000 (-3.0%) | $2,103,000 | $1,730,000 (+17.9%) |
| Average Price | $2,135,950 (+2.1%) | $2,092,880 | $1,919,320 (+11.3%) |
| No. of Sales | 22 (-15.4%) | 26 | 20 (+10.0%) |
| Pending | 11 (-47.6%) | 21 | 22 (-50.0%) |
| Active | 12 (+20.0%) | 10 | 22 (-45.5%) |
| Sale vs. List Price | 110.8% (0.0%) | 110.7% | 101.8% (+8.8%) |
| Days on Market | 15 (-52.6%) | 31 | 15 (-2.7%) |
| Days of Inventory | 16 (+46.7%) | 11 | 33 (-50.4%) |
And the chart from last month for comparison:
| Trends At a Glance | Sep 2017 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $2,103,000 (-7.6%) | $2,275,000 | $2,067,500 (+1.7%) |
| Average Price | $2,092,880 (-13.0%) | $2,406,620 | $2,068,280 (+1.2%) |
| No. of Sales | 26 (+44.4%) | 18 | 20 (+30.0%) |
| Pending | 21 (-16.0%) | 25 | 19 (+10.5%) |
| Active | 10 (-33.3%) | 15 | 28 (-64.3%) |
| Sale vs. List Price | 110.7% (0.0%) | 110.7% | 106.3% (+4.2%) |
| Days on Market | 31 (+82.6%) | 17 | 18 (+72.8%) |
| Days of Inventory | 11 (-55.4%) | 25 | 41 (-72.5%) |
This, of course, is the overview. Some areas are going to be more highly prized than others (many home buyers strongly want Lynbrook or Monta Vista High School, for instance, and others will put a main focus on being within walking distance or a short bike ride to major employers such as Apple). Some price points are not moving so strongly, as you can see when divided by price quartile in the Altos charts.
If you think that the single family home market is nuts, wait ’til you see what’s happening for townhouses and condominiums for sale in Cupertino.
The condo and townhome real estate market usually looks volatile because of the small number of homes available, pending and sold. Last month had low inventory with 5 sold, 6 pending, and no active listings. That being said, over the last six months, we see the sales vs list price remain well above list price, bouncing back and forth between about 100%-110%, shooting up to a sky high 117.4% in October. Days on market is low at 11 days – that means the average home sells in about two weeks! Despite massive swings, we can tell that properties are still selling above list price and quickly as a regular trend over the months. It remains a stable, hot seller’s market that’s keeping up with the single family housing market. Here’s a quick look at the Cupertino condominiums and townhouses for sale or recently sold:
| Trends At a Glance | Oct 2017 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,200,000 (+1.9%) | $1,178,000 | $942,500 (+27.3%) |
| Average Price | $1,287,000 (+3.3%) | $1,246,350 | $955,000 (+34.8%) |
| No. of Sales | 5 (-54.5%) | 11 | 8 (-37.5%) |
| Pending | 6 (+50.0%) | 4 | 6 (0.0%) |
| Active | 0 (-100.0%) | 1 | 5 (-100.0%) |
| Sale vs. List Price | 117.4% (+6.2%) | 110.5% | 103.0% (+14.0%) |
| Days on Market | 11 (-39.2%) | 18 | 41 (-73.2%) |
| Days of Inventory | 0 (-100.0%) | 3 | 19 (-100.0%) |
And from last month:
| Trends At a Glance | Sep 2017 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,178,000 (-13.8%) | $1,366,500 | $1,000,000 (+17.8%) |
| Average Price | $1,246,350 (-9.4%) | $1,375,500 | $1,100,270 (+13.3%) |
| No. of Sales | 11 (+37.5%) | 8 | 15 (-26.7%) |
| Pending | 4 (-42.9%) | 7 | 8 (-50.0%) |
| Active | 1 (-50.0%) | 2 | 8 (-87.5%) |
| Sale vs. List Price | 110.5% (+3.2%) | 107.0% | 102.4% (+8.0%) |
| Days on Market | 18 (+40.5%) | 13 | 29 (-37.0%) |
| Days of Inventory | 3 (-64.8%) | 8 | 15 (-83.0%) |
What drives the Cupertino real estate market?
The residential real estate market in Cupertino, California, is driven in large part by the extremely high quality of its local public schools. Many in Silicon Valley would state that for San Jose area home buyers, Cupertino offers the best “bang for the buck” when one lines up the cost of purchasing a home to the schools’ API scores. (Conversely, some residents are concerned that the very top schools – including, but not limited to, Cupertino – are so focused on academics that there may be too much pressure on kids and may lack balance for them.) Other drivers are, of course, short commutes to many work places, belief in stronger resale value in Cupertino, the local economy (such as the initial public offerings happening with some of the Silicon Valley tech giants), the availability of more affordable financing, and how the realty market in general is performing for any particular price point or particular school area. (Even within Cupertino, some schools are much more in demand than others.) Comments in this article refer generally to this city of about 50,000 residents – real estate is local, though, so for excellent buyer or seller representation and precise information in any given area or tier of the market, please contact me!
Houses for sale in Cupertino California
Please browse real estate listings and houses for sale in Cupertino, listed from the lowest prices up to the highest.
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$500,000 : 17580 Stevens Canyon RD, CUPERTINO1 bed, 1 bath
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$1,398,000 : 15040 Montebello RD, CUPERTINO5 beds, 2 baths
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$1,888,000 : 10736 Linda Vista DR, CUPERTINO3 beds, 2 baths
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$1,898,000 : 7624 Elderwood CT, CUPERTINO4 beds, 3 baths
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$2,188,888 : 22546 Silver Oak WAY, CUPERTINO3 beds, 3 baths
See all Real estate in the city of Cupertino.
(all data current as of
12/11/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
The post Cupertino Real Estate Market Trends and Statistics appeared first on Valley of Heart's Delight blog.
