Updated July 2019
Cupertino is the home to Apple and its new “space ship” headquarters. Top-rated schools and easy access to 280 and 85, makes Cupertino a very desirable city in Silicon Valley.
Cupertino homes typically sell in the $1.5M to $3.0M price range. The chart above shows the distribution of home price by number of bedrooms for home sales in 2018.
The annual median price declined 4% during the first half of 2019 after rising 14.2% in 2018. The annual increase has averaged 6.7% since 1998 (CAGR).
Market demand for Cupertino homes remains relatively strong. The first half of 2019 saw a slight increase in the number of days on market and a significant decrease in the percent the final sales price exceeds the current list price.
The annual supply of New Listings in Cupertino homes increased by 6% during the first half of 2019 compared to the same period last year. The number of Closed Sales also increased by 6.5%.
The sales vs. list price varies significantly from the annual average of 2.5% over list. The chart above shows how the distribution of percentage by the number of days on market. The 2019 market has shifted noticeably with fewer listings selling for over 15% over list and a higher percentage of listings on the market over two weeks.
The $ per SQFT for Cupertino homes also varies significantly from the annual average of $1,165 during the first half of 2019. The scatter chart above shows the distribution of both size of home and $/SQFT for each home sale in 2018.
A view of the quarterly median price provides some insight to how the current market is moving. The last four quarters suggests home prices are stabilizing.
This monthly view of median prices for Cupertino homes provides more insight into the ebb and flow of our real estate market. Keep in mind that the monthly fluctuation may be due to a change in the mix of homes selling in a particular month, not necessarily changes in home values.
The monthly average Days on Market chart suggests 2019 is higher than 2017 and 1H2018. The spikes are typically in Dec-Jan during the slowest time of the year.
The monthly average sales price over/under list price percentage provides a additional insight into market demand. The percent over list has declined significantly starting in 2H2018 and continuing through 1H2019. Suggests the current average of 2.5% over list may be the new norm.
The inventory of Active listings is lower than 2018 but higher than 2017. Suggests the selection of homes for buyers to consider is as good as one should expect.
The monthly supply of New Listings for homes in Cupertino remains at historic lows. Note the seasonality with December typically being the low-point during the year.
The monthly number of Closed Sales is a little higher than the past two years indicating the market is a little more active.
Sources: The data above is obtained directly from MLSlistings, the multiple listing service (MLS) serving Santa Clara and San Mateo counties. The information is deemed to be accurate, however is not guaranteed.