Cupertino is 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. Click here for more information on the community and its schools.
The median price for Cupertino homes rose 6.6% during the first nine months of 2022 following a 23% increase in 2021. Annual price appreciation has averaged 6.8% since 1998 (CAGR).
Market demand continues to be very strong. The final sales price vs. list price percentage (blue line) jumped. The average days on market (red line) is setting new historic lows.
The annual supply of New Listings in Cupertino homes (blue line) returned to 2012+ levels. New listings did fall-off significantly during April-May, but fully recovered by year-end. The number of Sales (red line) is consistent with recent years. This chart is updated once a year at year-end.
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 2020.
$ per SQFT for Cupertino homes varies significantly. The scatter chart above shows the distribution of both size of home and $/SQFT for each home sale in 2020. This provides a good view of the size homes available in Cupertino.
Quarterly median price declined to 2021 levels after a spike in Q1 and Q2 of 2022.
The monthly median price for Cupertino homes returned to 2021 levels in July-Sept after a spiked in Feb-May. 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 remains at historically low levels. The spikes are typically in Dec-Jan during the slowest time of the year.
The average sales price over/under list price percentage really jumped in Feb-March. The lower percentage in May-June reflects fewer competing offers driving up the final sales price.
Final sales price vs. List price varies significantly by number of days on market. Homes selling during the first two weeks on market typically sell for over list, while homes on the market typically sell for under list.
The monthly supply of New Listings for homes in Cupertino appears to be running slightly lower than recent years. Note the seasonality with December typically being the low-point during the year.
The Inventory of Active listings is consistent with prior years.
The number of sales per month is lower than prior years.
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.