May 2023
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 declined 8% during the first four months of 2023 following a 23% increase in 2021. Annual price appreciation has averaged 6.8% since 1998 (CAGR).
Market demand remains strong. New listings continue to sell quickly with average days on market at historic lows. The final sales price vs. list price percentage (blue line) has fallen, but is still above list price.
The annual supply of New Listings in Cupertino homes (blue line) returned to 2013-19 levels after a surge in 2021. The number of Sales (red line) followed New Listings. 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 significantly starting in Q3 2022. Still higher than 2018-2020.
The monthly median price for Cupertino homes showing an up-tick in March-April. 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 final sales price over/under list price percentage really jumped in 2022. The lower percentage 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 significantly lower than prior years. Note the seasonality with December typically being the low-point during the year.
The Inventory of Active listings remains low, even by prior years standards.
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.