Updated May 2020
Market demand remains strong in Cupertino. Average days on market dropped to under 10 days in April, while the average final sales vs. list price increased over 2019. The supply of New Listings did decline by nearly 40% in April due to shelter-in-place orders. Median prices remain consistent with the prior year.
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.
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 2019.
The annual median price declined 6.2% in 2019 after rising 14.2% in 2018. The annual increase has averaged 6.1% since 1998 (CAGR).
Market demand for Cupertino homes declined in 2019. The average days on market (red line) jumped to 24 days from 17-20 days. The final sales price vs. list price percentage (blue line) declined to 2% from 10% in 2017-18.
The annual supply of New Listings in Cupertino homes (blue line) increased slightly over 2018 and is consistent with recent years. The number of Closed Sales (red line) is consistent with 2017-18.
Final sales prices continue to be up to 15% over list price for homes selling within a week or two of going on market. Homes selling after that are selling for below list. Note: this is the current list price, after any price reductions.
The $ per SQFT for Cupertino homes also varies significantly from the annual average of $1,149 during 2019. The scatter chart above shows the distribution of both size of home and $/SQFT for each home sale in 2019.
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 increased starting in mid-2018. The spikes are typically in Dec-Jan during the slowest time of the year.
The monthly average sales price over/under list price percentage has declined significantly. Suggests the current average of 2-4% over list may be the new norm.
The inventory of Active listings is higher than prior years. 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.