Updated January 2021
The median price for Cupertino homes remained flat with the prior year, below the market peak of 2018, yet higher than 2017. No significant impact from Covid restrictions, except for a potential recovery to 2018 peak. Annual price appreciation has averaged 6.1% since 1998 (CAGR).
Market demand for Cupertino homes remains strong. The average days on market (red line) has returned to historic lows after a slight increase in 2019. The final sales price vs. list price percentage (blue line) declined to 2% from 10% in 2017-18. So not as crazy as 2014-18, but still strong. Homes selling within the first two weeks on market continue to sell for up to 20% over list (see chart below).
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.
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. 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 $ per SQFT for Cupertino homes also varies significantly from the annual average of $1,232 during 2020. 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 prices suggests a leveling-off during 2019-20. I expect the second half to show a rebound.
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.
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. Buyers should plan on paying 5-10% over list in order to compete for the more desirable listings. Note: this is using the current list price, which may be after a price reduction.
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 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 number of 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.