Updated June 2020
Market demand remains strong in Cupertino. Average days on market remains at historic lows, while the average final sales vs. list price continues to be 2-3% over list. The supply of New Listings did decline by nearly 15% during the first half due to shelter-in-place orders, but is making a strong return in May-June. Median prices are slightly lower than the prior year, but should increase over the coming months.
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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 continues a slightly decline after a 6% decline in 2019, which followed a 14% jump in 2018. Annual price appreciation has averaged 6.0% since 1998 (CAGR).
Market demand for Cupertino homes remains strong. The average days on market (red line) did jump in 2019, but is still at historic lows. 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 very strong.
The annual supply of New Listings in Cupertino homes (blue line) declined 15% mostly due to Covid. The number of Sales (red line) also declined but should be consistent with 2017-18 by year-end.
Final sales prices were up to 15% over list price for homes selling within a week or two of going on market during 2019. 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.
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.
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.