Sunnyvale Condos are in very high demand due to their proximity to many large high-tech companies, such as Google, LinkedIN, Microsoft and others. Note that the market data below includes both Condos and Townhomes.
The chart above shows the distribution of prices for condos and townhomes in Sunnyvale during 2017. Prices primarily range from $600k to $1.4M.
The Annual Median Price increased 19.5% in 2017. The annual increase in the median price for Sunnyvale condos has averaged 7.3% per year since 1998 (CAGR).
The above scatter chart shows the distribution of both Condo sizes (SQFT) and $ per SQFT for Sunnyvale condos. The blue dots represent a Closed Sale in 2017. Note how $/SQFT varies by home size.
Market demand for Sunnyvale condos remains at all-time highs. The average Annual Days on Market are at an all-time low reflecting very strong Buyer demand. The average Annual Sales vs. List Price is also at historic highs.
The scatter chart above shows the distribution of Sales vs. List Price in 2017. Note that condos that sell after one weekend on the market typically sell for over list price.
The annual Supply of New Listings for Sunnyvale condos remains at all-time lows.
The Quarterly Median Price above shows a dramatic jump in prices during the second half of the year.
The Monthly Median Prices for Sunnyvale Condos provides more insight into the ebb and flow of our real estate market. Keep in mind that the fluctuation may be due to a change in the mix of condos selling in a particular month, not necessarily changes in home values.
The Inventory of Active Listings was dramatically in 2017. This reflects strong Buyer demand and all-time lows in average Days on Market.
The monthly Supply of New Listings for condos in Sunnyvale. Note the seasonality with December typically being the low-point during the year.
This Days on Market chart shows the monthly average for Sunnyvale condos sold. The spikes are typically in Dec-Jan during the slowest time of the year.
The monthly average sales price over/under list price percentage provides a little more insight into how the current real estate market is moving.
Interestingly the monthly number of Closed Sales appears to be relatively consistent. Note that Closed Sales are reported after the close of escrow, which is typically the month after the actual sale.
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.