Updated January 2021
The median price for Sunnyvale condos and townhomes rose 9.2% in 2020 to nearly equal the 2018 peak. No significant impact from Covid-related restrictions. The annual increase in the median price for Sunnyvale condos have averaged 7.3% per year since 1998 (CAGR).
Market demand for Sunnyvale Condos remains strong. The average Annual Days on Market (red line) has increased slightly, but is still at historically low levels. The average Annual Sales vs. List Price (blue line) declined significantly to parity with list compared to 12% in 2017-18. This reflects that Sunnyvale Condos are still selling quickly, but with fewer competing offers driving up the final sales price.
The Supply of New Listings (blue line) increased to slightly more than recent years, while the number of Sales (red line) is showing a decline. There is a growing gap between number of new listings going on market and the number of closed sales.
Sunnyvale Condos typically range in price from $600K to $1.8M. 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. Click on these links for information on the Sunnyvale Community and Schools.
The average $/SQFT for Sunnyvale condos is $836per SQFT, however the actual $/SQFT varies widely. The scatter chart above shows the distribution of $/SQFT for condos sold in 2020. This provides a view into the range of $/SQFT and the size of condos.
The Quarterly Median Price provides a good view into how prices are trending. While the quarterly median price has declined significantly from 2018, it is still on a nice treadline with 2012-17.
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 Days on Market chart are higher than 2017, but still consistent with other prior years. The spikes are typically in Dec-Jan during the slowest time of the year.
The average Sales vs. List Price percentage has declined significantly to the lowest levels since 2012. They are now in the 2-3% range compared to 10-15% in 2017-18.
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 increased significantly starting in mid-2018. Note the seasonality with December typically being the low-point during the year.
The number of Active Listings was significantly higher in 2019 to the highest levels seen since 2012. This reflects the decrease in the number of Closed Sales.
The number of Sales fairly consistent with prior.
Source: 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.