Updated July 2019
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.
Sunnyvale Condos typically range in price from $600K to $1.8M. Townhomes command a premium as there is no one above or below.
The Annual Median Price decreased by 8% during 1H2019. This decrease follows an unusually high spike in 2018. The annual increase in the median price for Sunnyvale condos has averaged 7.7% per year since 1998 (CAGR).
Market demand for Sunnyvale Condos is still very strong. The average Annual Days on Market (red line) is on-track to increase significantly, but are still at historic low levels. The average Annual Sales vs. List Price (blue line) is on-track to decline significantly to 3% over list compared to 12% in 2017-18. This reflects that Sunnyvale Condos are still selling quickly, but with fewer offers driving up the final sales price.
The Supply of New Listings (blue line) is on-track to increase significantly to the highest level since 2012. The number of Closed Sales (red line) is down slightly, but fairly consistent with the past five years. The increase in supply should put downward pressure on prices.
The final Sales vs. List Price varies widely from the average. Condos selling during the first week or two on market typically sell for up to 10% over list. There is a significant decline in the number of Condos selling for 10%+ over list. Buyers should now be prepared to pay 5% over list.
The average $/SQFT for Sunnyvale Condos is $864 per SQFT, however the actual $/SQFT varies widely. The scatter chart above shows the distribution of $/SQFT for Condos sold in 2018. 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 prices have steadily increased since 2012, they did jump significantly in mid-2017. They leveled-off in 1H2019 at a level consistent with prior year trends.
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 3-4% range compared to 10-15% in 2017-18.
The Inventory of Active Listings increases in 1H2019 to the highest levels seen since 2012. This reflects the sharp increase in supply of New Listings.
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 Closed Sales fairly consistent with prior. Note that Closed Sales are reported after the close of escrow, which is typically the month after the actual sale.
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.