Updated June 2020
Market demand remains relatively strong for Sunnyvale Condos and Townhomes. Average days on market are slightly higher in 2019 and 2020, but still at historic lows. Final sales vs. list price percentages have declined to near-parity during 2019-20. Median prices up slightly from 2019, but still 5% lower than the 2018 peak.
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 chart above shows Closed Sales in 2019.
The Annual Median Price increased by 4% during 1H2020. This follows an unusually high spike in 2018. The annual increase in the median price for Sunnyvale condos have averaged 7.1% per year since 1998 (CAGR).
Market demand for Sunnyvale Condos remains strong. The average Annual Days on Market (red line) increased from around 15 days to 25 days in 2019, which is still at historic lows. 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 offers driving up the final sales price.
The Supply of New Listings (blue line) dropped 30% over the first six months due to Covid. I expect this to rebound in the second half. The YTD number of Sales (red line) also decreased significantly due to Covid.
Final sales prices continued to be up to 15% over list for Condos selling within the first week or two of going on market during 2019. Most Condos on the market longer are selling for below list. Buyers should now be prepared to pay 5% over list.
The average $/SQFT for Sunnyvale Condos is $856per SQFT, however the actual $/SQFT varies widely. The scatter chart above shows the distribution of $/SQFT for Condos sold in 2019. 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.
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.