Updated October 2020
The Annual Median Price is almost equal to the market peak of 2018, a significant increase over the prior year. The annual increase in the median price for Sunnyvale condos have averaged 7.1% per year since 1998 (CAGR).
Market demand for Sunnyvale Condos has softened slightly starting in 2019. The average Annual Days on Market (red line) increased from around 15 days to 20 days, 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) is about equal to the previous two years, even after a significant decline in April-May due to Covid. The number of Sales (red line) is showing a dramatic decline. There is now a significant 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 $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.
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 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.