Updated June 2020
Sunnyvale is one of the best performing markets in Silicon Valley. YTD Median prices are up 12% over 2019 and slightly higher than the previous high in 2018. Market demand remains strong with historically low days on market and one of the highest final sales vs. list price (4.9% over list). The supply of New Listings dipped 20% during the first six months due to shelter-in-place orders, but is recovering nicely. Currently demand is out-stripping supply.
Sunnyvale is one of the main cities for Silicon Valley homes. Centrally located near many of the high-tech companies with cute “downtown” on Murphy Street and a rapidly expanding shopping district next to Murphy street. Click here for additional information about the Sunnyvale community and schools.
Sunnyvale single family residences start at $1.0M. Homes located within the Cumberland, Cherry Chase and Cupertino elementary schools command a premium.
The YTD annual median price increased to a new all-time high. It fully recovered from a 2019 decline and is slightly higher than 2018. The annual increase in the median price for Sunnyvale homes has averaged 7.1% per year since 1998 (CAGR).
Market demand is stronger after a declined in 2019. The average days on market (red line) returned to historic lows after an increased from around 15 days up to 23 days in 2019. The average final sales vs. list price (blue line) shows an increase to 4.9% after a 2019 dip to 2.6% compared to around 9-13% over the past six years. Overall, demand is still at historically strong levels.
The supply of New Listings (blue line) declined significantly during the first half of 2020. I expect this to return to near-normal during the second half. The number of Sales (red line) also declined the lowest number in 20 years.
Final Sales prices remain at up to 15% over list for homes selling within the first week or two of being on market. Homes selling after two weeks are typically selling for below list price. Note: this is the current list price, after any price reductions.
The $ per SQFT varies significantly by size of home. The above chart gives you an idea of the range of home sizes and their corresponding $/sqft. Each dot represents a Closed Sale in 2019 with an annual average of $1,089 per SQFT.
The Quarterly Median Price chart shows a strong return in prices after a dip in 2019. Our current market cycle started in 2012 and peaked during the first half of 2018. 2019 is a return to 2017 levels.
Monthly Median Prices shows strong pricing during March-June this year, even with Covid. Jumps in prices typically occur during the Mar-May high-season with buyers looking to move in time for the new school year.
Monthly Average Days on Market shows a significant slow-down in the market starting in mid-2018. Homes have been selling in 20-24 days compared to 10-12 days in previous years. This translates into home being on the market for an average of 2-3 weeks.
The Monthly Average Sales vs. List Price declined dramatically starting in mid-2018. We are now in the 2-3% range which we haven’t seen since pre-2012. This reflects a significant decline in the number of offers received.
The Monthly Supply of New Listings has remained relatively consistent since 2012. Suggests the changes noted above are due to change in market demand, not supply.
The Monthly Inventory of Active Listings also increased starting in mid-2018. We are now around 60 Active Listings compared to around 45 in previous years, a 30% increase.
The number of Sales has declined slightly in 2019.
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.