May 2023
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.
The annual median price returns to 2021 levels, following a 9% jump in 2022 and a 16% jump in 2021. The annual increase in the median price for Sunnyvale homes has averaged 7.3% per year since 1998 (CAGR).
Market demand for Sunnyvale homes remains strong. New listings continue to sell quickly with the average days on market (red line) at historically low levels. The average final sales vs. list price (blue line) is not as high as prior years reflecting fewer competing offers.
The supply of New Listings (blue line) remains at historically low levels. The number of Sales (red line) also declined the lowest number in 20 years. This chart is updated once a year at year-end.
Sunnyvale single family residences start at $1.0M with homes located within the Cumberland, Cherry Chase and Cupertino elementary schools command a premium.
The $ per SQFT varies significantly by size of home. The above chart gives you an idea of both the range of home sizes and their corresponding $/SQFT.
The Quarterly Median Price returned to 2021 levels after a jump during the first half of the year.
Monthly Median Prices are fairly consistent with 2021. 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 remain at historic lows.
The Monthly Average Sales vs. List Price has returned to lower levels than prior years. Reflects fewer competing offers bidding up the price.
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. Note that homes selling later are not selling for more than 10% under list. Buyers should plan accordingly.
Final sales price vs. original list price provides additional insight to seller’s pricing decisions. Still true that new listings that sell after one weekend on market (7-10 days) sell for over list, but not as much as before.
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 Inventory of Active Listings is lower than prior years.
The number of Sales are also lower than prior years.
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.