Updated October 2020
The annual median price is on-track to reach 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 remains strong. 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% after a 2019 dip to 2.6% compared to around 9-13% over the past six years.
The supply of New Listings (blue line) continued its declined during 2020. The number of Sales (red line) also declined the lowest number in 20 years.
Sunnyvale single family residences start at $1.0M with homes located within the Cumberland, Cherry Chase and Cupertino elementary schools command a premium. 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 $ 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.
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 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.