Updated January 2021
The annual median price rose 10.4% in 2020 to slightly over the 2018 peak. No apparent impact from Covid-related restrictions. The annual increase in the median price for Sunnyvale homes has averaged 7.1% per year since 1998 (CAGR).
Market demand for Sunnyvale homes remains strong. The average days on market (red line) remains at historically low levels. The average final sales vs. list price (blue line) is slightly over list, but significantly lower than 2012-18.
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.
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.
Sunnyvale homes sold for an average of $1,158/sqft in 2020. 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.
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 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. Buyers should plan on paying 5-10% over list in order to compete for the more desirable listings. Note: this is using the current list price, which may be after a price reduction.
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.