Updated May 2020
Sunnyvale is one of the strongest markets. Median prices actually jumped in April and the YTD average is 12% higher than 2019. Market demand remains very strong with historically low days on market and one of the highest final sales vs. list price (7.4% over list). The supply of New Listings were down 45% in April due to shelter-in-place orders. This appears to be a market that continues with demand 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 annual median price declined by 8.1% during 2019 after increasing 9.2% in 2018 and are still slightly higher than 2017. The annual increase in the median price for Sunnyvale homes has averaged 6.6% per year since 1998 (CAGR).
Market demand declined in 2019. The average days on market (red line) increased from around 15 days up to 23 days, a 50% increase, however are still at historically low levels. The average final sales vs. list price (blue line) declined to 2.6% over list 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 compared to 2018, however is consistent with 2012-17. The number of Closed Sales (red line) also declined significantly 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 provides insight into the 20-year trend in home values. 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 more volatility due to seasonality and smaller number of sales. 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 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 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 number of Closed Sales has declined slightly in 2019. Note that a Closed Sale is reported after escrow closes, which is typically one month after it actually sold (Pending/In-contract).
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.