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.
This chart shows the distribution of home prices for single family residences in Sunnyvale during 2017. These are the final sales price, which were, on average, 13% higher than list price.
The annual median price increased 15.7% in 2017. The annual increase in the median price for Sunnyvale homes has averaged 7.2% per year since 1998 (CAGR).
The above scatter chart shows both the distribution of home sizes and how the $ per SQFT varies by size. Each closed sale is represented by a single dot.
Market demand for Sunnyvale homes continues at historically high levels. The chart above shows the annual average Days on Market (red line) over the past 20 years and the average sales vs. list price (blue line) going back to 2002. Note how SP/LP jumped and the DOM dropped dramatically starting in 2012 and have remained there for the past six years.
This scatter chart shows the distribution of how the final sales price compares to the list price. While the annual average above has been 10-14% over the past six years, homes that sell after one week can sell for 20-25% over list. Each home sale in 2017 is represented by a single dot.
The annual supply of new listings for Sunnyvale homes dropped dramatically from around 1,200 per year in 2002-05 to around 600 per year in 2012-17. Homeowners are just not upgrading or moving away like they used to.
A view of the quarterly median price provides some insight to how the current market is moving. Note the dramatic and steady rate of increase starting in early 2012, which has resulted in a doubling in home values over the past six years.
This monthly view of median prices for Sunnyvale homes provides more insight into the ebb and flow of our real estate market. Keep in mind that the fluctuation may be due to a change in the mix of homes selling in a particular month, not necessarily changes in home values.
The inventory of Active listings is significantly lower due to reduced supply of new listings and strong market demand that results in homes selling quickly. Note how the seasonal ramp-up starting in January and peaking in March-April. Also note how the monthly inventory was noticeably lower in 2017.
The monthly supply of new listings for homes in Sunnyvale. Note the seasonality with December typically being the low-point during the year.
This Days on Market chart shows the monthly average for Sunnyvale homes sold. The spikes are typically in Dec-Jan during the slowest time of the year. You can see the very beginning of this six-year Seller’s market in the early summer of 2012.
The above chart shows the monthly average sales over/under list price percentage over the past six years. Note how there was a slight dip in 2016, then a strong recovery in 2017.
The number of Closed Sales per month has been fairly consistent over the past six years. 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.