Updated July 2019
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.
This chart shows the distribution of home prices for single family residences in Sunnyvale during 2018. These are the final sales price, which were, on average, 13% higher than list price. 3-bedroom homes represent about 60% of the market.
The annual median price declined during the 1H2019 by 7.4% after increasing 19.4% in 2018. 2019 prices are slightly higher than 2017. The annual increase in the median price for Sunnyvale homes has averaged 7.4% per year since 1998 (CAGR).
Market demand declined significantly in 1H2019. The average days on market increased from around 15 days up to 23 days, a 50% increase, however still at historic low levels. The average final sales price declined to 3% over list compared to around 10% over the past six years. Demand is still at strong levels.
The supply of New Listings declined by 9% in 1H2019 compared to the same period last year, however 2018 saw a spike in New Listings. The current level in 2019 is slightly higher than 2013-17. The number of Closed Sales also declined significantly by nearly 20%, which is on-track to be the lowest number in 20 years.
Final sales prices remain over list, especially for homes that sell within the first week or two. There has been a downward shift in the percent over list from up to 25% in 2018 to up to 10% in 1H2019. This reflects a reduction in the number of offers received which is currently in the 2-4 range.
The $/sqft is in the $800/sqft to $1,600/sqft range. The amount varies by home size. The above chart gives you an idea of the range of home sizes and their corresponding $/sqft. Each dot represents a Closed Sale in 2018.
The Quarterly Median Price chart provides a little more insight into the 20-year trend in home values. Our current market cycle started in 2012 and peaked during the first half of 2018. The 1H2019 decline appears to be 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 2-3 weeks.
The Monthly Average Sales vs. List Price also declined dramatically starting in mid-2018. We are now in the 3-5% 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. About one-half of the decline is due to fewer New Listings and the other half due to reduced market demand. 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.