Cupertino California Real Estate Market

Cupertino has been a hot ticket item for a long while. With plenty of business, major employers like Apple, great public education and parks, it’s no surprise this is a highly desirable place to call home. Both the single family and condo markets have been hot for years, but with the prolonged seller’s market that’s surrounded the South Bay for the last year or more, things are even crazier than usual.

So how to we understand the market?

Using data from the MLS, below are two different charts for analysis. Firstly, the RE Report takes the data of home sales over the last month and compares it with the month prior and the year before to identify shifts and trends. At the bottom of this page is a graph taken from Altos Research, which used data gathered from the same source but divides the housing market into pricing tiers, showing the market trends and changes within these distinct groups from entry-level to luxury markets.

Cupertino Single Family Housing Market

For an average sized home in Cupertino, expect to pay no less than $2,000,000 – a high price for a popular community. The average and median price has risen by double digits since last year, and with sales selling for higher above list price, the market is definitely hotter than 2016. Sales vs list price percentages are stable since last month, with homes selling well over list price. Homes are selling on average in about one month, a speedy turnover, and many more have sold than are active. There is a strong sellers market that refuses to let up in the single family market in Cupertino. Read the full RE Report with more information through the link.

Trends At a Glance Jun 2018 Previous Month Year-over-Year
Median Price $2,537,500 (+5.7%) $2,400,000 $2,223,500 (+14.1%)
Average Price $2,527,140 (+8.2%) $2,335,340 $2,194,040 (+15.2%)
No. of Sales 22 (-18.5%) 27 22 (0.0%)
Pending 23 (+15.0%) 20 22 (+4.5%)
Active 34 (+9.7%) 31 13 (+161.5%)
Sale vs. List Price 113.8% (+5.2%) 108.2% 108.6% (+4.8%)
Days on Market (-54.3%) 18 13 (-37.7%)
Days of Inventory 45 (+30.1%) 34 17 (+161.5%)

 

And from last month:

 

Trends At a Glance May 2018 Previous Month Year-over-Year
Median Price $2,400,000 (-4.2%) $2,505,000 $2,036,000 (+17.9%)
Average Price $2,335,340 (-6.0%) $2,483,240 $2,059,920 (+13.4%)
No. of Sales 27 (+22.7%) 22 23 (+17.4%)
Pending 20 (-16.7%) 24 19 (+5.3%)
Active 31 (+121.4%) 14 27 (+14.8%)
Sale vs. List Price 108.2% (-9.5%) 119.5% 111.6% (-3.1%)
Days on Market 18 (+122.4%) 8 12 (+46.6%)
Days of Inventory 34 (+86.6%) 18 35 (-2.2%)

 

Cupertino Condo Market

In most markets, condos show very different trends from the housing market, usually being much slower. That being said, a prolonged seller’s market and a huge lingering demand has made many condo markets just as hot as their housing couterparts, and Cupertino is no exception. Sales vs list price shows that properties are selling on average at 110.5% of list price – almost as high as single family homes – and faster at a mere 18 days on market. With that in mind, notice what a small inventory the data is collected from. With low numbers, the percentages can swing wildly and are not as reliable. Looking at trends over many months is more helpful in this case. Condos have been selling quickly and well over list price for as far back as the charts show, meaning the condo market is a firey hot seller’s market. Read more in the full RE Report through the link.

Trends At a Glance Jun 2018 Previous Month Year-over-Year
Median Price $1,530,000 (+18.1%) $1,295,500 $1,179,940 (+29.7%)
Average Price $1,538,170 (+12.4%) $1,368,850 $1,249,590 (+23.1%)
No. of Sales (-12.5%) 8 16 (-56.3%)
Pending (+16.7%) 6 (+75.0%)
Active (+28.6%) 7 (+50.0%)
Sale vs. List Price 111.5% (0.0%) 111.6% 108.1% (+3.2%)
Days on Market 15 (+54.4%) 10 12 (+23.2%)
Days of Inventory 37 (+42.0%) 26 11 (+242.9%)

 

And from last month:

 

Trends At a Glance May 2018 Previous Month Year-over-Year
Median Price $1,295,500 (-9.4%) $1,430,000 $1,099,000 (+17.9%)
Average Price $1,368,850 (-5.5%) $1,448,950 $1,117,250 (+22.5%)
No. of Sales (-27.3%) 11 (0.0%)
Pending (+50.0%) 4 13 (-53.8%)
Active (0.0%) 7 (+133.3%)
Sale vs. List Price 111.6% (-5.0%) 117.5% 104.1% (+7.2%)
Days on Market 10 (-22.7%) 12 21 (-53.0%)
Days of Inventory 26 (+42.2%) 18 11 (+133.3%)

 

Altos Research Cupertino Market by Pricing Quartiles

The chart below shows market trends for Cupertino divided into four pricing tiers. Looking at it in quartiles shows not only the average cost of properties, but also the differing trends. Here you can see that the luxury sector has harsher high and low points, and that the current luxury market has falling prices for the first time in a while. the lowest price points are the most stable, and show a fair amount of stability through last spring and summer. The high-end (but not luxury) market may have some bumps, but it’s on a steady upward trajectory, meaning this might be where buyers are facing the greatest challenges and fighting to make competitive offers.



If you’ve found this information helpful and you are interested in buying or selling a house in Cupertino or around Silicon Valley, I would love to hear from you! Feel free to check out more of my posts on housing markets and neighborhoods around the South Bay, as well as tips for buyers and sellers on my other blogs as well: Valley of Heart’s Delight and Live in Los Gatos.

 

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