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Cupertino: Apple Campus in Construction and Ridge Vineyards Mountain ViewsCupertino 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 recently we’ve seen a big cool down here and throughout the valley.

Cupertino Single Family Housing Market

For an average sized home in Cupertino, expect to pay no less than $2,000,000, and very likely more than $2.5 million – a high price for a popular community. Like much of the county, prices have dipped in recent months with home values about equal to a year ago.

Read the full RE Report with more information through the link.

Trends at a Glance

Trends At a Glance Oct 2022 Previous Month Year-over-Year
Median Price $2,829,000 (+1.5%) $2,788,000 $2,630,000 (+7.6%)
Average Price $2,736,820 (-4.9%) $2,876,570 $2,690,350 (+1.7%)
No. of Sales 14 (-26.3%) 19 17 (-17.6%)
Pending 33 (-5.7%) 35 35 (-5.7%)
Active 25 (0.0%) 25 19 (+31.6%)
Sale vs. List Price 104.8% (+5.1%) 99.7% 117.5% (-10.8%)
Days on Market 17 (-34.5%) 26 20 (-16.2%)
Days of Inventory 54 (+40.4%) 38 34 (+59.8%)

 

Cupertino Condominium Market

The Cupertino condo market softened considerably in October, making this a good time to buy and townhouse or condominium there.

Read more in the full RE Report through the link.

Cupertino Condo Market Trends at a Glance

Trends At a Glance Oct 2022 Previous Month Year-over-Year
Median Price $1,000,000 (-23.2%) $1,301,500 $1,710,000 (-41.5%)
Average Price $1,068,040 (-20.6%) $1,344,610 $1,488,640 (-28.3%)
No. of Sales (0.0%) 9 11 (-18.2%)
Pending 10 (-28.6%) 14 16 (-37.5%)
Active 11 (-21.4%) 14 14 (-21.4%)
Sale vs. List Price 97.0% (-3.4%) 100.4% 104.8% (-7.4%)
Days on Market 49 (+133.2%) 21 31 (+57.4%)
Days of Inventory 37 (-18.7%) 45 38 (-4.0%)

 

Altos Research Cupertino Market by Pricing Quartiles

 

The chart below shows market trends for Cupertino single family homes 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 while the lowest price point is more stable.

 


 

The average day on market trends can be affected by a small pool of outlier properties, but more often shows where there is the greatest or least demand and the largest or smallest available inventory. For example, generally fewer luxury homes go on the market and take longer to sell because demand is lower, so usually this is slower than most other price points.

 

This is only a brief overview of the market in Cupertino, and we do a little more on this community and many others monthly over on the Valley of Heart’s Delight blog. See the Cupertino Market Update over there! If you’re looking at buying or selling a home, a lot more work goes into pinpointing the pricing and other market trends for the specific home and it’s relevant market.

Contact Mary Now 408 204-7673If 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. Let’s arrange a time to chat by phone, and if it seems like we might be a good fit to work together, we can arrange a time to meet. (No obligation, no cost, no pressure.)

 

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