Month-over-Month Changes

In May 2024, the Cupertino real estate market saw several significant changes compared to April 2024:

  • Homes Sold: Cupertino experienced a decrease in home sales, with 22 homes sold in May, down by 44% from 39 sales in April 2024.
  • Median Sale Price: The median sale price saw a minor decline of 2%, dropping from $3,410,000 in April to $3,345,000 in May.
  • Days on Market (DOM): The DOM increased slightly from 7 days in April to 8 days in May 2024.
  • Percentage of List Price Received: Sellers received 110% of their asking price in May 2024, a strong indicator of a competitive market, though this was unchanged from April 2024.
  • Months of Inventory: The months of inventory decreased to 0.7 in May from 0.9 in April, indicating a continued tight supply.

Analysis

The month-over-month data suggests a cooling trend in the Cupertino market, with a significant reduction in homes sold. However, the slight increase in DOM and the stable percentage of list price received indicate that demand remains robust. The decrease in months of inventory reinforces the notion of a limited supply, potentially supporting future price stability or increases.

Year-over-Year Comparison

When comparing May 2024 to May 2023, the following changes were observed:

  • Homes Sold: There was a slight decline in homes sold, with 22 homes in May 2024 compared to 23 in May 2023, a decrease of 4%.
  • Homes Listed: The number of homes listed increased significantly, from 29 in May 2023 to 38 in May 2024, reflecting a 31% increase.
  • Median Sale Price: The median sale price increased substantially by 19%, from $2.80 million in May 2023 to $3.34 million in May 2024.
  • Days on Market: The median DOM improved from 9 days in May 2023 to 8 days in May 2024, indicating faster sales.
  • Percentage of List Price Received: The percentage of list price received rose from 104% in May 2023 to 110% in May 2024, showing increased buyer competition.
  • Months of Inventory: The months of inventory decreased from 0.9 in May 2023 to 0.7 in May 2024, suggesting tighter market conditions.

Analysis

Year-over-year, Cupertino’s market demonstrates significant growth in terms of median sale price and reduced days on market, suggesting a seller’s market. The decrease in the number of homes sold alongside increased listings may indicate that higher prices are encouraging more sellers to enter the market. The lower months of inventory continue to reflect a competitive landscape with limited housing availability.

Price Points and Quadrants

The sales details for May 2024 were broken down by quadrants:

  • Top Quadrant: 6 homes sold with a median sale price of $3,926,500, a median DOM of 10, and an average price per square foot of $1,584.
  • Second Quadrant: 6 homes sold with a median sale price of $3,535,000, a median DOM of 5, and an average price per square foot of $1,669.
  • Third Quadrant: 5 homes sold with a median sale price of $3,030,000, a median DOM of 7, and an average price per square foot of $1,910.
  • Bottom Quadrant: 5 homes sold with a median sale price of $2,310,000, a median DOM of 9, and an average price per square foot of $1,868.

Analysis

The data highlights that all price points in Cupertino are active, with the top and second quadrants showing the highest activity. This suggests that higher-priced homes are moving more quickly, indicating a strong market for sellers in these price ranges. The top quadrant, with the highest median sale price and substantial average price per square foot, reflects a robust demand for luxury properties.

Conclusion

The Cupertino market in May 2024 has shown a cooling trend in month-over-month sales but remains robust in year-over-year comparisons, particularly with notable increases in median sale price and a decrease in the days on market. The tight supply continues to support a competitive market environment. The data by price point and quadrant underscores a particularly strong demand for higher-priced homes.

Data provided by MLS Listings and is deemed reliable but not guaranteed.