Month-over-Month Changes

In March 2024, the Cupertino real estate market demonstrated notable shifts from February 2024:

  • Homes Sold: Increased by 47%, with 22 homes sold in March compared to 15 in February.
  • Median Sale Price: Saw an 8% rise from $3,320,000 in February to $3,594,000 in March.
  • Days on Market (DOM): Remained constant at 7 days.
  • Percentage of List Price Received: Sellers received 109% of their asking price, a slight decrease from 112% in February.

Analysis

The month-over-month data illustrates a significant uptick in sales volume, coupled with an increase in median sale prices, suggesting growing buyer interest and willingness to pay premium prices. The stable DOM indicates a brisk pace in transactions, maintaining a seller’s advantage in the market.

Year-over-Year Comparison

Comparing March 2024 with March 2023 reveals the following trends:

  • Homes Sold: Remained unchanged at 22 homes.
  • Median Sale Price: Increased significantly from $2.76M in March 2023 to $3.59M in March 2024.
  • Days on Market: Slightly decreased from 8 days in March 2023 to 7 in March 2024.
  • Percentage of List Price Received: Improved from 107% in March 2023 to 109% in March 2024.
  • Months of Inventory: Sharply reduced from 1.0 in March 2023 to 0.4 in March 2024.

Analysis

Year-over-year data suggests a strengthening market with rising prices and a faster selling pace, reflective of a competitive market environment with limited inventory and high buyer demand.

Price Points and Quadrants The March 2024 sales data by quadrants are as follows:

  • Top Quadrant: Median Sale Price: $4,330,444; Median DOM: 6; Avg. $/Sq.Ft.: $1,404.
  • Second Quadrant: Median Sale Price: $3,637,400; Median DOM: 4; Avg. $/Sq.Ft.: $1,418.
  • Third Quadrant: Median Sale Price: $3,300,000; Median DOM: 9; Avg. $/Sq.Ft.: $1,792.
  • Bottom Quadrant: Median Sale Price: $2,605,000; Median DOM: 7; Avg. $/Sq.Ft.: $2,016.

Analysis

This breakdown reveals active transactions across all quadrants, with the top and second quadrants commanding higher prices and quicker sales, indicating a robust demand for premium properties in Cupertino.

Conclusion

The Cupertino real estate market in March 2024 showed a dynamic increase in home sales from the previous month and significant growth in median sale prices year-over-year. The data suggests a strong seller’s market, particularly for premium properties. These insights are critical for both buyers looking to enter the market and sellers aiming to capitalize on favorable conditions.

Data provided by MLSListings and is deemed reliable but not guaranteed.