Month-over-Month Changes

In November 2023, the Cupertino real estate market showed significant changes compared to October 2023:

  • Homes Sold: Increased by 20%, with 18 homes sold in November compared to 15 in the previous month.
  • Median Sale Price: Decreased slightly by 2%, from $3,230,000 in October 2023 to $3,159,444 in November 2023.
  • Days on Market (DOM): Increased to 8 days in November, up from 7 days in October.
  • Percentage of List Price Received: Sellers received 107% of their asking price in November, a slight increase from 106% in October.

Analysis

The month-over-month data for Cupertino indicates an active market with an increase in the number of homes sold. The slight decrease in median sale price and the increase in DOM suggest a slight cooling in the market. However, the high percentage of list price received indicates continued strong demand.

Year-over-Year Comparison

Comparing November 2023 to November 2022, the Cupertino market shows the following changes:

  • Homes Sold: Increased by 20%, from 15 homes in November 2022 to 18 in November 2023.
  • Median Sale Price: Rose from $2.70M in November 2022 to $3.16M in November 2023.
  • Days on Market: Increased slightly from 7 days in November 2022 to 8 days in November 2023.
  • Percentage of List Price Received: Remained consistent at 107%.

Analysis

Year-over-year, Cupertino’s real estate market has experienced growth in sales volume and an increase in median sale prices, indicating a strong market. The slight increase in DOM suggests a more balanced market, but the consistent high percentage of list price received shows that sellers are still in a favorable position.

Price Points and Quadrants

The sales data for November 2023 in Cupertino, broken down by quadrants, reveals:

  • Top Quadrant: 5 homes sold, Median Sale Price: $4,808,888, Median DOM: 8, Avg. $/Sq.Ft.: $1,256.
  • Second Quadrant: 5 homes sold, Median Sale Price: $3,400,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,314.
  • Third Quadrant: 4 homes sold, Median Sale Price: $2,905,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,500.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $2,505,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,710.

Analysis

The quadrant data for Cupertino in November 2023 shows that all price ranges are active, with the top and second quadrants seeing the most activity. The balanced DOM across the quadrants indicates a healthy market with consistent demand across various price points.

Conclusion

The Cupertino market in November 2023 demonstrated an increase in homes sold both month-over-month and year-over-year. The market is experiencing a slight adjustment in median sale prices but remains strong with sellers receiving above their asking price. The quadrant data provides valuable insights for both buyers and sellers, indicating a robust market across all price segments.

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